Romania's president Klaus Iohannis promulgated the law that endorses the Government-backed SME financing plan, doubling its target size to RON 30 billion (EUR 6 bln) in line with the opposition's more generous proposal, Profit.ro reported.

The bill, which turns into law the Government's emergency ordinance (OUG) for launching the IMM Invest program widens the category of potential recipients to companies with a turnover of up to EUR 100 million and up to 500 employees.

The limitations were previously set at EUR 50 mln and 250 employees. Freelancers can apply for a Government-guaranteed loan as well, under the new law.

Romanian banks have already extended state-guaranteed loans worth RON 2.45 billion (EUR 510 mln) to small and medium-sized enterprises (SMEs) under the IMM Invest program, finance minister Florin Citu announced on June 4.

The state guarantees cover 90% of the value of loans. The Government has earmarked RON 781 mln (EUR 160 mln) out of this year's budget to pay the interest and fees charged by banks for the loans granted under the IMM Invest scheme until the end of this year.

The Government has promised that it would launch a similar program for large companies.

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editor@romania-insider.com