With access to funds difficult, Romanian entrepreneurs choose their financing source largely based how much independence they’ll retain over business decisions, a new survey reveals.

In a bleak assessment of the business landscape, a recent survey by EY Romania found that three quarters of entrepreneurs believe authorities do not facilitate access to financing. Only 8 percent saw the Government helping in this area.

To support growth, the government should offer fiscal facilities for small companies, promote an efficient and fair labour legislation, promote simpler and more efficient regulations for business and offer financing, according respondents.

Most Romanian entrepreneurs look at loans when considering financing sources but also take into account European funding and joint ventures with business partners, the survey found.

Half of the entrepreneurs need money for investments, while 20 percent for running costs, and another 20 percent for start-ups.

Out of the 107 entrepreneurs interviewed, 41 percent said they received financing in the last year, and one in three got financing in the last six months.

The amounts however were small: for half of them it was less than EUR 25,000.

IT & online, agriculture and green energies are among the sectors in which it is  easier to access finance, entrepreneurs believe.

”Entrepreneurs help the economy advance and create jobs, which is why they deserve any support they need. Probably the best resource for them is now represented by good financing options,” said Mihaela Matei, Supervising Marketing Specialist, EY România, who coordinated the study.

“The conclusion is that entrepreneurs are better informed about financing options, among which are angel investors, venture capital, EU funding and even crowdfunding.

“We also noticed optimism among the entrepreneurs who answered, half of them had positive expectations from the financing environment in the next two years,”

For the survey, 107 Romanian entrepreneurs were interviewed during August/September.

Around 60 percent of them were under 40, and three quarters had companies with turnovers below EUR 1 million.

editor@romania-insider.com