The young entrepreneurs who want to develop a business can apply for loans and grants within the Inclusive Rural Economic and Climate Resilience Program (IFAD VI). The applications for financing can be submitted to the branches of FinComBank all over the country, IPN reports.

Under the financing conditions of IFAD VI, the value of the project for which financing is asked must not exceed 700,000 lei. The bank provides 60% of the sum as a loan at an interest rate of 9.5%, while 40% is a grant.  

In the case of a business to produce, pack and keep agricultural products and others, the loan is repayable in 36 months to five years. The grace period is of one to two years. In case of businesses with benefits felt in time, such as the planting of vines and fruit trees, the loan is repayable in 48 months to eight years, with a grace period of two to four years.

Those who want to start a business through IFAD VI must be aged between 18 and 35 in the case of men and between 18 and 40 in the case of women.

The IFAD VI financing is intended for active agricultural enterprises that grow and keep fruit/vegetables (on protected land or open field), produce goods of animal origin, equipment and machinery for developing the farm, sorting, processing and packing agricultural products, building cold storage facilities and for those that perform non-agricultural activities.

For 2017, financing through IFAD VI with the grant component can be repeatedly obtained by enterprises that earlier benefitted from the IFAD V, PNAET, PARE 1+1, PASET 1 and PASET 2 projects. This applies to young entrepreneurs who intend to extend the earlier financed business, from production to processing/packing/sorting/marketing.