Concessions within National Program for Youth Economic Empowerment

The beneficiaries of the National Program for Youth Economic Empowerment can use 20% of the sum of the loans taken out from banks within this program to increase the circulating capital, for example to purchase raw material and fuel needed by the business. The overdue term for paying interest on the loans to bank was extended from 5 to 10 days, Info-Prim Neo reports. According to the Organization for the Development of Small and Medium-Sized Enterprises of Moldova (ODIMM), the loans released within the National Program for Youth Economic Empowerment amount to 300,000 lei. The grant can represent up to 40% of the sum if the loan repayment schedules and other program conditions are observed. Since 2008, when the program was launched, almost 7 000 young entrepreneurs or persons who want to start a business have sought advice from ODIMM, while over 2 000 persons submitted applications for being enrolled in training courses in business management. There were financed 526 projects to the value of 145 million lei, 58 million of which represented grants. Modern equipment for bakeries, patisserie factories and other businesses, 238 tractors and over 250 pieces of agricultural machinery and installations have been bought with the loans granted by banks (for up to five years). There were created over 1 000 new workplaces that were filled by young people.