Government promises to ease access of entrepreneurs to financing

The Government will request the modification of the existing legal framework in order to be able to offer the micro- financing organizations the chance to work in the same preferential conditions that the commercial banks have in giving credits to the entrepreneurs. These intentions were formulated this week by the minister of Finances, Mihai Pop, and as well by the minister of Economy and Commerce, Valeriu Lazar. They both have the opinion that presently there are problems regarding the access of the entrepreneurs to financing. According to Mihai Pop, the authorities proposed the modification of the provisions of the existing legal framework that would allow micro-financing organizations to form risk funds. For the loans that will be offered for a period of 2-3 years, the organizations will benefit from 50% income tax exemption, and for the loans for more then 3 years, they will not have to pay this tax fee at all. Moreover, say the representatives of the Government, in order to increase the interest of economic agents, changes will be done in the legal framework regarding exempting juridical persons that offers loans to other juridical persons for a period of more then 3 years of taxing the income for these loans. Also, it is planned to change the fiscal legal framework that exempts economic agents of part payment from the income tax, comparing with the investment done. So, the investments of 50 million dollars will lead to a total income tax exemption of the economic agent. Valeriu Lazar said that the Ministry of Economy and Commerce will make efforts in order to increase the number of institutions that guarantee bank loans taken by the entrepreneurs, in the lack of self guarantee. Also, the minister said that a bill to the Fiscal Code is examined that proposes the same fiscal approach for micro- financing organization and commercial banks.