The small and medium-sized enterprises in Moldova will have access to long-term financing through a state-supported fund for lending in preferential conditions. The first public discussions on the creation of the Fund for Entrepreneurship and Economic Growth of Moldova (FACEM) were held today. According to the authorities, FACEM will represent a stimulus for the businesses with growth potential, which will have access to loans at lower rates through banks and nonbank lending organizations, IPN reports.
According to calculations done by specialists, the cost of the loans that will be released through FACEM will be by at least 30% lower than the cost of the loans available now on the market. This will encourage the starting of new business and the development of the existing businesses.
“This fund is designed to support the entrepreneurs so that we make Moldova stronger and more prosperous together. Only by having access to financing, the enterprises can work and develop, whereas the development and growth of entrepreneurs mean workplaces. We are concerned about maintaining and growing the number of jobs so as to stand by the entrepreneurs in these difficult times,” Prime Minister Natalia Gavrilița stated in an event held to present the FACEM program.
Owing to the FACEM program, the SMEs will be able to raise advantageous loans through banks or nonbank lending organizations. The financial resources into FACEM will be collected from the state budget, financing provided by the development partners and/or donors, etc.
“We want to obtain a long-term financing resource at a reasonable price, mainly with a fixed interest rate. Without loans that would cheaply secure the investment projects of business entities, it will be hard to give an impetus to the national economy,” said Minister of Economy Sergiu Gaibu.
A sum of 70 million lei was allocated in 2022 for the capitalization of the Fund for Entrepreneurship and Economic Growth of Moldova (FACEM). Additional capitalization of 2.7 billion lei will be ensured the next few years, namely 450 million lei in 2023, 1 billion lei in 2024 and 1.32 billion lei in 2025.
