Over 4 months since the launch of the "373" State Program in Moldova, 108 companies received soft loans worth 271 million lei and the total volume of their investment projects amounted to 400 million lei.
This was said during an event dedicated to the success of the Entrepreneurs Support Program "373", which brought together government representatives, beneficiaries, bank and business representatives to discuss the objectives of the "373" program, explore new financing opportunities and additional benefits within its framework, listen to the success stories of the first over 100 beneficiaries, as well as identify improvements that can be made to speed up investments in the economy. Prime Minister Dorin Recean, Deputy Prime Minister, Minister of Economic Development and Digitalization Dumitru Alaiba, Director of the Entrepreneurship Development Organization (ODA) Dumitru Pintea attended the event along with the program beneficiaries. Dorin Recean thanked the entrepreneurs for their contribution to the development of the national economy and spoke about the tangible results in 4 months since the launch of the "373" State Program to support entrepreneurs. He noted that, as of November 6, 108 small and medium-sized enterprises had access to financing with favorable interest rates, partially subsidized by the state, for investments in innovation, technology and development. Thanks to this, the beneficiary enterprises have significantly improved productivity and increased the number of jobs by an average of 20%, creating new opportunities for the development of localities. "We are already witnessing a very good result. We have had almost half a billion lei directed to investments. Our goal is to continue stimulating medium and long-term investments for small and medium-sized enterprises in all sectors of the national economy. Our goal is to increase the number of jobs and salaries by increasing productivity, which will lead to higher tax collections and the expansion of our financial space, in order to ensure higher incomes for doctors, teachers, pensioners," Dorin Recean said. For his part, Minister of Economic Development and Digitalization Dumitru Alaiba said that the "373" program to support entrepreneurs is an example of cooperation between state institutions, the banking sector and the private environment in order to develop the national economy and ensure economic growth. "Thanks to the "373" program, we offer safe, clear and predictable financing conditions for entrepreneurs, with a special focus on small business owners. We have been able to support more than 100 investments. In total, soft loans worth more than 271 million lei were granted for projects with a total investment value of almost 400 million lei. And we do not stop at what we have achieved! In the next period, we aim at doubling these figures. Our main goal is to boost the economy, which means mobilizing investments," Dumitru Alaiba said. He noted that the role of the government is to implement the reforms that businessmen need by reducing bureaucracy, providing access to finance, opening new markets, and promoting exports. "These are our priority goals that will be achieved one by one," Minister of Economic Development and Digitalization said. ODA Director Dumitru Pintea said the government's "373" program stimulates both private investment and business confidence in the national economy. "ODA through various support mechanisms supports and encourages entrepreneurs to invest in sustainable businesses. We will continue to simplify the application procedures for ODA programs, attract funds from our strategic partners to enable as many economic agents as possible to benefit from business support," said Dumitru Pintea. During the event, entrepreneur Victoria Rusnac, who owns a honey production business, emphasized that thanks to the soft loan provided under the "373" program, the productivity of her company has significantly increased, and today honey under the Honey House brand is exported to Germany, the United States, Japan and Canada. "I applied right after the program was launched and within a week the soft loan was approved. We purchased new equipment and increased our honey processing and production capacity. We believe in the development opportunities in Moldova, we are looking for ways to develop our business, we are oriented to the foreign market, we want to develop the country and raise our children here at home," said the entrepreneur, who is also the first beneficiary of the "373" program. Currently, companies from different regions of the country from the agri-industrial complex, health care, transport, energy and other fields have benefited from the "373" program. Through this financing tool, the government subsidizes interest on loans for investment needs of companies. Within the framework of the "373" state program, the interest rate on loans in foreign currency is 3% per annum, while in lei - 7% per annum. The investment credits can be attracted by small and medium-sized enterprises for up to 7 years, with a grace period of up to 3 years. From next year, the government proposes to increase the credit ceiling up to 30 million lei. At the same time, entrepreneurs who do not have enough collateral to access loans from banking institutions will be able to benefit from financial guarantees through the Credit Guarantee Fund, managed by the ODA. In addition, loans with a grant component will be offered for specific areas: support for businesses created by youth, women, artisans-producers, development of rural tourism, etc. // 07.11.2023 – InfoMarket
