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The state will partially compensate interest on investment loans to SMEs under the "373" Investment Incentive Program.

The state will partially compensate interest on investment loans to SMEs under the "373" Investment Incentive Program.

The government approved a resolution to this effect at a meeting on Wednesday. Under the "373" Program, SMEs will be able to receive compensation for investment loans with a maturity of at least 3 years. The interest rate for beneficiaries on loans in national currency will be 7%, while in foreign currency (USD or EUR) - 3% per annum. Loans received by SMEs will be compensated during the entire period of repayment, but no more than 7 years from the date of the first tranche and will be suspended after the full payment of the loan body by the beneficiary. The maximum loan amount that a licensed bank (approved as a program partner) will be able to grant to a beneficiary who has applied and meets the established criteria, will not exceed 15 million lei (or the equivalent in foreign currency). In addition, if necessary, when the investment project submitted by the beneficiary does not meet the bank's internal risk criteria due to insufficient guarantees, financial guarantees will be provided through the "373" Program, but within 40% of the requested loan amount. Under the terms of the Program, at the time of loan granting the maximum interest rate on loans granted by the partner bank under the "373" Program shall not exceed 14% per annum in the national currency and 7% - in foreign currency. Potential beneficiaries of concessional financing must submit an investment plan to the bank and make their own contribution to the investment program of at least 10% of the total cost. SMEs from certain sectors will be allowed to participate in the program: agriculture, processing industry, production and supply of electricity, heat, gas, transport and storage, accommodation and catering activities, information and communication, professional and scientific and technical activities, education, health, social assistance, art, leisure and entertainment. The "373" Program will be implemented by the Entrepreneurship Development Organization, which manages the Entrepreneurship and Economic Growth Fund. Funds for its implementation will be allocated annually from the state budget, as well as possible funding from external resources. The "373" Program is planned to be implemented until 2030. It will stimulate the development of SMEs, attract investment, and create jobs. // 07.06.2023 – InfoMarket

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