Applications for the "373" Investment Incentive Program are being accepted, which will enable companies to receive preferential financing of up to 15 million lei.
The Ministry of Economic Development and Digitalization and the Entrepreneurship Development Organization presented the details of the "373" investment incentive program at a press conference on Thursday. According to Deputy Prime Minister, Minister of Economic Development and Digitization Dumitru Alaiba, the investment credits with preferential interest rate, partially covered by the state, can be requested through one of the 11 commercial banks of Moldova, which have been granted the status of financial partners of the program. The program provides subsidized loans up to 15 million lei or equivalent in foreign currency for up to 7 years. Own contribution of the applicant makes only 10% of the cost of the investment project. The maximum grace period will be 3 years. Under the program, the interest rate for SME beneficiaries on loans in foreign currency will be 3% per annum and in national currency - 7%. "The "373" program is of great importance for Moldova’s economy. Our priority is economic growth, and this program is designed to help small and medium-sized businesses to develop, create new jobs and ultimately benefit from their products and services in new markets," said Dumitru Alaiba. Also in some cases, if necessary, when the investment project announced by the beneficiary does not meet the internal risk criteria of the bank due to insufficient guarantees, financial guarantees will be provided through the program, but within 40% of the requested loan amount. "Economic agents wishing to access investment loans for business development with state-compensated interest should apply for a loan together with a package of documents to a partner financial institution. Later, the bank reviews the application and makes a decision to grant the loan by signing a loan agreement. In the absence or insufficiency of collateral, the bank enters into a collateral agreement with the company, and the ODA - the contract of guarantee. After receiving the investment credit the SME repays the credit and pays the interest to the bank in the total amount of 7% in MDL and/or 3% in foreign currency, and pays the compensated interest by transferring it to the bank," explained Dumitru Pintea, head of ODA. The interest on loans will be compensated at the expense of and within the allocations set in the state budget for the relevant year, as well as from external financial aid. In 2023, about 250 million lei is allocated for the "373" program to stimulate investments. More information about the program is available at https://373.gov.md/. //22.06.2023 - InfoMarket.
