Of the approximately 60,000 companies that applied for IMM Invest, more than 22,000 chose Banca Transilvania. Tiberiu Moisa, Deputy General Manager, MidCorporate & SME at BT, took part today in ZF Live for an open discussion about IMM Invest, and these are the key points shared.

So far, the bank has contacted over 12,000 customers; for around 4,000 we have initiated the credit analysis, and for more than 1,000 customers the process is at an advanced stage. Several hundred applications have already been approved. Banca Transilvania has an initial ceiling of 3.4 billion lei.

Tiberiu Moisa, BT:

How we organised ourselves at the bank:

• Around 1,500 colleagues on our team are now prioritising IMM Invest. We have brought in other departments and reorganised our usual workflows. The programme accounts for a large part of our work, but we are not affecting activity on existing loans. We monitor new lending demand and reallocate resources where needed.
• We treat IMM Invest loans like standard loans — perhaps a touch more relaxed thanks to the guarantee. We believe the main beneficiary of a well-conducted analysis is the client.
• Given the high volumes, we need to organise to deliver matching productivity. We constantly review the process and where we can simplify. The challenge comes from the sheer number of simultaneous applications. For companies we know well, everything moves faster; we have business intimacy, we know each other’s habits, and we have a track record of working together.
• That said, every application matters, and we know it matters to people. We will look at each one carefully.

The response to IMM Invest is positive

• Approximately 60,000 companies have applied to the IMM Invest programme.
• The large number of applications is encouraging, it shows the economy’s vitality, and banks have put in place specific workflows to achieve good productivity on approvals.
• BT has received a significant number of loan applications, even above our expectations, and we are grateful for this.
• We estimate the pace is accelerating and, starting next week, we will see 100–150 applications approved and uploaded daily to the fund’s portal. We will get better and better at managing the flow and will most likely exceed 200 applications per day. We do not rule out further simplifications in the period ahead.

The advantages of IMM Invest:

• Right-timed launch: without this guarantee mechanism, we — the banks — would probably not be looking at 60,000 loan applications. This signals entrepreneurs’ confidence and their investment plans.
• Access to liquidity: it provides access to a state guarantee, which ensures access to the funds you need to move forward.
• Interest subsidised through year-end: this matters because it reduces costs.

We need to be mindful of everything IMM Invest entails, beyond the clear advantages:

• A certain degree of formalism given the documentation required, which is inevitable when public funds are involved. Companies go through a process that takes time.
• Entrepreneurs need to understand the steps well — those submitting the application must understand what they are committing to and what they are signing. For some, it is probably the first time they are using such a programme. We try to clarify and offer assistance. This is all the more important for small-business owners who are always short of time, have to do everything themselves, and do not have the bandwidth to go through all the requirements.
• Our team has prepared a very useful summary with recommendations and tips, which you can view in this guide. We are filming tutorials that describe the key documents and what they contain, again to support those who do not have enough time to research.

What BT looks at for an IMM Invest loan:

• Financial performance remains the best indicator for predicting future success. We assess a company’s past and how that track record can be replicated going forward;
• The quality of the people who built the business;
• Depending on the size of the business, we have developed different financing models;
• Collateral — important, but not decisive on its own.

Recommendations for entrepreneurs in their relationship with the bank

• Review planned investments carefully. Take the step towards IMM Invest if you have confidence in the business. Whether it is modernising a plant, increasing production capacity, or buying new trucks — these all show the entrepreneur wants to grow the business. We also see applications where the plan is vague and the first goal is to secure access to funds, with the plan to be clarified later.
• Working capital: the programme provides extra liquidity backed by sovereign guarantees at a time when banks are more cautious. It all comes down to the quality of business decisions — how cash is managed — and if there is anything more important than access to money, it is knowing how to use it.
• Understanding the documentation stage. Entrepreneurs need to understand very well what they are signing and committing to, because they enter into a relationship with a bank and with the state.

Our suggestion is for the interest subsidy mechanism to be “x months from IMM Invest guarantee approval,” rather than up to a fixed date (31 December), so that this support is received under the same conditions by every business that enters the programme, regardless of when approval is granted.

In conclusion, IMM Invest is first and foremost a programme for access to loans. It does not have a non-refundable component. Jobs that are maintained or created, profits, taxes that will be paid and other liabilities — all depend on the quality of the business. You need to know what you want to do. We are living this programme with a daily sense of urgency and are deeply engaged with it. We want to simplify as much as possible, but we believe it is in the best interest of entrepreneurs and companies to go through this stage thoroughly and well.