Tiberiu Moisa, Deputy CEO, MidCorporate & SME, at Banca Transilvania, was a guest on the online show ZF Live on August 3 this year, discussing the IMM Invest program. He made the following statements: 

• After 3 months of sustained effort, we have exceeded 55% of the RON 4.2 billion ceiling allocated by the Government. This includes approximately 5,400 loans approved in the bank and pending approval at FNGCIMM. Over RON 1 billion has already been drawn by companies. 
• At Banca Transilvania, we are organizing so as to finalize the allocation of the remaining amounts in about 2 months. We also have other client service activities that we need to keep at a high level. We estimate that by the end of the campaign we will extend at least 10,000 loans under IMM Invest.
• What do companies need now? The main concerns for businesses are sales and adapting to the new reality. The priority is to keep the economy open, and we can succeed by acting systemically and in solidarity, while safeguarding health.
• The economy is responding well, and among entrepreneurs we see caution but not resignation.
• For companies that do not qualify for the program there are other funding options. The public perception was that IMM Invest is non-repayable aid — a grant — for companies affected by the pandemic. Over time, as banks selected applications, the funds mostly went to companies with a stable business outlook.
• We have stressed, based on analysis of information from applicants, that these are repayable loans and that the business needs to be viable. For example, a business with large historical debts does not resolve its situation by taking on additional debt. For such companies, the new grant schemes can be useful to rebalance their position or to increase owners’ equity contributions.
• In difficult times, such as this pandemic, we are all more cautious. That shows responsible behavior.
• For future government programs, it would be very good to learn from the conclusions and lessons of IMM Invest — including how we use existing experience and resources. This program has certainly raised expectations. We recommend that the methodology be clear and simple, and that the effort required of companies to apply be proportional to the amount requested. In other words, small grants should come with simple documentation.