Banca Transilvania (BT) and the National Credit Guarantee Fund for Small and Medium Enterprises (FNGCIMM) are supporting early‑stage entrepreneurs admitted to the Start‑Up Nation 2018–2019 program with advisory and financing.

In August, six meetings with entrepreneurs in six cities will be held, at which BT and FNGCIMM will present the following:

• Financing solution: Banca Transilvania’s bridge loan can be used to pay the down payment for goods in the project and for lump‑sum expenses. The interest rate is fixed at 4.5% p.a., the arrangement fee is 0.75%, and the financing term is up to 2 years. FNGCIMM’s guarantee covers 80% of the loan amount.
• Guarantee solution: a guarantee fee of 1.95% (down from 3.8%), and approval by FNGCIMM within two days for applicants whose documentation is correctly and fully prepared.

“Over half of the eligible entrepreneurs in the SUN 2019 program are BT clients. We have started discussions with more than 3,500 of them, and over 300 bridge loans have already been approved.” – says Daniel Szekely, Executive Director, SME, Banca Transilvania.

“To make it easier for entrepreneurs to access financing, we aim to keep guarantee costs at a comfortable level. Accordingly, for this year’s edition of the Start‑Up Nation program we have reduced the fee to 1.95% of the guarantee amount.” – says Gheorghe Lăpădat, General Manager, FNGCIMM.

The meetings will take place in Ploiești (August 1), Brașov (August 13), Timișoara (August 20), Constanța (August 22), Iași (August 27) and Oradea (August 29). Attendees will have the opportunity to learn about the financing solutions available to them; the Start‑Up Nation program, from idea to implementation; FNGCIMM’s offer and the advantages of financial guarantees. Banca Transilvania will be represented by Dragoș Ungureanu – Deputy Commercial Director, SME, and Leonard Cornoiu – Director, European Programmes Department. Registration is via the BT Facebook page, Events section.

How Banca Transilvania supports entrepreneurs through the Start‑Up Nation Package:

• BT Start‑Up Nation Package includes 10 products, services and complementary non‑banking benefits: a bridge loan, current account, the First Year Free Account facility, and complementary non‑banking benefits for the first year in business.
• The bridge loan is designed to cover eligible current expenses under the business plan, until the tranches of the non‑reimbursable amount of up to 200,000 lei (≈44,000 euro) are paid. BT interest and fees and the FNGCIMM guarantee fee are eligible expenditures under the grant. BT’s bridge loan has a fixed interest rate of 4.5%, and the arrangement fee is 0.75%.

By taking part in these meetings, Banca Transilvania has the opportunity to engage directly with local entrepreneurs and, in this way too, encourage the establishment of new businesses. BT is one of the banks selected by the Ministry for the Business Environment, Commerce and Entrepreneurship to disburse the non‑reimbursable grant.

Through the Start‑Up Nation 2018–2019 program, start‑ups can receive non‑reimbursable funding of up to 200,000 lei. There were over 33,000 applicants, of whom approximately 8,600 have qualified for funding so far.