IFC, a member of the World Bank Group, is providing USD 16 million, the equivalent in RON, to BT Mic to increase access to finance for microbusinesses and to promote financial inclusion for women entrepreneurs in Romania.

Non-bank financial institutions play an important role in financing microbusinesses; in Romania, however, the financing they provide accounts for less than 2% of GDP. Half of IFC’s funding is earmarked for women-owned microbusinesses, with the aim of encouraging them to play a stronger role in the economy.

"IFC’s support will enable BT Mic to provide much-needed financing to start-ups and small businesses in Romania," said Cristina Șindile, CEO, BT Mic. "Access to finance for these small entrepreneurs is essential to the sustainability of their businesses and their ability to create jobs and contribute to economic development."

"Expanding access to finance for segments that deserve more attention, such as microbusinesses, is essential to support the development of the private sector, particularly in Romania’s less developed regions," said Vittorio Di Bello, IFC senior manager for Europe and Central Asia. "We expect this financing to especially help boost financial intermediation for women entrepreneurs."

BT Mic is part of the Banca Transilvania Financial Group, dedicated to financing small businesses, including start-ups, complementing BT’s role in supporting Romanian entrepreneurs. It serves entrepreneurs with annual turnover of up to RON 1 million, regardless of industry or form of organization — companies, sole traders, family enterprises/associations, sole proprietorships, liberal professionals, and individuals carrying out economic activities. To date, BT Mic has supported 10,000 microenterprises.

IFC is a World Bank Group organization, the largest global development institution focused on the private sector in emerging markets. It works with more than 2,000 companies worldwide, using the institution’s capital, expertise and influence to create markets and opportunities where they are needed most. In 2019, IFC provided more than USD 19 billion in long-term financing for developing countries, in an effort to strengthen the private sector’s ability to end extreme poverty and boost shared prosperity.