• First InvestEU commitment in Romania
• 7,500 micro-enterprises nationwide will benefit from this program
• An 8.4 million euro guarantee to support new microfinance loans totalling 100 million euros

Access to microfinance for entrepreneurs and farmers in Romania will be supported through the new partnership between the European Investment Fund and BT Mic, the largest microfinance institution in Romania. The announcement was made today in Bucharest.

This initiative will reach 7,500 micro-enterprises in Romania and improve access to finance.

The partnership is the first investment in Romania backed by InvestEU and was announced at the official launch of InvestEU at the European Investment Bank Group Representation in Romania.

The latest European Investment Fund support for financing Romania’s micro-companies was signed by Hubert Cottigni, Director at the European Investment Fund, and Cristina Sindile, CEO of BT Mic.

"BT Mic understands the development needs of small business entrepreneurs in Romania. The new collaboration with EIF follows the successful cooperation of recent years, which helped companies through these challenging times. We are delighted to be the first partner in Romania to benefit from InvestEU support", said Cristina Sindile, CEO of BT Mic.

"As economic pressures mount, it is always the smallest who are hit hardest and need support the most. That is why this microfinance transaction is relevant and timely. EIF is proud to partner once again with BT Mic to channel EU resources towards micro-entrepreneurs so they can pursue their business growth aspirations”, said Hubert Cottigni, Director at the European Investment Fund.

The European Investment Fund will provide 8.4 million euros (42 million lei) to guarantee BT Mic’s microfinance operations worth 500 million lei (100 million euros). BT Mic is Banca Transilvania’s microfinance company; Banca Transilvania is Romania’s largest banking group.

"The European Investment Bank Group is committed to ensuring that entrepreneurs in Romania can expand business opportunities and create jobs. The latest cooperation, worth 8.4 million euros, with BT Mic, Romania’s leading microfinance partner, which aims to mobilize loans totalling 100 million euros, will further strengthen access to finance for small businesses across the country and support thousands of new microfinance loans. This first investment in Romania backed by InvestEU demonstrates how the program will unlock transformational investment in the years ahead", said Christian Kettel Thomsen, Vice-President, European Investment Bank.

"Microfinance can play a crucial role in job creation and in promoting social inclusion. Thanks to the funding provided under InvestEU’s social component, micro-entrepreneurs and small farmers who would otherwise find it difficult to access loans will be able to start or grow their businesses and open up a better future for themselves and their families", said Nicolas Schmit, Commissioner for Jobs and Social Rights.

This new agreement with BT Mic will widen access to finance for small entrepreneurs, with a direct impact on job creation and economic development in their communities. Over the past four years, the European Investment Fund has supported microfinance through BT Mic via four initiatives. The new cooperation is the first initiative in Romania backed by InvestEU and was announced at the official launch of InvestEU at the European Investment Bank Group Representation in Romania.