• Banca Transilvania has completed opening grant sub-accounts for all beneficiaries who have an account with BT.
• More than 5,000 eligible beneficiaries have chosen Banca Transilvania.
• Payments to entrepreneurs begin after December 20 this year.

As part of the HoReCa grant programme announced in June this year, Banca Transilvania was chosen as partner bank by over 60% of entrepreneurs.

Of those who applied for non-reimbursable financing in the hospitality industry, over 8,000 are eligible, and BT is the partner bank for around 5,000 of them.

Banca Transilvania has completed opening grant sub-accounts for all beneficiaries who have a current account with BT. Those who are not bank clients will have their grant accounts available within a maximum of two days from opening their current accounts. All transactions into and out of the BT grant sub-account are free of charge.

What HoReCa grant beneficiaries need to bear in mind:

• If, on the date of signing the grant agreement, there are amounts owed to the state budget, arrears must be settled first using the grant received, and proof of payment must be submitted in the application. Outstanding amounts and proof of payment are verified by the Ministry of Economy, Entrepreneurship and Tourism.
• Depending on the amount received, entrepreneurs must maintain their activity for 6 or 12 months from the date of the first grant tranche.

By December 14 this year, all state aid agreements will be signed. After December 20 this year, payments to entrepreneurs will begin, and beneficiaries — SMEs in the hospitality industry, such as hotels, restaurants, guesthouses, travel agencies and event organizers — can use the funds for any purpose related to their activity.