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The Government on Thursday passed an emergency ordinance approving the "Invest in Yourself" porogramme, according to governmental spokesman Nelu Barbu.
Qualifying for the programme are primarily young people aged 16-26 who are still in school or attending specialised classes certified by the Ministry of Education or the Ministry of Labour.
"They have access to funding under the programme, which consists of granting a loan of up to 40,000 lei, 80pct subsidised by the government. If the beneficiary is employed or gets hired during the running of the program, he or she qualifies for an additional 20,000 lei, "Barbu explained.
He said the programme is also open to people aged between 26 and 55 years who are in school or taking vocational retraining courses. "The difference is that they can get a loan of 35,000 lei and an additional 20,000 lei if the person is employed or gets hired when the programme runs. The beneficiary guarantees 20pct of the loan if employed. If not employed, he or she will need a co-debtor to cover the 20pct," Barbu said.
According to the spokesman, the loan is given in the form of a multi-draw loan, depending on the invoices submitted for settlement or direct payment of suppliers on under pro forma invoices. The loan is granted for a maximum period of 10 years, which includes a grace period of up to 5 years. "The loan provider will have to allow for the grace period to be equal to the duration of the studies, but not exceeding five years," said Barbu.
According to him, eligible expenditure covers various areas such as education, culture, health, sports, and home design. AGERPRES
