A partnership to support SMEs in Romania, by facilitating their access to guaranteed financing, reducing costs and simplifying access to credit, was concluded by Banca Transilvania (BT) and the Bank for Investment and Development (BID), according to a press release sent to AGERPRES on Monday.
"The guarantee agreement signed today [Monday] is part of the portfolio guarantee mechanism for small and medium-sized enterprises," the press release states.
According to the cited source, Banca Transilvania will grant loans of over 1 billion lei based on the BID guarantee ceiling.
The guarantees from the Bank for Investment and Development increase the possibility of companies to obtain the capital necessary for development, representing one of the premises of sustainable growth and acceleration of economic financing, the cited source specifies.
"Regardless of the economic context, Romania needs to look to the future. From the critical infrastructure necessary for growth, in addition to roads, highways or digitalization, we also need the development of financial infrastructure. Guarantee products stimulate investments and we are convinced that BID is becoming one of the essential development partners for the economy and the banking system. Entrepreneurs have experience with guarantee programs and we are convinced that they are eagerly awaiting this news. It is an important program for SMEs, and this makes it very important for BT as well", said Tiberiu Moisa, Deputy General Manager SME & MidCorporate, Banca Transilvania.
In turn, Dan Sandu, BID General Manager, emphasized that the partnership with Banca Transilvania marks "another solid step in the natural direction, that of transforming IDB guarantees into a real engine of financing the Romanian economy.
"With each partner bank we create a more secure bridge between the potential of entrepreneurs and the capital they need to grow", said Dan Sandu.
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