Member State policies to facilitate access to finance for SMEs

ROMANIA
ROMANIA

Please consult the following websites to find public programmes in Romania

providing financing to entrepreneurs and businesses: www.frgc.ro,
www.fngcimm.ro,
LOANS
Programme Mihail Kogalniceanu programme for small and medium enterprises
The programme is developed by the Agency for Implementing Projects and
Programmes for SMEs in cooperation with 13 credit institutions. The programme
Characteristics facilitates access for SMEs to guarantees and credits by awarding a line of credit
with subsidised interest and partially State guaranteed. The programme was
available during the period 2011-2013 and is now inactive.
Total Amount
Budget 2013: RON 16 million (€3.5 million)
committed
Result of any
Not available
evaluation
The applicant must register online. After checking the eligibility of potential
Application
beneficiaries, the Agency for Implementing Projects and Programmes for SMEs
procedure
sends a list of approved projects to the partner banks.
Restrictions Applicants must be SMEs as defined in Law no. 346/2004 and GEO 60/2011.
The credit line is granted for one year, with a maximum of RON 125,000 (€28,000)
Terms
per SME. Interests are partially subsidised up to 70% of eligible costs.
Department for SMEs, Business Environment and Tourism
General Directorate for SMEs and Cooperatives
Str. Poterasi nr.11
Contact
Sector 4 Bucuresti
Phone: +40-(0)21-336.14.68
Fax: +40-(0)21-335.75.66
http://programenationale2013.aippimm.ro
Link http://www.emnconference.org/archives/conference/data/file/conference2012/P
resentation%20AIPPSME%20and%20Kogalniceanu%20Program.pdf
LOANS
Programme to encourage the establishment and development of micro
Programme
enterprises by young entrepreneurs - SRL-D loans
Characteristics The programme is aimed at stimulating micro-enterprises development.
Total Amount
Budget 2013: RON 24 million (€5.3 million)
committed
Result of any
Not available
evaluation
Application Applicants must register online and load necessary documents. More information
procedure on the website: www.aippimm.ro.

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Member State policies to facilitate access to finance for SMEs

The applying companies must meet the following criteria:

 Be a single entrepreneur or not count more than five starting
entrepreneurs;
 Be a SME as defined in Law no. 346/2004 and GEO 60/2011;
Restrictions
 Be a new limited liability company operating for an indefinite period
according to Law No 31/1990 on trading companies and to Government
Emergency Ordinance No 6/2011 on stimulation of the establishment and
the development of micro-enterprises by young entrepreneurs.
Loans are granted by partner banks with a maximum credit period of 60 months
Terms
and a maximum loan amount of €100,000.
Department for SMEs, Business Environment and Tourism
General Directorate for SMEs and Cooperatives
Str. Poterasi nr.11
Contact
Sector 4 Bucuresti
Phone: +40-(0)21-336.14.68
Fax: +40-(0)21-335.75.66
http://programenationale2013.aippimm.ro
Link
http://www.aippimm.ro/categorie/programe/
LOANS
Programme to develop entrepreneurial skills among young people and
Programme
facilitate their access to funding – START
The initiative aims to stimulate the creation of new SMEs by young entrepreneurs
Characteristics
and improve the economic performances of existing ones.
Total Amount
Budget 2013: RON 18.35 million (€4 million)
committed
Result of any
Not available
evaluation
Application Applicants must register online and load necessary documents. More information
procedure on the website: www.aippimm.ro.
Applicants must be SMEs, have no more than two years from the Commercial
Restrictions Registry at the time of filing online business plan and shall not have received
financial support under grant programs in previous years.
The programme finances up to 70% of eligible costs with maximum amount of RON
Terms
100,000 (€22,400).
Department for SMEs, Business Environment and Tourism
General Directorate for SMEs and Cooperatives
Str. Poterasi nr.11
Contact
Sector 4 Bucuresti
Phone: +40-(0)21-336.14.68
Fax: +40-(0)21-335.75.66
http://programenationale2013.aippimm.ro
Link
http://www.aippimm.ro/categorie/programe/

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Member State policies to facilitate access to finance for SMEs

GUARANTEES
National Credit Guarantee Fund for Small and Medium Enterprises,
Programme Standard Guarantee (Fondul Naţional de Garantare a Creditelor pentru
Întreprinderile Mici şi Mijlocii (FNGCIMM), Garantii standard)
The fund provides loan guarantees to SMEs. Guarantees are available for long and
medium term investments including: new build or refurbishment of plants;
Characteristics
purchase of equipment or buildings; and short term investments including working
capital loans, inventory financing loans, pre-export loans.
Total Amount From January 2013 to end of June 2013: the fund approved around 5,250
committed guarantees totalling approximately €400 million of investment
Result of any
Not available
evaluation
Businesses should contact one of the partner banks:
Application
http://www.fngcimm.ro/index.php?page=garantii-standard-banci-partenere
procedure
Eligible applicants are companies, cooperative societies, and sole traders meeting
Restrictions the EU SME definition (fewer than 250 employees and annual turnover below €50
million).
The fund provides loan guarantees of up to 80% of the loan value up to €2,5
Terms
million.
Queries about the fund:
Str. Julian Stephen
No.38, Sector 1
Contact Bucharest
Phone: 021-3101874, 021-3101937
Fax: 021-3101857, 021-2231921
Email: info@fngcimm.ro
Link http://www.fngcimm.ro/index.php?page=garantii-standard

Other relevant
Corporate Capital Gains
Dividends tax RDI tax Equity tax tax incentives
Income tax tax rate
rate incentives incentives incentives (e.g. social
rate incentives incentives
charges...
(1) Tax
(3) Accelerated
treatment (2) Dividend tax
depreciation on
applicable to Not identified exemption for Not identified Not relevant
R&D assets
micro reinvestment
(4) R&D costs
companies

(1) The tax rate applicable to micro-company income is 3% (company should meet several criteria
including: having between one and nine employees; annual turnover lower than the RON equivalent
of €100,000; shares are not held by the State, local authorities or a legal entity with more than 250
employees)

Source: http://www.fin-expert.ro/userfiles/29a6661a-4190-41f7-81d6-
04e260ae96a8/File/Taxation_in_Romania_2013.pdf

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Member State policies to facilitate access to finance for SMEs

(2) Distributed dividends are exempted from taxation as of 1 January 2009 if they are invested in the
same or in another Romanian company’s share capital

Source: http://www.fin-expert.ro/userfiles/29a6661a-4190-41f7-81d6-
04e260ae96a8/File/Taxation_in_Romania_2013.pdf

(3) A maximum of 50% of the fiscal value of certain assets may be treated as deductible expenses for
CIT purposes during the first year of usage, while the rest of the asset’s value would be depreciated
over the remaining useful life

Source: http://www.ey.com/Publication/vwLUAssets/EY_-
_Worldwide_research_and_development_incentive_guide/$FILE/EY-Worldwide-RD-incentives-
reference-guide-2013-2014.pdf

(4) Taxpayers can benefit from an additional allowance equal to 20% of eligible costs for research and
development (R&D) activities.

Source: 2013-14 EY WW Tax Guide p. 1091

Corporate Income tax

Capital Gains tax rate* Dividends tax rate* VAT General*
rate*

16% 16% 16% 24%

(*)Those rates apply in general situations and might defer in some specific cases.

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