Several youth businesses financed under program of Ministry of Finance

Chisinau, 10 April /MOLDPRES/- One hundred eighty businesses of young entrepreneurs amounting to 114.2 million lei have been financed so far through the Youth Credit Facility program, launched in 2019 by the Ministry of Finance.

"In the first quarter of 2020, 33 sub-projects worth 19.4 million lei were credited. The program has already expanded to 34 districts of the country and has national coverage through the subsidiaries of eight partner financial institutions, " sources of the Ministry of Finance said.

Credit rates will not exceed 6.5 percent annually for final beneficiaries of sub-projects financed by intermediary banks, which assume all risks related to lending.

The funding for the Program was supplemented in 2020 with one hundred million lei, of which 80.6 million lei are still available. The program aims to support young entrepreneurs in the initial capitalization of private business, to create new jobs, taking into account the need to grant additional support to them by reducing interest on new loans contracted through commercial banks.

Beneficiaries of the Program can be private people or legal entities aged between 18 and 35, who own at least 75% of the property of the company / business. The maximum amount of a loan is 1.5 million lei. In order to keep the promotional rates, the young people's businesses, sub-loans will not be assigned, given in the first two years of the credit action, following the purpose of successfully implementing the financed business. Eligible fields of activity are business in agriculture, in rural areas of the country, as well as in other eligible fields of activity throughout the country, including registered new businesses.