373 Program: Government expands access to funding, simplifies procedures to boost entrepreneurship

Chisinau, May 8 /MOLDPRES/ - Entrepreneurs in Moldova will be able to access financial resources for business development more easily under the 373 program. The government has approved changes that will increase the number of beneficiaries and eligible investments and simplify credit procedures, the government's communication department has reported.

"In addition to the interest subsidy, new components are added, which also relate to guaranteeing loans, which is important for small and medium-sized enterprises. We will boost investment growth, new jobs, increase added value and, accordingly, we will have higher wages for employees," Prime Minister Dorin Recean said.

Thus, the 373 Program will be extended to a wider group of beneficiaries. It will also be open to small and medium-sized enterprises in the trade sector (except those selling alcoholic beverages and tobacco), as well as those in the field of maintenance and repair of vehicles and motorcycles.

Another improvement is the increase in the maximum amount that can be granted to a single beneficiary from 15 to 40 million lei. It will also be possible to finance the purchase of raw materials and materials needed for production or services up to 30% of the value of the investment project.

The maximum guarantee ceiling has been raised from 40% to 80% of the value of the loan for the guarantees (a requirement of the Credit Guarantee Fund) and bank procedures for granting loans have been simplified.

So far, under the 373 Programme, more than 300 beneficiaries have taken out 363 loans with a total investment value of 1.46 billion lei.