New support instruments for SMEs

The Government approved the program for the support of businesses with high growth and internationalization potential. This is based on three pillars: investment augmentation; development of businesses, competitiveness and productivity of SMEs; orientation to export for reducing imports; creation and strengthening of ties with national and foreign partners, IPN reports.

The goal of the project is to support the SME sector that plays an important role in developing the national economy and in creating jobs.

Within the approved program, enterprises will benefit from continuous formation, including from a business voucher to the value of 50,000 lei, and from other types of training.

Also, these entities will be offered grant components to make investments equal to up to 50% of their value. If the enterprise will still need financing, it could ask for an additional business voucher of 50,000 lei if it invests 40% of the investment’s value from own funds.

A sum of 10 million lei was allocated for the 2020 grants program. About 65 million lei is to be earmarked for the purpose in 2021 – 2023. The grant for an enterprise will be of at most 2 million lei.

“One of the main ideas of the program is to create and forge links with national and foreign partners, to increase the capacities of local suppliers so as to encourage partnerships between local SMEs and transnational corporations, and to consequently ensure the integration of Moldovan SMEs into global value chains (internationalization) and orientation to export,” said Minister of Economy and Infrastructure Sergiu Railean.

According to the Ministry of Economy’s data, the SMEs in 2018 assured about 87% of the GDP growth in Moldova. They also accounted for 49% of Moldova’s exports.

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