Romania

Government Measure

Eligible businesses may apply for loans with a value of up to RON 10 m (approx. €2m).

Successful applicants will also benefit from a grant of up to €800k covering the corresponding risk, administration and interest fees.

The Romanian Government guarantees up to 80% of loans for medium enterprises¹ and up to 90% of loans for micro-enterprises² and small-sized companies³.

No interest or product fees until at least 31 December 2020 (possibility of extension is provided).

Finance terms of up to 72 months for investments loans and up to 36 months for working capital loans (the latter can be extended up to an additional 36 months).

Collateral and guarantees decided on a case by case basis, but note that the Government guarantee sits behind the borrower, and the primary recourse for the lender remains against the borrower itself (i.e. the government guarantee applies once the lender has exhausted recovery options against the borrower).

The financing is made available through accredited third-party lenders.

¹All other SMEs not qualifying as micro-enterprises or small-sized companies.

²Companies which have up to 9 employees and an annual net turnover or total assets of up to €2m.

³Companies which have between 10 and 49 employees and an annual net turnover or total assets of up to €10m.

Eligibility

Romanian based companies which: 

• have an annual net turnover below €50m or hold total assets below €43m;
• have an annual employee average number below 250; (together “SMEs”) and
• operate in any sector (excluding gambling and betting activities; production or sale of ammunition, explosives, tobacco, alcohol, substances under national control, plants, narcotic drugs and psychotropic substances; and protection and investigation activities).

For more information about eligibility please see here (Romanian language only).

Supervising Authority

The Romanian Ministry of Finance acts as granting authority.

The mandated administrator of the support scheme is the State-owned National Credit Guarantee Fund for SMEs (“FNGCIMM”).

Applications to be made through an online platform.

Availability

From 17 April 2020 until 31 December 2020.

Government Measure

Payment deferral period between 1 and 9 months at the borrower’s option but no later than 31 December 2020.

The interest on the debt accrued over the grace period is capitalised.

Deferral is applicable to loans that: (i) have been granted no later than 30 March 2020; (ii) have not reached maturity; (iii) are not under anticipated default as at 30 March 2020; and (iv) have no outstanding amounts under such loans as at 16 March 2020 or borrowers have paid such amounts before filing the deferral request

Lenders must analyse the request made by the borrower versus the applicable legal criteria and communicate their approval/rejection decision regarding the loan payment deferral within 15 calendar days.

Eligibility

Companies which:

• are not subject to insolvency proceedings as at the date of their payment deferral request; and
• hold a state of emergency certificate issued by the Ministry of Economy, Energy and Business Environment ascertaining: (i) a decrease in revenues of at least 25% in March, April and May 2020 compared to the January-February 2020 average; or (ii) that their activity was completely or partially interrupted as a result of the decisions taken by the public authorities during the state of emergency.

The state of emergency certificate is electronically issued based on a sworn declaration on the effects of the pandemic upon the company’s activity, uploaded by the beneficiary here.

Supervising Authority

Overall supervision of the National Bank of Romania.

FNGCIMM only with regards to mortgage loans to natural persons.

The Ministry of Economy, Energy and Business Environment is responsible for issuing the relevant state of emergency certificates.

More information on the measure is available here (Romanian language only).

Availability

Borrowers must send a deferral request to their lenders by 15 June 2020.

Government Measure

All types of taxpayers can benefit from a tax exemption covering all accessory obligations of debts outstanding as of 30 March 2020 provided that they: (i) file an annulment request by 15 December 2020; (ii) have paid all principal budgetary obligations before filing the annulment request; and (iii) have submitted all tax returns before filing the annulment request.

Eligibility

All businesses registered in Romania.

Supervising Authority

Supervising authority: National Agency for Fiscal Administration (ANAF).

Availability

From 14 May 2020 until 15 December 2020