MARR Fund – SME Funding Component
- State of Progress in the Implementation of Programmes
The MARR fund, amounting to 3.7 million euros, is provided by the European Commission through the Phare programme and is co-financed by the Romanian Commercial Bank (BCR). The Romanian Government monitors the implementation of the programme, but it doesn’t participate directly in its management, therefore the candidates should contact directly the BCR branch offices in Gorj and Hunedoara counties.
The financing applications can be submitted at any time and will be registered on a first- come, first-served basis. The assessment of applications will be done by BCR along with a Phare representative who, in principle, will have at least one meeting with each of the candidates.
The total amount of the credit and the non-refundable component is:
a maximum of 300, 000 euros from Phare (including the non-refundable component which represents 25% of the total amount)
a minimum of 100, 000 euros from the Bank.
The applicant’s own contribution must represent at least 15% of the total investment, of which 20% cash.
Eligible enterprises must have a maximum of 249 employees and must not have as associate/shareholder any enterprise that has more than 249 employees and holds more 25% of the authorized capital; at least 51% of the authorized capital must be held by Romanian associates/shareholders (physical or moral private persons) from the EU countries and/or from the countries that are beneficiaries of the Phare programme; eligible enterprises must be mixed and hold at least 20% Romanian capital; they must be registered in Gorj county and/or Hunedoara country and/or the project proposed for financing should be implemented in Gorj and/or Hunedoara county; they must not have suffered losses in the last fiscal year; they must not have unpaid debts to the state and/or to banks and/or to creditors.
Enterprises can come from any industry. The relevant condition for eligibility is the sector in which the project will be implemented.