The “Small Business Support” (SBS) programme, which facilitates contact between small and medium sized enterprises and business consultancy services will continue to be applied in Romania for the next five years, with European Bank for Reconstruction and Development (EBRD) financing, the government announced in a press release.
Executive approved on Wednesday a memorandum to this effect between the Ministry of Energy, SMEs and Business Environment and EBRD.
SBS was created to support the development of 500 SMEs through knowledge, methods and tools transfer, and by exploiting the relationships with financial institutions partners and other investors in Romania to provide long term support to SME sector.
The programme is conducted in Romania since 1993, financed by donors, and to date have been allocated over EUR 9 million to support activities in Romania. The financing was provided by Austria, Canada, Luxembourg, Japan, UK and the European Union
SBS team is an essential component of the EBRD’s transition toolkit, supporting enterprises to achieve high growth, new export potential and employment opportunities. SBS provides support both to individual enterprises and to the local consultancy sector, helping consultants improve their skills and broaden their expertise to create a sustainable and effective business advisory market for local businesses to draw on.
SBS uses funds from a wide range of donors. More than 20 bilateral and institutional donors have supported SBS with EUR 224 million in funding to date. The biggest single donor is the European Union which has provided more than EUR 96 million in funding.