A normative act that will facilitate access of small- and medium-sized enterprises (SMEs) to micro-credits has been adopted last week by the Government. The project law stipulates that new companies should be set up in order to grant SME access to micro-credits. This way the impediment of not being able to present enough guarantees to banks and credit institutions will be more easily overcome.
According to the project law the companies that intend to offer micro-financing will have to have a minimum social capital of Ђ200,000, will have as main object financing from resources of their own or attracted from financial institutions and will not accept deposits from the population. Prudence regulations will require periodic reporting to the National Bank in regards to the credit portfolio and to the evolution of the non-governmental credit and collaboration with an independent auditor, which will monitor and ensure the financial stability of the micro-financing company....
