Romania

Compania de Factoring posted a rise in turnover in H1.

The EBRD is continuing to support the growth of Romanian micro enterprises and start-up businesses via a new loan for Banca Transilvania.

The European Investment Fund will finance an account and an office in Romania to manage the EUR100m of the Jeremie Programme for SMEs.

European funds alloted to SMEs to access consulting services are regarded as insufficient by  the Bucharest Regional Development Agency.

Coface Romania says that the annual rate at which the companies from Romania go bankrupt is set to rise in 2007.

The selling of default accounts receivable by banks will be a very profitable business for companies operating in debt recovery in 2008.

Coface to follow April's commercial credit insurance launch with a factoring company next year.

 

SMEs are being encouraged to table applications for the RON40m funds made available by the EU.

Revenues at insurance companies in Romania, from credit insurance policies, reached 112.3 million euros (396 million RON) last year, registering a 55% increase in euros against 2005, according to the 2006 report by the Insurance Supervision Commission.

The Romanian Development Bank (BRD) performed factoring operations worth 700 million Romanian lei ($305 million/224 milion euro) in the first half of 2007, up 157% on the year, it said on Tuesday 3 July. Local factoring grew by 174% to 540 million lei, whereas import factoring rose by 244% in the six months through June, BRD, a unit of French banking group Societe Generale said in a statement.