You have 5 free articles left this month. Get your free Basic subscription now and gain instant access to more.

EC approves Romania's 358 mln euro support scheme for coronavirus-hit SMEs

EC approves Romania's 358 mln euro support scheme for coronavirus-hit SMEs Source. European Commission

BUCHAREST (Romania), October 27 (SeeNews) - The European Commission (EC) said on Wednesday that it has approved Romania's 358 million euro ($415 million) scheme to support small and medium-sized enterprises (SMEs) active in sectors particularly affected by the coronavirus outbreak.

The scheme was approved under the state aid temporary framework adopted by the Commission, the EU's executive body said in a press release.

Under the scheme, the aid will take the form of direct grants for investments in productive activities, up to a maximum amount of 1 million euro per beneficiary.

The scheme will be open to SMEs active in sectors particularly affected by the coronavirus outbreak, such as processing industry, construction, wholesale and retail trade, repair of motor vehicles and motorcycles, transport and storage.

In order to be eligible, companies must have been established in Romania by December 31, 2018 and must have recorded operating profits over 2019. The scheme is expected to benefit 4,000 companies.

($=0.8627 euro)

Compare