October 5 (SeeNews) - Romania's state-owned universal bank Exim Banca Romaneasca said on Thursday that it has provided local home decoration products maker Sofia 5.2 million lei ($1.1 million/1 million euro) in financing under the IMM Invest programme.
The IMM Invest programme is a government initiative that assists small and medium-sized enterprises (SMEs) in Romania in securing working capital and investment funding.
Sofia has used the funds for the construction of a new headquarters in the northeastern city of Iasi.
The headquarters include warehouses, a textile factory, a showroom and an office area, in the context of the accelerated expansion of Sofia Group's store network.
"With financing secured, we can focus on achieving our strategic objectives, which include strengthening our position in the market and expanding our distribution activities both locally and internationally," said Anamaria Stefan Georgescu, founder of Sofia.
Sofia was founded in 2004, and by 2005, it had inaugurated its initial franchise store. Currently, the brand boasts a network of 30 franchises in Romania and one in Miami, United States.