Small Businesses in Romania to Receive Boost from Advisory Support

In Bucharest, the European Union and the EBRD have been busy in recent times and this has now come to a head after the introduction of the European Investment Advisory Hub’s new advisory support programme. Designed to help small and medium-sized enterprises (SMEs) in Romania, Bulgaria, and Greece, the Hub will help almost 250 businesses in the coming months and years.

With each SME, a three-year programme has been tailored depending on their needs and will allow them access to both international and local consultancy services. Ultimately, the aim is to boost competitiveness for the companies and to provide them with the tools required to succeed. As mentioned previously, the platform has been created by the European Investment Advisory Hub after funding from the EBRD and European Union.

In Romania, over 100 businesses will receive support in financial management, trade promotion, energy efficiency, strategy, marketing, and a number of other key areas; the support will come from experts with both knowledge and experience in the market.

European Commissioner for Regional Policy, Corina Cretu, has said “The Investment Plan for Europe aims to stimulate growth and employment in Europe and small and medium-sized enterprises are a particular focus area. Providing advisory support to investment on the ground is a key objective of the Investment Plan for Europe and therefore the cooperation between the European Investment Advisory Hub and the EBRD in helping SMEs to grow is a significant and very welcome initiative.”

EBRD Managing Director for SME Finance and Development, Claudio Viezzoli, noted “We are very pleased to intensify our activities here in Romania. Our advisory programme has had a strong impact in advancing businesses as we aim to help them become national and regional champions. We very much welcome this regional collaboration with the European Union and the European Investment Advisory Hub, which will strengthen our joint impact on the ground.”

Under the programme, all businesses will be eligible for support so long as they have fewer than 250 employees and a turnover figure of under €50 million; they should also be locally-owned. As the business works with the EBRD, the programme will start by considering the needs of the business along with potential opportunities for growth. From here, the company can be connected with specialized teams with the right advice. If training is required, this can also be arranged to provide businesses with the skills they need to push their venture forward.

Head of Advisory Services at the EIB, Simon Barnes, added to this by saying “We are particularly pleased to launch this programme in cooperation with the EBRD in the context of the European Investment Advisory Hub (EIAH). EIAH is a joint EC and EIB initiative and an integral part of the second pillar of the Investment Plan for Europe and provides advisory services for investment projects in the EU. A particular aim of the EIAH is to develop a network of partners, at both local and international level, to offer complementary services by institutions that are best placed and equipped to do so. The cooperation with the EBRD reflects this approach and represents a significant step in meeting unsatisfied demand for advisory support in the SME sector.”