FNGCIMM and ADAA sign collaboration protocol for SME support

The National Credit Guarantee Fund for SMEs (FNGCIMM) signed together with the Association for the Development of Local Entrepreneurship – ADAA a collaboration protocol by which they agree to mutually promote the programs and projects they run in support of SMEs, entrepreneurs and of the entire business environment, with the aim of informing and developing the necessary skills and abilities for access to financing for business development.

Also, the two entities publicly announce the partnership within the national project “Financial education for economic development and business growth” which will start, in March, at the National Bank of Romania.

The project consists of engaging stakeholders in financial education with the goal of economic growth, business development and improving financial education among the business environment, with the help of better data analysis and forward-looking vision. Thus, FNGCIMM and ADAA, together with the other partners in the project, will participate in joint promotion actions, both at the local and national level, with the aim of informing and promoting among SMEs, entrepreneurs and the entire business environment, the facilities of tools and programs designed to contribute to economic growth.

Dumitru Nancu, General Director of FNGCIMM, said: “The protocol between FNGCIMM and ADAA represents a positive signal for what the synergy of objectives between a non-banking financial institution with full state capital and an association that proactively supports entrepreneurial culture can mean, as main factor favoring the sustainable and sustainable economic development of Romania. We are convinced that financial education provides a solid basis for generating new business models that respond to new economic realities. In this sense, FNGCIMM has intensified communication with clients and potential beneficiaries of government guarantee programs, to help them make smart financial decisions and ensure as much financial stability as possible, and through the position of vice president of the European Association of Guarantee Funds I will make every effort to promote and increase the visibility of Romanian SMEs in Europe and for the internationalization of businesses. We hope that through this partnership signed with the Indigenous Entrepreneurship Development Association ADAA, we will further support entrepreneurs to identify and access financing to increase the viability of companies and their financial performance.”

Andreea Negru, founder of ADAA, said: “The partnership between FGCIMM and ADAA is an example of the cooperation of the associative environment with prestigious institutions in Romania for the purpose of mutual support and promotion and association in projects of national interest. I have noticed, over time, that the lack of involvement brings, by itself, negative effects. For example, in the field of financial education, if we do not quickly take the steps necessary to increase the degree of financial education, Romania risks remaining in the future in the first places in the financial illiteracy charts in Europe and in the world. Therefore, the partnership with FGCIMM benefits the SME sector, and joint actions allow us to disseminate information about financing opportunities for the benefit of domestic entrepreneurs to increase access to financial education, economic growth, and business development”.