Factory by Raiffeisen Bank in Romania, launched five years ago to support entrepreneurs at the beginning of their journey or those who want to turn their business plans into reality, has reached over 360 financed businesses, the total value of financing exceeding 14 EUR million.
Since 2018, more than 1000 businesses have been registered in the Factory platform. Over 600 businesses were shortlisted for the final interview stage and more than half received funding.
The average amount accessed per business was EUR 38,000, money needed mainly for investments (60%) and working capital (40%).
Through the Factory program, the business has succeeded and continues to support businesses from increasingly varied fields.
The average age of the applicants is 38 years old, the majority coming from the urban environment. Also, 33% of the total number of credited businesses is represented exclusively by female entrepreneurship.
“Factory represents a flagship program for the SME sector of Raiffeisen Bank Romania and at the same time proof of the commitment that the company has made to be with all those who want to enter the world of entrepreneurship. We will continue to support SMEs, a vital sector, which ensures a large part of the added value in the local economy, regardless of the field of activity we are talking about,” – said Raluca Nicolescu, SME Director at Raiffeisen Bank Romania.
Factory has built and consolidated an ecosystem of opportunities for entrepreneurs eager to launch or scale, offering in addition to a complete set of tools to act on vital points of the business’ evolution and a team of consultants actively involved in the smooth development of the endeavor. Since the beginning of this year, Factory has been focusing on business ideas or businesses that have a sustainable component, and that rely on reuse or the use of resources with care for the environment.
“We encourage all early-stage entrepreneurs to believe in their ideas and try to turn them into reality. This is exactly what we do at Factory by Raiffeisen Bank Romania – we support the development of new sustainable businesses with a positive impact on society, without asking for guarantees and without looking at history. So, if they have a concrete business plan, Factory by Raiffeisen Bank Romania allows them to turn it into reality,”– said Bianca Chișulescu, Program Manager at Factory by Raiffeisen Bank Romania.
Factory is open throughout the year and has no deadline for registering projects.
Factory has three pillars of development, through which to respond both to businesses in the idea stage and to those in the process of scaling:
Startup Studio by Factory – the entrepreneurial education module addressed to those who aspire to become entrepreneurs, with a business idea, but without a well-defined business plan. They have access to referrals and receive the tools they need to turn their business ideas into profitable businesses as soon as possible.
Factory – identifies and encourages impact-oriented startups from various sectors, offering loans of up to EUR 50,000 per project to launch a new idea or service on the market.
Factory GROW – dedicated to businesses that have passed the startup phase and have an ambitious growth plan. It offers a customized scaling strategy, financial means for its implementation (a loan of up to EUR 0.5 million), and guidance from the Factory GROW team, consisting of Raiffeisen Bank specialists and entrepreneurs with experience in the scaling process.
Source: the Bank`s press release dated August 22, 2023
