Factory by Raiffeisen Bank in Romania is a program that was launched six years ago to support entrepreneurs at the beginning of their journey and has reached over 430 financed businesses. The total amount of financing is approximately EUR 24 million.
Since 2018, more than 1240 businesses have been registered in the Factory platform, and 740 businesses have been selected for the final stage of the interview.
The average age of the applicants is 38 years, and the majority are from Bucharest-Ilfov (45%). Also, 33% of all the businesses are run by women entrepreneurs.
“In recent years, we have noticed a growing interest on the part of entrepreneurs to develop businesses with a positive impact on society, with care for the environment, and that strengthen the communities around them. This is exactly what we at Factory by Raiffeisen Bank support. So, if they have a concrete business plan, Factory by Raiffeisen Bank allows entrepreneurs to turn it into reality,” – said Bianca Chișulescu, Program Manager, at Factory by Raiffeisen Bank Romania.
Factory by Raiffeisen Bank is open throughout the year, with no deadline for registering projects. Also, to access financing, no financial guarantees or business history are required.
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 February 07, 2024
