100 Romanian startups that prove their determination to innovate and develop can be supported by Raiffeisen Bank. Entrepreneurs with innovative business ideas can enroll throughout the year in the Factory by Raiffeisen Bank lending program and may obtain a maximum of 50,000 euros for their business development.
4th edition of Factory by Raiffeisen Bank
Factory by Raiffeisen Bank is the program that supports business innovation by granting advantageous loans of up to 50,000 euros to startups in Romania. So far, more than 200 of the businesses that have passed through the Factory gates have benefited from mentoring and financing of over 8 million euros.
The Factory community already has over 4400 entrepreneurs who have joined during three previoous editions of the program, and 200 of them have benefited from mentoring and financing of over 8 million euros.
“During this period, marked by uncertainties and instability, entrepreneurs are looking for financing and mentoring opportunities. Last year we had the opportunity to support through the Factory program creative ideas and business projects with the potential to change the Romanian business environment. Somehow, last year we all felt that the entrepreneurial spirit became more creative and effervescent because special times bring sometimes surprising changes. That is why, from this year, we decided to give entrepreneurs more time to register their projects, throughout the year, to offer them the possibility to outline a business plan that is as solid and sustainable as possible. We thus adapt the Factory program and continue what we set out to do from the beginning: building a strong ecosystem for startups in Romania “ said Vladimir Kalinov, Head Of Retail Division at Raiffeisen Bank Romania.
The Factory program has several stages:
1. Registration of projects throughout the year on www.raiffesenfactory.ro;
2. Periodic evaluation of projects by a team of Raiffeisen Bank experts (maximum evaluation period of a project is 2 months);
3. Interview sessions between entrepreneurs selected after the evaluation of the applications and Raiffeisen Bank’s specialists;
4. Announcement of the winning projects will be made periodically and they will receive the financing of 50,000 euros. The winners will have access to mentoring sessions with business experts, but also to clients or investors.
Source: Bank’s Press Release from May 05, 2021