FinComBank: Small and Medium Enterprises in Gagauzia - Supported by Funding Organizations

FinComBank: Small and Medium Enterprises in Gagauzia - Supported by Funding Organizations

• 09.02.2016

Comrat, 4th of February 2016. The Governorate of Gagauzia and FinComBank brought together local and international financing institutions and small and medium enterprises (SMEs) in the region to present the opportunities of financing and developing the competitiveness of SMEs in the region.

Thus, entrepreneurs of the Gagauz Yeri region became familiar with external sources of funding and other opportunities to improve competitiveness and business development.

The Competitiveness Enhancement Project, funded by the World Bank, described the way in which SMEs can resort to funding, as well as the existing measures to enhance the competitiveness of SMEs. The EBRD BAS Moldova programme provided details about advisory support and support to small enterprises, in particular by co-financing consultancy services required for the development of SMEs. Also, IFAD Moldova presented business opportunities in rural areas and financial products designed specifically for SMEs.

"I think that SMEs require a special approach, particularly when talking about financial products and services intended for them, for their economic conditions are totally different compared to large enterprises. On the other hand, it is well known that SMEs are the engine of economic development of the country and provide jobs. I take this opportunity to thank the Governorate of Gagauz Yeri for the receptiveness shown to our initiative of gathering financiers and SMEs at the same table. Moreover, we, FinComBank, are proud of the outstanding success enjoyed by our customers in the SME category, as a result of their resorting to the bank\'s financial services. Our approach is absolutely individualised for the needs and capabilities of each client", said Victor Hvorostovschii, FinComBank President.

Equally, the event was attended by representatives of the Ministry of Finance, 2KR Programme and Millennium Challenge Corporation, who informed small and medium enterprises about credit lines destined to entrepreneurship in the regions of the Republic of Moldova.

The roundtable was attended by more than 100 entrepreneurs in the region, who discussed lending and financing options offered by the Project Implementation Unit, World Bank Competitiveness Enhancement Project; the Business Advisory Service National Programme, EBRD; the Credit Line Directorate, Finance Ministry of the Republic of Moldova; Consolidated Programmes Implementation Unit - the International Fund for Agricultural Development (CPIU - IFAD Moldova); IFAD Programmes; Millennium Challenge Corporation and 2KR.

About FinComBank S.A.

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Finance and Trade Bank S.A. (FinComBank) is one of the leading universal banks in the Republic of Moldova. FinComBank offers a wide range of corporate and investment banking services to both local citizens and foreigners. FinComBank customers include individuals, small and medium enterprises, as well as large enterprises, representing all key sectors of the country\'s economy. Over several years the bank has had a successful collaboration with the World Bank, the European Fund for Southeast Europe, Overseas Private Investment Corporation (OPIC). FinComBank is a member of the Rural Financial Services and Agribusiness Development Project (IFAD), of the Rural Investment and Services Project (RISP) and of the Second Competitiveness Enhancement Project (CEP II).

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FinComBank

FinComBank was established in July 1993 as a joint-stock company. Today it is a well-positioned, highly profitable mid-sized bank with a very professional and dedicated management team. FinComBank provides a wide range of corporate and investment banking services to Moldovan and foreign clients. The Bank’s customers include individuals, micro, small and medium enterprises, representing all the main sectors of the Moldovan economy. However, FinComBank considers being a priority servicing micro- and small business as well as private individual entrepreneurs. 90% of new credits are issued to SMEs. FinComBank’s 17 branches and 67 agencies are located all over the Republic. At present, the Bank has 139 shareholders, 575 employees, and over 110 thousand clients. In August 2007 widely well-known venture Western NIS Enterprises Fund (WNISEF) became one of the major shareholders of FinComBank after purchase of 25 percent of the bank’s shares. Since 1995 the Bank has had its annual financial audits conducted according to international standards initially by Coopers & Lybrand/PriceWaterhouseCoopers), then by Ernst & Young. As a result it has maintained its financial strength by complying with all international standards concerning liquidity margins and capital adequacy required under the Basle Accords. The Bank is one of the founders of the Banking Association of Moldova and the Moldovan Stock Exchange and a member of the American Chamber of Commerce in Moldova (AmCham).