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What is the program for the development of small and medium enterprises (SMEs) in Albania?
This is a joint program between the Italian Government and the Albanian Government, aimed at improving access to finance for Albanian small and medium-sized enterprises (SMEs). It supports them with low-interest loans and a credit guarantee fund to facilitate investments for their development in a more favorable financing environment. The program is funded by the Italian Government and includes two important financial instruments in favor of Albanian SMEs.
All entities: individuals or legal entities who own or represent micro, small, or medium enterprises (SMEs) and are currently operating a business or wish to start a business (start-up) in Albania.
- The company must be registered in Albania;
- No less than 51% of the company’s capital must be owned by Albanian citizens;
- Annual turnover must not exceed 10 million euros;
- The number of employees must not exceed 250.
Project value: from 50,000 euros to 500,000 euros;
Purpose of the loan:- No less than 70% of the loan must be used for the purchase of machinery, equipment, technology, technical assistance, industrial licenses, maintenance, spare parts, and raw materials of Italian origin;
- No more than 10% of the loan may be used for the purchase of raw materials related to the main investment;
- No more than 30% of the loan may be used to cover local costs or those from other neighboring developing countries.
Project value: from 15,000 euros to 50,000 euros;
Target group: Newly established (start-up) or existing micro, small, and medium enterprises.- No less than 40% of the loan can be used for the purchase of machinery, equipment, technology, technical assistance, industrial licenses, maintenance, spare parts, and raw materials of Italian origin;
- No more than 60% of the loan can be used to cover local costs or from other neighboring developing countries.
- Local taxes, customs duties, VAT;
- Investments in the leisure and entertainment sector (Gambling, Bars, and Restaurants), real estate, arms, pharmaceuticals, alcoholic beverages, tobacco and its by-products, and the production and products banned from import and export by EU countries under international agreements.
The maximum interest rate applied:
- Up to 3% for loans in Euro
- Up to 4% for loans in Lek
- Loan repayment period from 3 – 8 years.
- Grace period (interest-only payment) from 1 to 2 years.
- Projects of SMEs in the manufacturing, export, agriculture, and agri-food sectors;
- Projects for natural energy production;
- Information and Communication Technology (ICT) projects;
- Projects that create new jobs;
- Projects with a low environmental impact;
- Projects in industrial zones/parks;
- Projects newly established by Albanian emigrants residing in Italy.
If the project submitted by the SME is assessed as a priority, it benefits from a 2-year grace period (principal non-payment, only interest is paid) and a guarantee coverage of up to 60% of the requested loan amount.
Private Commercial Banks and Non-Bank Financial Institutions, partners of the Program. To apply, please contact one of the following financial institutions to complete the necessary documentation for obtaining a soft loan.
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