CHF grants over $22 million to individuals and SME's in Romania

CHF grants over $22 million to individuals and SME's in Romania

Bucharest, Jan 26, 2005 (Rompres) - CHF International on Thursday celebrates 10 years of activity of support to the development of small and medium-sized enterprises in Romania, more than $22 million being granted to individuals and SMEs, reads a release of the American company.

Thanks to the activity of CHF International over 23,000 jobs have been created. CHF international is one of the most important providers of micro-financing for small and medium-sized enterprises in Romania. The company extends loans to private companies, family associations, authorised individuals, owners' associations and individuals.

With financing extended by the U.S. Agency for International Development (USAID), CHF Romania coordinates a 5-year programme worth $13.3 million for the development of micro, small and medium-sized enterprises. CHF International's partners of programme are Shorebank Advisory Services, Booz Allen Hamilton and Citizens Development Corps.

Under partnership with the Romanian Government and with funds extended by the World Bank, CHF International implements other two 7-year programmes designed to ensure capital to start-up companies, encourage private initiative and create new jobs in rural and mining areas which are not covered by Romania's financial services.

CHF International Romania is the national representative of CHF International, a non-profit American private organisation of international development with projects worldwide. As of 1994, CHF Romania has been implementing programmes oriented towards economic development of communities, through a unique model of mixture between access to loans and direct assistance for micro-enterprises and SMEs in cooperation with over 45 business and owners' associations, the realisation of public-private partnerships and legislative reform.

The organisation has administrative headquarters in Bucharest and Timisoara, is operational in 19 counties and has a loans portfolio worth $6 million.