Patria Credit lands financing for on-lending to MSEs
The loan is extended under the EU Romania Microcredit Facility (RMCF) and co-financed with funds from the EU and the Romanian government. The EBRD said the loan would address the limited access to finance for Romanian entrepreneurs in , especially in remote and rural areas. It will also support Patria Credit in expanding its lending portfolio and will increase the availability of finance to MSEs.
The project is complemented by technical assistance funds provided by the EU and Romanian government as part of the RMCF, which have been earmarked to support further strengthening of Patria Credit and to develop loan products for agribusiness and rural activities.
“The provision of local currency funding will enable Patria Credit to increase its lending in leu, reducing the foreign exchange risk for its clients and decreasing their vulnerability to global macroeconomic fluctuations. Easier access to formal financial sector finance for MSEs will further encourage the development of private sector in ’s rural areas,” said Henry Russell, Director of the EBRD’s Small Business Finance team.
In turn, Horia Manda, Chairman of the Board of Directors, Patria Credit, said: “The support received by Patria Credit from the EBRD through the RMCF will allow the company to continue with its strategic plans to develop its network in urban and rural areas in order to facilitate the access to finance of Romanian micro-entrepreneurs and agricultural producers in a commercially sustainable way. The evolution of Patria Credit business in 2010, when disbursements almost tripled versus 2009, proved that these segments of the market are more and more approaching lending for covering their financing needs.”
Patria Credit is a non-bank financial institution, controlled by the Romanian American Enterprise Fund and the Balkan Accession Fund, which provides lending to micro and small entrepreneurs and to agricultural producers. By year end 2010 it will reach total assets of over 40 million Euro and a network of 39 branches.
The project is complemented by technical assistance funds provided by the EU and Romanian government as part of the RMCF, which have been earmarked to support further strengthening of Patria Credit and to develop loan products for agribusiness and rural activities.
“The provision of local currency funding will enable Patria Credit to increase its lending in leu, reducing the foreign exchange risk for its clients and decreasing their vulnerability to global macroeconomic fluctuations. Easier access to formal financial sector finance for MSEs will further encourage the development of private sector in ’s rural areas,” said Henry Russell, Director of the EBRD’s Small Business Finance team.
In turn, Horia Manda, Chairman of the Board of Directors, Patria Credit, said: “The support received by Patria Credit from the EBRD through the RMCF will allow the company to continue with its strategic plans to develop its network in urban and rural areas in order to facilitate the access to finance of Romanian micro-entrepreneurs and agricultural producers in a commercially sustainable way. The evolution of Patria Credit business in 2010, when disbursements almost tripled versus 2009, proved that these segments of the market are more and more approaching lending for covering their financing needs.”
Patria Credit is a non-bank financial institution, controlled by the Romanian American Enterprise Fund and the Balkan Accession Fund, which provides lending to micro and small entrepreneurs and to agricultural producers. By year end 2010 it will reach total assets of over 40 million Euro and a network of 39 branches.
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