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EU backs 1.5mln deal with Sparkasse for Macedonia's startups

Bank guarantees up to 25,000 euros to help entrepreneurs

12 October, 14:26
(ANSA) - BRUXELLES, 12 OTT - The European Commission backed an agreement between Sparkasse Bank Macedonia and the European Investment Fund worth 1.5 million euros to support start-up businesses in Macedonia. The financial programme, under the European Programme for Employment and Social Innovation (EaSI), is the first of its kind in the Western Balkans' country.

Sparkasse will offer a brand new 'Step by Step'-programme, which includes financial guarantees up to 25,000 euros to support young entrepreneurs who want to create their own business and are in need of financial resources to do so. EU Commissioner for Employment, Marianne Thyssen, said: "Young entrepreneurs often face difficulties in accessing credit from traditional banking sources. With the help of financial guarantees from the EU's Employment and Social Innovation Programme, Sparkasse will offer start-up businesses loans at a reduced interest rate and less collateral requirements”.

Besides financial aid, the bank will also provide educational and mentoring support.(ANSA).

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