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EU Commission approves Romania’s €358mln support scheme for Covid-hit SMEs

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The European Commission announced on Wednesday that it has approved Romania‘s €358mln scheme to support small and medium-sized enterprises (SMEs) active in sectors particularly affected by the coronavirus outbreak, according to See News.

“The scheme was approved under the state aid temporary framework adopted by the Commission,” the EU’s executive body said in a press release.

Under the scheme, the aid will take the form of direct grants for investments in productive activities, up to a maximum amount of €1mln euro per beneficiary.

The scheme will be open to SMEs active in sectors particularly affected by the coronavirus outbreak, such as the processing industry, construction, wholesale and retail trade, repair of motor vehicles and motorcycles, transport and storage.

In order to be eligible, companies need to have been established in Romania since December 31, 2018 and must have recorded operating profits over 2019. The scheme is expected to benefit 4,000 companies.