Journalist Pavel Zingan, in an interview with Eva Pogor, CEO of Investitii.md, section "Education for entrepreneurs" with the support of maib edu.
Hi, Eva. First of all, congratulations on your new position - CEO of Investitii.md. We also had an interview with Olga Melniciuc a few days ago, who told us about the impressive results you have achieved in one year of working for the company.
I am grateful to Olga for the trust she has shown in me. During this year at Investitii.md I got to know all the details of the business. I could say that I was "an operational person" - I communicated with clients, wrote all the projects, and discovered all the insides. When I came to the company, we discussed the conditions for growth, including the possibility of becoming a partner and operational director.
It's been a year, and things have turned out just like that?
I've managed to prove that I can manage the company. Now, I have a new challenge ahead of me. From a consulting company with five employees, we aim to grow it to 20 specialists by the end of 2024. The volume of work is increasing, so we must take advantage of the opportunity to be helpful to the Moldovan market and our entrepreneurs.
Now is the right time to ask - how does Investitii.md help local entrepreneurs?
Today, in Moldova, we have an exceptional, and I mean extensive, range of financing tools - credit lines, grants, subsidies, preferential loans, investors, business angels. We constantly monitor new funding sources' emergence and existing programs' validity periods. No exaggeration. We know everything. That's our job.
With this knowledge and experience, we advise businesses and help them choose the optimal funding strategy for their development.
Just one example - did you know about the USAID project "Moldova Turistica", with grants from 400 thousand to 1.2 million MDL for a wide range of businesses?
Me - I certainly didn't know. And do you do everything from A to Z for customers? They come to you and leave with new financing?
It's a simplified representation of our work. If we go into detail, we always start with a consultation. Each grant program has a specialisation and its variants. And each company has its focus. Some are just starting out and need help initially. Some are looking at the issue of digitising their existing business, and some are thinking about green programs and renewables. Grants or credit lines can be found for many such tasks. Therefore, the first step is a consultation to match the puzzle of business tasks with current funding sources.
I will come back to examples. This interview is part of the educational program for entrepreneurs - maib edu. At the same time, maib, as a partner of the USAID program to support e-commerce, can provide non-reimbursable funds under this program to develop the business website for online sales.
Previously, I also wrote about the "373" program, which can be accessed with the help of maib
"373" is one of the most requested funding projects, which came out last year. The government program to support entrepreneurs "373" is a mechanism through which Moldovan producers can access long-term investment loans. Thus, the interest rate on loans in foreign currency is 3% per year, and in MDL - 7% per year. For loans with repayment terms of up to 7 years, the maximum grace period is 3 years. The difference in interest rates is subsidised by the Government of the Republic of Moldova through the Entrepreneurship Development Organisation (ODA).
Let's move on to the next step. Investitii.md consulted me. I chose a direction. What next?
It depends on the direction. The "373" program, for instance. You need a business plan with forecasts and financial expectations for seven years to get this loan. We are in charge of drawing up this plan; of course, we need initial data in close cooperation with the entrepreneur or their departments. So far, we have developed over 30 such business plans. Further, because certain documents are required when applying for a loan, we can act as coordinators in collecting them, working with the company's accounting department.
Question from a novice: are programs or grants suitable for almost all companies?
I will answer in the negative. No grant would match all companies at the same time. If a company is involved in agriculture, then for them, the most popular grant is the AIPA grant - Agricultural Intervention and Payments Agency. AIPA is a partner to agricultural producers, allowing entrepreneurs to grow and become stable and competitive both nationally and internationally, with access to grants and support programs for the private sector in rural areas.
In particular, let's assume you have launched an agricultural enterprise. For example, you can collect all the expenditures you have officially incurred between February and October - you have bought a tractor, seed, and fuel - all of this you collect in a 'file' with confirmations of expenditures incurred. By October 31, you gather all the invoices and can count on a grant to reimburse you up to 50% of the amount you paid.
Are there many businesses benefiting from such grants?
Up to 90% of those who have applied - have benefited. So, I can confidently say that every business in Moldova can count on a grant or facilities for funding. You must formulate your objective clearly and study the funding possibilities in detail. Or ask consultants.
I'd approach Investitii.md.
What I will say next is not advertising. I sincerely believe that we work with entrepreneurs on the WIN-WIN principle. Analysing only my work at Investitii.md, I can say that I had the opportunity to talk to about 1000 entrepreneurs, whom I helped attract investments of 50 million MDL. Therefore, we have plans to expand the team to help even more companies grow their businesses.
To conclude, which business niche would you target for support through grants?
Only one - the one you really know. Purpose is more important than anything, and grants will align with that.
