Small and medium enterprises (SMEs) in Romania contribute 40% to the creation of added value, as opposed to 60%, which is the average of the European Union, said Aurel Şaramet, the president of the National Fund for the Guarantee of SME Loans (FNGCIMM). This explains the low weight of SMEs financed by banks, of 15-16% in Romania, whereas in the European Community that ratio is as high as 70%, he said.

Over these last few years, the banking and the business environment have been characterized by excessive cautiousness and by the lack of excessive long term ambition, considers Aurel Şaramet. The entrepreneurs who want to take out new bank loans first of all need audacity and faith, as well as well-written and solid loan paperwork, according to the president of the FNGCIMM.

Reporter: How would you describe the activity of the FNGCIMM in its first ten years of operation?

Aurel Şaramet: At the end of 2011, the FNGCIMM, which is an active player on the banking and financial market of Romania, celebrated a decade of achievements, where the upward growth trend was supported by the flexible adaptation of its ability to guarantee diversified requirements, of optimizing the internal structure and expanding its territorial network, of cooperation with the government institutions and with its main financial institution associates. Every year brought with it a new challenge, constantly raising the bar higher. The activity of the Fund was constantly focused on creating the conditions to allow more SMEs and beneficiaries of the priority government programs to access funding, he said.

Supporting over 20,000 SMEs, guaranteeing loans for the benefit of banking and non-bank institutions of more than 4 billion Euros, the involvement in the support of over 1,000 SMEs which are the beneficiaries of European grants represent just a few of the quantitative be