New funding project for Start-Ups for the next four years

The current government has launched recently many funding and supporting programs to encourage the opening of new enterprises by individuals. A latest funding program has been announced in support to small and micro-enterprises ( or Startups) which operate in the following sectors: production, services, tourism, research and development, agro-processing, design and handicraft.  Startups will be considered any newly market-seeking companies. The project will finance by the government and private donators, and its total value is about 25 million ALL. During the end of this year, will be allocated only 2 million ALL. For 2015 will be distributed 4 million ALL, for 2016 the fund will have a value of 10 million ALL and in its fourth year of the project, the fund will be 9 million ALL.

Based on the official announcement, the fund will cover 70% of costs approved by the Evaluation Committee, depending on the project of the startup. The fund will cover the expenses of the marketing, investments in new equipments and technology, the creation of a website for the company and the opportunity to participate in fairs and exhibitions. In order to have the chance of being a winner of this project, an enterprise must be classified as a small or micro enterprice, based on the law number 8957, of the constitution of the Republic of Albania.

Another criteria is that the company headquarters and activity must be established inside the territory of Albania and must have a concrete business plan. The goal of this fund is that enterprises must create at least 1-3 new jobs within 12 months from the moment of the allocation of the fund. The law for this funding project has passed in the Official Bulletin of the Parliament and will be implemented in the upcoming months.

News source: Shqiptarja.com
Photo credits: Flickr  / Brajeshwar Oinam