Tirana Municipality has announced that a $1 ml fund will be set in disposal to young entrepreneurs who seek to realize their business dreams and ideas in Tirana. The fund will provide soft loans to entrepreneurs and will facilitate the bureaucratic procedures for receiving the funding. During the presentation of this initiative, Tirana Mayor Erion Veliaj declared that the goal of it is to support the establishment of new small and medium sized enterprises and open at least 800 new jobs in Tirana.
According to him, “this is an alternative financing form which cuts many bureaucratic barriers and supports young talented people who have an idea and want to connect their own success to Tirana city. If we support small and medium sized businesses means that we have supported about 99% of businesses in Tirana. “
Veliaj considered this as an intelligent investment by the Tirana Municipality and that 25% of this fund will be provided by the Municipality. Crimson Funding is a non banking institution which established on January 6th in 2014 at the Municipality of Tirana as a new initiative of The American – Albanian Development Fund, at an initial value of EUR 5 ml with the goal to support and fund SMEs in Tirana city.
The fund is a joint initiative of The AADF, Norfund, Crimson Capital Corp and the Municipality of Tirana. According to the description of Crimson Funding profile in Albania, “CFF Albania is designed to improve access to finance for under-served small and medium enterprises (SMEs), entrepreneurs, innovators, women-owned businesses and farmers in Albania in order to catalyze business growth and job creation.”
Source: The AADF
Photo credits: ATA , fotshot (Pixabay)
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