Prime Minister Edi Rama said interest from businesses in the “Double Your Business” scheme has increased, with 32 loans worth around €5 million approved by October 5.

Speaking at an event dedicated to the scheme, Rama said the program aims to support small and medium-sized businesses that have survived the challenges of starting up but still lack the financial resources to expand. He noted that high bank interest rates currently make financing more difficult for these businesses.

The scheme offers loans at interest rates of up to 2%, backed by a state guarantee covering up to 70% of the loan. Businesses can access financing of up to €2 million, with repayment terms of up to 10 years.

Rama said around 400 businesses are currently going through the application process. The number of approved loans has also accelerated, rising from five in August to 20 in September and seven in the first five days of October.

He said the scheme offers significant room for further growth and aims to give businesses with viable expansion plans access to more affordable financing.

/a.c/