In the last several years, Moldova has taken certain steps to facilitate the SMEs’ access to finance with the support by international partners. In its “SME Policy Index Eastern Partner Countries 2020 Assesing the implementation of the small business act for Europe” OECD acknowledges several key milestones having been achieved, contributing to the improvement of access to finance in Moldova. As a result, the OECD has assessed Moldova as slightly above the average in the access to finance pillar compared to other Eastern Partner countries (Armenia, Azerbaijan, Belarus, Georgia and Ukraine). Nevertheless, access to finance for SMEs in Moldova still faces challenges and underperforms compared to a broader peer base.

During the Negotiations on Development Cooperation between the Government of Moldova and the Government of the Federal Republic of Germany held in July 2023, the German side committed via financial cooperation (total budget: EUR 10.7 million, of which EUR 0.7 accompanying measure) to support the Government of Moldova in its efforts to foster sustainable economic development by improving the SMEs’ access to finance and providing a basis for growth and employment.

Thus, The Grant Agreement was signed on March 11, 2024 and the Separate Agreement on May 15, 2024.

The financial product for Phase I (FACEM IMPACT) was developed, validated with the local banks, and officially launched by ODA end June 2025 during an ODA event with SMEs on the Entrepreneurship Day. 

Through the FACEM Impact financing product, partner financial entities (PFE), primarily commercial banks selected in collaboration with ODA will be able to provide investment loans for SMEs, while SMEs will gain access to long-term investment loans at fixed rate, in local currency and under favorable conditions, enabling them to undertake investment projects with significant job creation potential. Revolving nature of the refinancing mechanism ensures the sustainability of the fund beyond the project duration and makes the investment finance opportunity available for the Moldovan SMEs for a long period.

Additionally, an interest rate compensation mechanism linked to job creation outcomes for FACEM Impact has been developed, thus the product incentivizes enterprises to contribute to employment growth in Moldova.

More details about the product conditions can be found here: FACEM Impact

Nationwide, except Transnistria region.

 SMEs from Republic of Moldova

Public Institution Organisation for Entrepreneurship Development (ODA)

Ministry of Economic Development and Digitalization