Govt launches €1bn fund to boost small businesses

The government has launched a €1 billion funding package to help small and medium businesses double in size.

Prime Minister Edi Rama announced the national scheme to give local firms a direct financial boost.

Under the plan, smaller businesses can get bank loans of up to €2 million with low interest rates capped at three percent.

Big corporations are banned from applying, as the cash is reserved for small firms, farming cooperatives, and tourism.

The government will also provide expert teams to help business owners create the solid investment plans needed to secure the money.

Central Bank Governor Gent Sejko urged commercial banks to move quickly, warning that small firms support more than 88 percent of Albanian jobs.