“Double Your Business” Programme, Minister Ibrahimaj Says Over 1,000 Business Requests Received and 35 Loans Approved

Delina Ibrahimaj, the Minister of Economy and Innovation, announced that businesses have submitted over 1,000 requests for financing investments and expanding their operations since the “Double Your Business” program was launched in July. To date, approximately 350 applications have satisfied the necessary documentation criteria and have been forwarded to banks for review. Additionally, 35 enterprises have received loan approval, with a total value of approximately ALL 500 million.
Minister Ibrahimaj underscored the program’s objective to assist small and medium-sized enterprises in enhancing investment, expanding production capacity, and adhering to the standards of the European market during a meeting with Prime Minister Edi Rama and entrepreneurs.
The program provides financing with a maximum value of EUR 2 million, repayment terms of up to 10 years, and interest rates of up to 2%. The Albanian government has provided a sovereign guaranty that covers up to 70% of the collateral, and the Bank of Albania has allocated a EUR 250 million fund to assist in business financing.
Businesses from nine regions of the country and across a variety of economic sectors have expressed interest in the program, with a significant number of requests coming from businesses associated with agricultural production. The application process has been initiated by approximately 400 businesses, with a total value of approximately ALL 21 billion. The sovereign guaranty is accessible to all economic sectors, with the exception of residential construction and the financial sector. The government is prepared to augment its fund, potentially doubling or tripling it, contingent upon demand.
Additionally, two advisory services have been established to simplify the process of obtaining financing. In collaboration with the Agency for Agricultural and Rural Development (AZBR), agro-service centers throughout the country will offer information about the program, guidance on the preparation of business plans, and support throughout the application process to businesses in rural areas and the agricultural sector.
A fund of roughly EUR 8 million has been allocated to assist businesses in urban areas in the development of business plans. In cases where banks reject applications due to deficiencies in these plans, businesses will be eligible for assistance from agro-service centers or experts contracted by the United Nations Development Program (UNDP) in collaboration with the Ministry of Economy and Innovation.
In order to maintain their competitiveness in the domestic market and beyond, Albanian businesses must increase investment and adhere to European Union standards, as emphasized by Minister Ibrahimaj in the context of Albania’s European integration process.
The program’s implementation will be complemented by an ongoing dialog with the business community to identify the specific needs of companies and to adapt support instruments as needed.