European Microfinance Day in Hunedoara, Romania

Microfinanza had the honour of being part of the event, organised by Asociația CAR Regiunea Vest, with the support of the European Microfinance Network.

Monday, November 6, 2023 

Every year, the European Microfinance Day is an important event celebrated throughout Europe. This year, we had the honour of participating in an important event organised by the Romanian partners in Hunedoara on the topic of young entrepreneurship.

It was an important space for dialogue and discussion, with European professionals working on the topic of youth entrepreneurship to support and strengthen it.
In this context, we had the opportunity to share our methodology for supporting young entrepreneurs through the experience of the “Young Entrepreneurs Succeed” project and the “Erarmus for Young Entrepreneurs” programme, in which we have been involved for more than 5 years.

Youth entrepreneurship is a key factor for the strengthening of local economies, since it:

• Foster economic growth
• Promote innovation
• Empower individuals
• Address societal challenges

 There is a sizeable social value which goes well beyond the measurable economic impact generated by youth leading businesses, and finance just need to leverage this through adequate instruments.

But what emerged again in Hunedoara is that finance comes only at the last mile of a long journey towards setting up a successful business.

Before finance and in synergy with the provision of financial services, our ecosystem should support young entrepreneurs, through:

• Skills development
• Personal and professional coaching
• Business mentoring
• Transfer of expertise on business management

And what could be the role of remittances to boost the SMEs development, in two countries where these represent a considerable part of the GDP (around 3% in Romania and 13% in Moldova)? Could we do more in this direction?

Thanks to Asociația CAR Regiunea Vest and European Microfinance Network for organising such a great event, a footstep from the beautiful castle of Hunedoara in the amazing Transilvania, to the representatives of the Romanian Government for participating so actively!