Annual Report 2010 - ProCredit Bank
Annual Report 2010 - ProCredit Bank
Annual Report 2010 - ProCredit Bank
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10<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2010</strong><br />
Special Feature<br />
Tailored services for SMEs in the Romanian economic environment<br />
In the second year of the financial crisis, Romanian<br />
companies have been finding it increasingly<br />
difficult to operate. Facing dramatic drops in liquidity<br />
and profits as well as a stringent need<br />
to cut costs, many entrepreneurs have reduced<br />
spending and some have even stopped investing<br />
in their businesses altogether. To help them<br />
overcome these difficulties, <strong>ProCredit</strong> <strong>Bank</strong> introduced<br />
a new programme to support small and medium-sized<br />
enterprises in <strong>2010</strong>. This move served<br />
to reinforce our commitment to this key sector and<br />
provided opportunities for companies in Romania<br />
at a time when they most needed them.<br />
Despite the country’s dire economic situation,<br />
<strong>ProCredit</strong> <strong>Bank</strong> believed it was possible to help<br />
stimulate development and growth in the SME<br />
sector. Therefore, we sought ways to better respond<br />
to the needs of entrepreneurs, launching<br />
several campaigns throughout the year to facilitate<br />
access to our financing and banking services.<br />
From March to September <strong>2010</strong>, we reduced the<br />
costs of the banking services currently used by<br />
entrepreneurs, helping companies to boost their<br />
efficiency and focus more on their core business.<br />
With other financial institutions reluctant to lend<br />
in the wake of the crisis, <strong>ProCredit</strong> <strong>Bank</strong> felt that it<br />
should continue to support companies. We therefore<br />
reduced our analysis fees for investments<br />
and working capital loans and helped entrepreneurs<br />
to put together solid business plans to restart<br />
their operations.<br />
The agricultural sector, which we have supported<br />
for years, was severely hit by the crisis. In response,<br />
starting in June <strong>2010</strong> we waived fees for<br />
agricultural investment loans for five months.<br />
With the support of experienced client advisers,<br />
who provided assistance in developing a solid<br />
business strategy, agricultural clients submitted<br />
a total of 7,534 loan applications and <strong>ProCredit</strong><br />
disbursed EUR 33.9 million in <strong>2010</strong>.<br />
To address the toughening market conditions for<br />
small and medium-sized companies, in October<br />
we launched a campaign offering new solutions,<br />
including loan refinancing measures that helped
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