The free training program "Financial Management for SMEs" developed to aid entrepreneurs with know-how and skills has concluded on November 2 at Digital Park, Chisinau in an interactive event. Participants met with The European Fund for South-East Europe (EFSE) and OTP Bank experts to discuss the impact of implementing acquired best practices and share their goals. A special place in the agenda was reserved for an interactive simulation with the objective of maximizing profits in a complete business cycle. Working in groups, entrepreneurs generated a diverse number of growth strategies, highlighting the agility and creativity of the small and medium size business sector.
At the opening of the event, Ion Veverita, Vice-President of the Executive Committee, Financial Director, OTP Bank mentioned: "OTP Bank has a rich history of initiatives that contribute to the development of the business environment. We thank our partners EFSE and ODA (Organization for Entrepreneurship Development) for sharing our vision and the support offered in the implementation of the project". I would like to thank participants for their dedication: by acquiring financial expertise you contribute to sustainable economic development in the country."
Nadejda Strelciuc, Investment Manager, Finance in Motion, EFSE noted: "Success in business requires adaptation and continuous learning. We are happy to support a flexible training program adapted to the current needs of entrepreneurs. We noticed their desire to learn innovative methods of business growth, and we at Finance in Motion will continue to support them both through financing and programs similar to this one."
"In developing the training program, we tried to focus on the needs of participants. For this purpose, we have expanded the topics included from financial management to marketing and financing opportunities. As a result, we received several requests to extend the project with future editions. We thank all participants and invite other partners from the SME sector to join us in this effort," said Lilia Nacu, Executive Director of the "OK" Foundation.
Over 100 business owners from the central and northern regions of Moldova took part in the ”Financial Management for Small and Medium Size Enterprises (SMEs).” The sessions took place between 12 and 15 September in Balti and Chisinau and presented good practices in the fields of financial management, risk management, marketing and business financing. These were supplemented by individual coaching sessions to address current business challenges. The program was developed by ”OK” Financial Education Foundation in partnership with the Entrepreneurship Academy of the European Fund for Southeast Europe (EFSE) within the EU4Business Moldova initiative, and the support of OTP Bank experts.
EU4Business is an EU initiative that provides support to SMEs in the six countries of the Eastern Partnership region, including the Republic of Moldova, to realize their full potential and boost economic growth.
The European Fund for South-East Europe (EFSE) is an impact investment fund established in 2005 with the aim of supporting economic development and well-being in South-Eastern Europe and the Eastern Partnership Region (EaP). The fund's mission is to support small businesses and micro-enterprises, while helping to improve the quality of life for families. Through local partners, EFSE helps local financial institutions to provide responsible financing for these groups. In addition, EFSE has a Development Facility that provides technical assistance, training and non-financial support for entrepreneurs and institutions.
OTP Bank (Moldova), a subsidiary of OTP Group, is an integrated and universal provider of financial services. With an approach defined by responsibility, commitment and professionalism, OTP Bank understands the needs of customers and the current market context, and is a reliable financial partner in the provision of financial services.
"OK" Financial Education Foundation was created on December 5, 2019, under the patronage of OTP Bank with the aim of contributing to increasing the degree of financial education in the Republic of Moldova. More than 5,000 people, children, young people and adults, from 32 localities in the country, have benefited from various financial education programs of the Foundation.