The scheme will initially provide 250 million euros in financing, with any expansion to be based on the results of the first phase, Rama said at the programme’s launch.

Under the initiative, businesses will be able to apply for loans of up to 2 million euros, backed by a government guarantee covering 70% of the collateral requirement and carrying interest rates of 2%-3%.

Rama said funding would be awarded on the basis of viable business plans assessed by financial institutions, while the government would also provide technical assistance to help applicants prepare projects eligible for financing.

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LORES+ is an innovative digital platform designed to empower small businesses by connecting them to financing opportunities and grant them access to information on available financial means to expand their businesses, saving them time and efforts.

LORES+ is the latest platform and initiative supported by USAID to promote small and medium enterprises in Albania and in whole Western Balkans. LORES+ will provide financial and professional guidance to help small businesses reach their full potential and it is expected to have a significant impact in whole Western Balkan region.

During today’s launch event, U.S. Embassy in Tirana Deputy Chief of Mission Demian Smith highlighted the important contribution small businesses make to Albania’s economy.

“Together, we will continue to support these businesses as they grow and create jobs,” he said.

LORES+ is a regional project that will be initially launched in Albania and will later expand to Kosovo and North Macedonia. The platform is designed to allow a total of 285 SMEs file loan applications that will amount to a minimum amount of around 12 million dollars over the next 2.5 years.

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