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)” between 12 and 15 September in Balti and Chisinau. 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, with the support of OTP Bank experts.
The Financial Management Program content addressed business operations issues through case studies and was delivered by field experts. It aims to support SMEs by offering entrepreneurs the opportunity to develop their management capabilities, bring added value to business growth and contribute to a competitive, stable and sustainable business environment. The two days of training covered a wide variety of subjects: financial analysis, risk mitigation, business expansion and promotion through the development of efficient digital and traditional marketing strategies, local and international funding opportunities, and others.
"The training program is currently unique on the market, it was developed from a practical standpoint, the content answers the needs and challenges businesses encounter in their daily operations," said Mr. Petru Delinschi, Vice President, Director of Commercial Retail Banking, OTP Bank.
Mrs. Nadejda Streliuc, Investment Manager at Finance in Motion, highlighted how important financial support and continuous learning are in growing a business: "We combined our efforts with OK Foundation and OTP Bank to offer a program that supports and develops businesses, contributing to sustainable economic growth in the Republic of Moldova. We hope that the two days of training will help entrepreneurs consolidate their knowledge and capabilities in financial management, so that they develop successful, financially sustainable entities."
"We are glad that OK Foundation's initiative to launch a program that supports businesses was welcomed and supported by our partners: OTP Bank and EFSE, the goal being not just to improve entrepreneurship skills through traditional training approaches, but to offer personalized coaching sessions that build confidence when it comes to growing a business," said Lilia Nacu, Executive Director, OK Foundation.
The European Fund for Southeast Europe (EFSE) is an impact investment fund created in 2005 with the aim of fostering economic development and prosperity in Southeast Europe and the Eastern Partnership Region (EaP). The mission of the fund is to support micro and small enterprises, contributing to the improvement in the quality of life of families. Through local partners, EFSE helps local financial institutions to deliver responsible finance solutions. Additionally, EFSE has a Development Facility that provides technical assistance, consultancy services and other nonfinancial support to businesses and institutions.
EU4Business is an EU initiative that supports SMEs in the six Eastern Partnership countries, including Republic of Moldova, to fulfill their potential and to stimulate economic growth.
The "OK" Financial Education Foundation was created on December 5, 2019, under the patronage of OTP Bank S.A. with the aim of promoting financial education in the Republic of Moldova. More than 5,000 children, youth and adults, from 32 regions of the country have benefited from the Foundation’s financial education programs.
OTP Bank (Moldova), a subsidiary of OTP Group, is an integrated provider of universal financial services. With an approach defined by responsibility, dedication and professionalism, OTP Bank understands the current market context and by putting the needs of its clients first, is a trustworthy financial partner.