MAT warns potential acquirers of companies applying to national programs

published in April 12, 2023

The Ministry of Entrepreneurship and Tourism (MAT) warns potential acquirers of companies applying to national programs, which have not yet signed the financing agreement, that these enterprises must meet the specific conditions imposed by the program legislation, throughout their implementation period.

Furthermore, applications may be rejected for funding throughout the entire duration of the Start-Up Nation program if these conditions are no longer met.

Also, MAT warns that, following the signing of the financing agreements, the associates/shareholders of the beneficiary companies of Start-Up Nation program cannot alienate more than 49% of the shares, except in exceptions to the law.

"We inform you that this fact could lead to rejection of funding, under Law no. 218/2020, from the moment the violation of the provisions stipulated in the regulatory act is found," the MAT press release states.

"Don't be fooled!" Funding programs that we make available are dedicated to bona fide entrepreneurs, who want to build a better and prosperous future for themselves and for the future generations of Romania. It is in no way aimed at those who want to make a quick buck and make a profit overnight, by trying to deceive the state and the buyer! Precisely, in order to avoid such situations, which until now we have not wanted to highlight, being isolated cases, we have chosen to be cautious. As a result, we have implemented the procedures of the programs in such a way that the marketing of funding applications or grant beneficiary companies cannot be possible without consequences: termination of the funding contract”, declared the Minister of Entrepreneurship and Tourism, Constantin-Daniel Cadariu.

MAT discourages marketing practices of funding applications submitted under national programs and advises potential buyers on the risk they are exposed to by purchasing applicant businesses, both before and after the signing of funding agreements.