Refinancing IMM INVEST PLUS loans: 80% FNGCIMM guarantee, up to 4 million lei

Companies with working capital loans under the IMM INVEST PLUS or IMM PLUS programmes (OUG 99/2022 and OUG 18/2024) can refinance the balance they had on 31 December 2025, up to a maximum of 5,000,000 lei, over a period of no more than 36 months. The National Credit Guarantee Fund for SMEs (FNGCIMM) guarantees up to 80% of the refinancing, to a maximum of 4,000,000 lei, in return for an annual fee of 1.7%–2.65%. No deadline is shown on the product page.

One important detail: this is no longer a state guarantee as in the original programmes. FNGCIMM states that the product is "a guarantee granted from FNGCIMM's own resources".

In brief

• Programme: IMM INVEST PLUS and IMM PLUS refinancing
• Authority: FNGCIMM (guarantee from its own resources), through partner banks
• Beneficiaries: active FNGCIMM clients who held guarantees under IMM INVEST PLUS or IMM PLUS for working capital loans
• Refinancing amount: maximum 5,000,000 lei, i.e. the balance outstanding on 31.12.2025
• Guarantee: up to 80% of the loan, maximum 4,000,000 lei
• Duration: maximum 36 months, with monthly instalments at least during the last 24 months
• Guarantee fee: 1.7%–2.65% per year, depending on the FNGCIMM internal rating
• Submission period: no deadline is set on the product page
• Status: launched on 31 March 2026; the product still appears on the FNGCIMM website

Who can apply for refinancing?

Only active FNGCIMM clients who received guarantees through IMM INVEST PLUS or IMM PLUS can apply for refinancing. This means SMEs, commercial companies, cooperatives, authorised sole traders (PFA) and start-ups, as defined in the agreements with the lenders. The company must meet all of the conditions below:

• it must not be in financial difficulty;
• it must not be insolvent or subject to enforced execution;
• it must not have significant overdue loans;
• it must not have active garnishments;
• it must have positive equity.

Only working capital loans are refinanced. FNGCIMM states explicitly that "investment loans are not eligible". If you took out an investment loan through IMM INVEST PLUS, it is not covered by the scheme.

How much does it cost and what additional collateral is required?

The guarantee fee is paid annually on the guaranteed amount. It ranges from 1.7% to 2.65% per year, depending on the rating class set by FNGCIMM. Interest and the bank's fees are added to the guarantee fee and are set separately by the lender.

In addition to the FNGCIMM guarantee, the company provides its own collateral, depending on the loan amount:

• up to 500,000 lei: a mortgage over the credit balances of the accounts;
• over 500,000 lei: real collateral covering at least 20% of the financing, for example deposits, equipment, stocks or mortgages.

Which banks accept the application?

The application is made to the lending bank, which then requests the guarantee from FNGCIMM. The partner banks listed by FNGCIMM are BCR, BRD-GSG, CEC Bank, Exim Banca Românească, ProCredit Bank, Techventures Bank, Libra Internet Bank, Vista Bank, Garanti BBVA and Patria Bank. The product page does not say whether you can refinance with a bank other than the one that gave you the original loan. Ask the bank explicitly before you start negotiating.

Why it matters: the scale of the programmes

According to FNGCIMM, over 81,000 guarantees worth more than 58 billion lei were granted through IMM INVEST PLUS and IMM PLUS in 2020–2025. Many of these working capital loans are now reaching maturity. Refinancing gives companies up to three more years to repay them, instead of paying everything at once.

What this means for your business

Our recommendation: if your working capital balance is straining your cash flow, first check whether you meet the conditions that most often exclude companies. These are positive equity in the latest balance sheet, no garnishments and no significant arrears. Small garnishments from ANAF or from suppliers, left unresolved, can block the application.

• Prepare now: the 2025 balance sheet, the statement of the balance on 31.12.2025, a 36-month cash flow projection and the list of assets you can offer as collateral, if the balance exceeds 500,000 lei.
• Compare the total cost: the FNGCIMM fee of up to 2.65% per year is added to interest. In the original programmes, part of these costs was subsidised.
• Link with EU-funded projects: if you are preparing a non-refundable grant project, your debt level and equity matter for co-financing and, sometimes, for scoring. A lower monthly instalment may help, but calculate the effect in the financial model before you sign.

If you want to see which non-refundable funding suits your company, once you have clarified the loan, take the eligibility check.

Frequently asked questions

Can I refinance an investment loan taken out through IMM INVEST PLUS?

No. FNGCIMM states that the product is intended exclusively for working capital loans contracted under OUG 99/2022 and OUG 18/2024. Investment loans are not eligible.

Is the refinancing guarantee still a state guarantee?

No. Unlike the original programmes, the refinancing guarantee is granted by FNGCIMM from its own resources. It guarantees up to 80% of the loan, to a maximum of 4,000,000 lei.

How much can I refinance?

A maximum of 5,000,000 lei, i.e. the loan balance you had on 31 December 2025. The maximum duration is 36 months, with monthly instalments at least during the last 24 months.

How much does the FNGCIMM guarantee cost?

The guarantee fee is between 1.7% and 2.65% per year, calculated on the guaranteed amount. The percentage depends on the internal rating that FNGCIMM assigns to the company. Interest and the bank's fees are paid separately.

Until when can I apply for refinancing?

No deadline is announced on the product page. The conditions and availability are ultimately confirmed by the bank and FNGCIMM, so it is best to apply early.

Official sources

• FNGCIMM – IMM INVEST PLUS and IMM PLUS refinancing (product page)
• FNGCIMM – press release: FNGCIMM launches IMM INVEST PLUS and IMM PLUS refinancing (31 March 2026)

Information checked on 27 September 2026. Conditions may be amended by the managing authority — check the guide in force before submitting.