EU startup funding worth 25,000 euros per project for young entrepreneurs

Under the project "Entrepreneurship - the chance of a better future for youth," offers EU funding for 40 startups and entrepreneurial training for 400 young people, president of the Travel Focus Romania Association Razvan Pascu said on Tuesday at the launch of the project.

Photo credit: (c) CRISTIAN NISTOR / AGERPRES ARCHIVE

The European project under which Travel Focus acts in partnership with the Ilfov County Council and the Excelsior Association spans 10 months, and is aimed at the creation of 40 startups, each business owner receiving up to 25,000 euros (110,000 lei).

"The 40 young entrepreneurs, who will be selected from the 400 to attend the entrepreneurship courses will be required to open a business and run it for at least three years, investing the 110,000 lei in keeping the business going and developing it. They will also be required to hire at least two persons and keep these jobs for at least six months after the project wraps up," said Razvan Pascu.

The projects given priority for financing and higher scores are those in the sectors of IT&C, tourism and ecotourism, textiles and leather processing, wood and furniture, creative industries, automotive, food processing and beverages, health and pharmaceutical products, energy and environmental management, forestry, agriculture, aquaculture, bio-pharmaceutics and biotechnology.

The project targets mainly students and youth aged 18 to 25, and women with entrepreneurial spirit from the regions Bucharest-Ilfov and South-West Oltenia (Dolj, Gorj, Mehedinti, Olt and Valcea countries).

The total budget of the project exceeds 8.253 million lei, of which the Ilfov County Council has over 7 million lei in eligible expenditures and co-financing worth 140,091 lei. The...