“At Microinvest, we do not distinguish between large and small agro clients, we believe in modern agriculture and fund any development idea”

27012022

Interview with Vasilii Macovei, manager of the northern region, Microinvest.

“At Microinvest, we do not distinguish between large and small agro clients, we believe in modern agriculture and fund any development idea,” – Vasilу Maсovei, manager of the northern region

About MDL 1.0 billion from Microinvest’s credit portfolio is allocated for the development of the agribusiness segment. Farmers across the country are implementing their most advanced projects, receiving financial support and customized development solutions. Being an agro client at Microinvest means not only having a profitable credit but also being part of a community that values agriculture and strives to develop it. Vasile Macovei, Regional Manager of Microinvest, shared the main advantages of the Company’s agricultural loans, as well as the problems faced by Moldovan farmers.

Vasily, you are a native of the north of the country and a farmer yourself, you have to communicate daily with those who have decided to finance their farms with Microinvest. What is the role of the agricultural sector for the Company and the Republic of Moldova as a whole?

Agriculture has been, is, and will be the basic branch of our country’s economy. We are fortunate to be in a region that has all the necessary conditions for it: good soil, a suitable climate, and hardworking people. We are glad that, despite crises and the vagaries of nature, this industry is growing every year. It motivates us to fund farmers who want to do quality farming at home. This is one of the main directions for the activity of our Company. About 45% of the business portfolio is directed to agriculture, and in the regions, this share reaches up to 70% of the total number of credits.

What types of agricultural business does Microinvest finance?

We finance all agricultural areas, even exotic for our country, for example, cultivation of blueberries, French wheat hybrids, etc. The most popular is the cultivation of grains, oilseeds, and livestock farming. We financially support farmers at all stages of their business development and agricultural cycle. The main objectives are financing working capital, modernization of technology and equipment, creation of post-harvest facilities and refrigerators for the storage of fruits and vegetables. Working directly with farmers allows us to fully understand their needs and provide what they need and when they need it, on favorable and flexible terms.

According to the NBM data, every second loan in the agro segment is issued by Microinvest? How did you manage to win the trust of farmers?

Yes, indeed, in 2021, we took the first place in the number of loans issued to agriculture. We see the potential in funding this industry with a nationwide impact. Microinvest customers can not only get access to credits at the right time but also take advantage of a package of useful and tailored services, pre-approved credit limit to help further develop their farms to the latest standards and implement their projects to completion. To prepare them, our experts spend a lot of time in the fields with farmers. We come to them not only to issue a credit, but also to find out how they are doing, what problems they face and what solutions they need. One of the most important advantages we offer is fast decision-making. A timely completed project not only generates income but also reduces costs that may arise in the future. In agriculture, it is vital.

We all know that agriculture is a promising industry, but also a risky one, given current climate conditions and disasters that cannot always be prevented. How does Microinvest support farmers in difficult times?

We are always with our customers, both in good and difficult times, and we try to find solutions for every situation. In 2020, when our country was hit by one of the worst droughts in two decades, we decided to support farmers by helping them adapt to the new reality and not give up. We visited every farmer and talked in advance about what we could do to get out of this crisis. Moreover, we have financed the 2021 harvest. Everything can be solved if it is well analyzed and predicted. Paradoxical as it sounds, such moments make us stronger and more optimistic. Our clients are confident that tomorrow they will be supported, listened to, and understood, and not be subjected to pressure.

What recommendations would you give to Moldovan farmers? What are the main advantages of working with Microinvest?

A farmer who chooses to modernize today will always be one step ahead of those who do not see the need for it. I confidently recommend that farmers invest in sustainable agriculture, modern irrigation, and hail protection systems, and innovative tillage and harvesting equipment. We will be next to them with timely financial support, individual approach, expertise, and solutions tailored to the specifics of the business. If we talk about the benefits of Microinvest customers, we were one of the first institutions that began to offer farmers deferred payment up to 9 months. We also provide advice on obtaining subsidies for farmers and provide access to one of the largest ecosystems of partners offering agricultural machinery and equipment. And most importantly, we contribute to the reasonable investments of our clients. I’ll give you a simple example: a warehouse built this year will save more money than a “cheap” and very “slow” credit. A project that is 100% financed at the right time will be more successful than a thinly funded investment.

What are Microinvest’s strategic priorities for the agricultural sector and Moldovan farmers?

Our Company considers agriculture as a promising industry that needs modernization. Our country’s economy is funded from several sources, and agriculture is one of the most important. Therefore, agricultural practices need to be improved every year, and this requires investment in modern equipment. Microinvest is open to provide financial support in the amount of up to MDL 6,000,000. MDL 2,000,000 can be obtained without collateral, with a repayment schedule adapted to business opportunities, by all those who have ideas in the field of agriculture, including young people. We do not distinguish between small and large agro clients. We credit not only existing and successful businesses but also start-ups, providing them with a sound financing strategy and the necessary support. We shall continue to improve our products, learn more about the specifics of all sectors of agriculture, and support agricultural development on a national level.

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Client's Name
Client's Surname
Personal Identity Number
Currency
Term
Rate
Amount
Monthly payment
Amount to receive
Purpose
Comments

1. Name and Contact Information of the Creditor
Creditor
Address
Phone number
Email Address
Web page

3. Costs of the credit
Rates related to the credit
Annual Percentage Rate of Charge (APR) This is the total cost expressed as an annual percentage of the total amount of credit. The APR is there to help you compare different offers	%
In order to obtain the loan in accordance with the agreed terms and conditions, it is mandatory to conclude an insurance contract to guarantee the loan or a contract for another ancillary service.
Related costs
Any other costs deriving from the credit agreement	Fee for services rendered in relation to usage of credit, calculated and paid as follows: of the credit and paid by the Debtor on the date of granting the credit from own sources or is deducted by the Creditor from the amount of the credit The negotiation / prolongation of the credit can take place by mutual agreement of the parties, by signing an additional agreement, the Creditor being entitled to request an increase in the interest rate within the limits provided by the legislation in force. In case of negotiation / prolongation of the loan, the Borrower shall pay to the Creditor, at the date of the negotiation / prolongation a commission in the amount of 2% from the credit balance at the time of negotiation / prolongation.
Conditions under which the costs related to the credit agreement can be changed	The Sides can change the costs related to the credit by written agreement signed by both parties; For the non-constitution of the guarantees within the agreed term, the Creditor is entitled to calculate, and the Client will pay to the Creditor an Interest of delay in the amount of 5% annually, applied to of the daily balance for each day of delay, starting with the date following the term established for the constitution of the guarantee/ s and until the date of the proper execution of the respective obligation.
Obligation to pay for notarial fees / mortgage registration fees / fees for noting the prohibition of pledge in the Transport Register related to the pledge of means of transport (agricultural machinery)	Paid by the Client , except as otherwise provided in the pledge / mortgage agreement.
The cost for the valuation of real estate proposed in pledge	Paid by the Client directly to the Evaluator
Costs in the case of late payments Missing payments could have severe consequences for you (e.g. forced sale) and make obtaining credit more difficult
The repayment of the loan is free of charge in the secondary offices of the Creditor, as well as at the discretion of the Debtor through the representatives authorized to collect loan payments. The list of which and their fees are published on the website of the Creditor (www.microinvest.md/cum-achiti-creditul/). In case the Debtor use payment methods with fee, the Debtor cover all the costs of repayment of the loan and undertake to make the payments in such a way that the Creditor receives the agreed repayment amount and without any deductions by third parties processing the refund payment.
In accordance with and arising from the provisions of art. 15, para. 7), lit. a) from Law no. 202/2013, any payments related to the granted credit (commissions, taxes, penalties, late interest and any other type of payment), except interest, will be applied and collected within the limit of the ceiling of 0.04% of the total value of the credit per credit day multiplied by the number of days of actual use of the credit (hereinafter 'Ceiling'). Therefore, the Lender will be entitled to apply and collect the costs, excluding interest, exactly in the fixed or percentage amount established in the contract if the said ceiling allows, and if the ceiling is lower than the value of at least one cost, excluding interest, then the Lender will be entitled to reduce the fixed/percentage amount and apply and collect any of the applicable costs only within the limit of the ceiling value. When calculating the ceiling, the costs already applied and collected will be taken into account, with the exception of interest, which reduces its value. (Representative example: if the amount of the penalty is 20 MDL per day, and the ceiling value at that time is 16 MDL, then a maximum of 16 MDL will be collected).

4. Other important legal aspects
Right of withdrawal You have the right to withdraw from the credit agreement within a period of 14 calendar days	Yes
Early repayment You have the right to repay the credit early at any time in full or partially	Yes
The creditor is entitled to compensation in the case of early repayment The Debtor may repay the loan in full or in part in advance, notifying the Creditor in writing 3 days in advance, and paying an early repayment fee of:	% from early repaid amount, if the period of time between the date of early repayment and convened maturity exceeds one year; % from early repaid amount.The early repayment can be made only if the Debtor has no outstanding debts on interest or other amounts to be paid in accordance with the Contract. % from early repaid amount, if the period of time between the date of early repayment and convened maturity does not exceed one year.
Database usage The creditor must inform you immediately and without charge of the result of a consultation of a database, if a credit application is rejected on the basis of such a consultation. This does not apply if the provision of such information is prohibited by law or is contrary to objectives of public policy or public security The parties may agree on additional terms and conditions, which will be included in the credit agreement.	Yes
Right to a draft credit agreement You have the right, upon request, to obtain a copy of the draft credit agreement free of charge. This provision does not apply if the creditor, at the time of the request, is unwilling to proceed to the conclusion of the credit agreement with you	Yes
The period of time during which the creditor is bound by the pre-contractual obligations	This offer is valid for 15 calendar days after it is issued.
In this regard, I subsequently declare that: I was provided with the necessary information, the essential characteristics of the above-mentioned credit product were explained (interest rate, number of commissions, credit costs, early repayment conditions, total amount to be paid), as well as the consequences of non-compliance with contractual clauses; the costs included in the total cost of the loan were explained to me, including the costs for ancillary services related to the credit agreement; I was offered the possibility to negotiate individually the contractual clauses in the credit agreement that I intend to sign, I negotiated individually the granting commission, the monthly commission, the amount of penalties and I mention that its clauses do not disadvantage me, being fair in the report mine with the creditor; I was asked by the creditor about the probable importance of the information provided and whether essential circumstances that I expected to be provided were not omitted in order to make an informed and rational decision about concluding the potential credit agreement. the information provided and the corresponding explanations allowed me to assess, including the personal analysis of other offers of third party creditors, whether the proposed credit agreement is tailored to my needs and financial situation; I know the content of the contract and all its conditions have been explained to me, I have understood and accepted them, and the documents and information underlying the conclusion of the contract are complete and accurate; I know the law, the normative acts that will govern the contract, as well as the lack of consumer quality; I have no ambiguities or misunderstandings regarding the terms of the contract; the credit product corresponds to the purpose described above and will be used according to the destination and the economic activity carried out. The assets procured/resulted/constructed/repaired from received loan sources will be registered/transmitted in the social capital of the company where my business activity is carried out and/or will be used jointly by the members or individually however strictly for running my business activity. (Signature)