“A successful business begins not only with an idea but also with the right people who are around at the right time,” – Eugeniu Damian, Microinvest client

Eugeniu returned from the U.S. to be near his family, and today is the founder of four successful businesses. This is a young entrepreneur from Singerei, who proudly calls his enterprises a “holding company” because he has invested time and resources in each of them and has promising plans for their development. In the North of the country, the Damian family is known for its unusual event decorations, fresh flowers, and a delicious variety of dishes made from wholesome products with love and skill. During the pandemic, it faced the challenges of the economic crisis directly but managed to cope with them through efficient planning and responsible investment.

Eugeniu Damian is one of 91 Microinvest clients who have taken advantage of a special financial offer in partnership with the Soros Foundation-Moldova – a loan with a grant component. The goal of the project was to support businesses affected by the pandemic by subsidizing interest for the first 6 months of the loan from sources of the Soros Foundation in Moldova and providing deferred payment on the loan from Microinvest. The financial support received was invested in the purchase of a car and a computer to run the business more efficiently.

Eugeniu, what is it like to be an entrepreneur in Moldova, and how did it all start?

I grew up with an entrepreneurial mindset. My parents taught us to be responsible and independent from childhood. Do something of our own and help others. I worked in America as an employee for a while. You can earn money there, salaries are very good. However, I really missed Moldova, my family, and my home. I realized that in order to earn a lot of money, you need to open something of your own. I founded my first business in the USA in the construction sector. There I got a taste of entrepreneurship. In Moldova, I started with decor, then I opened a flower store, and then the Apetisant cafe. We are developing with small but confident steps. And we invest money from the company’s profits in continuous development.

Tell us more about your family holding.

We call our business a holding company, even though we only have 10 employees. The people on our team are utility-men because every business has its season. March is the month of flowers. During this period, my wife devoting herself completely to the store, not forgetting to take care of our six children, who are also gradually getting involved, and I am doing other things. Event decor is more popular in August. And our cafes work all year long, we have reliable managers who take care of everything. Over time, we have fine-tuned the menu to meet the preferences of our customers. We mainly prepare lunches, as well as traditional placindas (one of the most demanded and popular dishes in Moldovan cuisine – stuffed flatbread) according to an authentic recipe. We even have a menu according to the individual tastes of our regular customers, for example, Denis’s menu.

When and how did you decide on financing, and why did you need a loan?

As for any business in Moldova, and all over the world, the pandemic was a very difficult period for us. We haven’t worked for 2 months. We tried to refocus on online sales with delivery but this is not very relevant in the regions. The need for funding arose when we felt difficulties with the food provision of the café. We decided to buy a car. We also needed a computer with a high-performance accounting system to make it easier to manage all the expenses and needs of the holding. We had never had loans before, and we were analyzing whether the investment was worth it or whether we could wait.

How did you find out about Microinvest and the special offer in partnership with the Soros Foundation-Moldova – a loan with a grant component?

Before I started working with Microinvest, I only knew that it had an office in Balti and that it was a serious and large company. Igor, our loan officer, found us and made a personal offer for the holding company. I had no credit anywhere, but I knew for sure that if I needed money, I would take a short and inexpensive loan from Microinvest. A loan with a grant component in partnership with the Soros Foundation in Moldova was a real help for businesses affected by the pandemic. The offer is very good. For six months Microinvest did not charge interest and I did not pay on the loan, besides I received the money quickly and on time. We have made very important investments in our business that have helped us grow and remain optimistic even during the pandemic.

What is the secret of successful business in the region?

For a successful business, you need to show up in the right place, at the right time, and with the right people by your side. The first important thing is that people in the regions are very attentive not only to the goods and services they need but also to the reputation of the entrepreneur. Direct recommendations from satisfied customers are of great value. In our business, we pay great attention to quality and objectivity. We are honest with every customer and want them to be satisfied not only when they buy something but also afterwards. Now, in the midst of rising prices and the crisis that has touched all of us, both entrepreneurs and individuals, we are trying to keep prices down as much as possible and not disappoint people. As one entrepreneur said, “There are no bad regions, there are poorly managed businesses.” Therefore, we make sure that everything is fair.

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Microinvest is a non-banking lending institution with foreign capital that has been operating in the Republic of Moldova since 2003. According to the National Commission for Financial Markets, Microinvest is the company with the largest portfolio among non-banking lending institutions in the country. We offer flexible financing for individuals and small businesses on favorable terms and at the right time.

The Soros Foundation-Moldova is a non-governmental, not-for-profit, and non-political organization, which was established in 1992 by the philanthropist George Soros. The main goal of the organization is to promote the values of an open society in the Republic of Moldova by implementing a large number of projects in various fields, as well as grant programs and operational projects.

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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)