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SMEs get Sk327 million in support

SMALL and medium business projects received over Sk327 million ($7 million) in support last year from the National Agency for Development of Small- and Medium-Sized Enterprise (NARMSP).

Revolving loan programmes accounted for over 80 per cent of the funding, with Sk260 million going to a support loan programme and an additional Sk12 million going for micro-loans.

Funding from the EU's Phare development programme made up Sk27.8 million, Sk14 million of which went to a grant programme.

Last year Slovakia began drawing on Phare funds allocated in 1999, but the bulk of the Phare money is expected to be used this year.

NARMSP was founded through an initiative by the Slovak government and Phare in 1993.

Its main goal is to enhance the development and growth of existing and newly established small- and medium-sized firms in Slovakia by coordinating activities on the local, regional and international levels.

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