Global Communities works to strengthen the legal and regulatory environment for Romanian micro, small, and medium-sized enterprises, unlocking competitiveness in vital sectors such as tourism, information technology and communication.
Vitas Romania serves local entrepreneurs and homeowners by providing financing loans traditional banks won’t take on. By connecting these businesses to the credit they need, our work drives growth and bolsters a competitive market economy.
Fueling Job Creation with Fair Financing
Vitas Romania (Vitas IFN S.A.) is a registered Romanian financial institution first established as a program of Global Communities in 1996. Vitas Romania focuses on providing financing to homeowners, microenterprises, and small and medium-sized companies, including for improvements to increase energy efficiency. Vitas Romania operates nine branches and three sub-offices in Western and Central Romania. It has worked with more than 50 non-governmental organizations, member-based business service organizations, and Chambers of Commerce. Vitas Romania’s current portfolio serves 1,788 clients who have loans outstanding worth $18.5 million.
As a child growing up in the small Romanian city of Alba Iulia, Bogdan Moga dreamed of being his own boss rather than depending on someone else for his livelihood. “I did not want the 15th of the month to mean a payday for me,” he said.
In 2014, Moga took a risk and opened a small, family-run tailoring business. To be truly competitive, he knew that he had to produce more efficiently than other tailors. Like most new entrepreneurs, Moga needed to make capital investments, but he did not have the financing to do at the time. He applied to a start-up contest created by Vitas Romania, called the Declaration of Independence Competition.
The competition funds original and innovative start-up ideas, including Moga’s tailoring shop, which uniquely specializes in protective equipment. With the contest award, the equivalent of about $2,300, Moga purchased three cars that doubled the productivity of his workshop. He has also purchased a machine that cuts material more efficiently, a professional ironing station and a powerful sewing machine that handles the work of 4-5 people.
Moga’s start-up now has 10 permanent clients, providing the necessary income to grow and maintain the business. He aims to double the number of customers and increase profits, as well as making new investments in equipment, hiring another person to help distribute the workload and expanding into other market segments.
“The contest, named Declaration of Independence, gave me above all the support I needed. It helped me to start every workday with a lot of confidence,” Moga said.
Our Work in Romania
Supporting Small and Medium-Sized Businesses and Community Savings and Lending Groups
Driving Growth and Job Creation in Developing Economies
Financing a Better World
We deliver essential solutions to complex development challenges, resulting in a more just, prosperous and equitable global community.
Research & Publications
The COVID-19 crisis has severely impacted the business community around the world. Small businesses in developing economies have been hit particularly hard. Countries like Iraq and Lebanon were experiencing social and political unrest as the pandemic struck, while Jordan and Palestine were already facing economic recessions, further compounding their problems. This report summarizes the results…
Research & Publications
Vitas Group, created by Global Communities is a for-profit holding company that operates a network of microfinance companies, predominantly in the Middle East. They are a unique group of companies with more than twenty years of proven track record of successfully lending to micro, small, and medium enterprises and the only such investment vehicle for…
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