The European Bank for Reconstruction and Development (EBRD) is launching its Youth in Business Programme in Albania. It will support the financial inclusion of young entrepreneurs by helping them overcome barriers to accessing finance and providing advisory services.

Union Bank will receive a €1 million loan for on-lending to small and medium-sized enterprises (SMEs) owned or managed by entrepreneurs under the age of 35. The project will also build Union Bank’s capacity to better understand and cater to this group of businesses, helping the bank establish its own unique business model for engaging with young entrepreneurs.

Young entrepreneurs will gain access to finance and overcome the barriers created by insufficient collateral, limited credit history and lack of business experience. They will benefit from capacity-building activities including advice on digitalising business processes, training in digital solutions and tools, and building customised digital road maps. In this way, the programme aims to empower young businesspeople and demonstrate that youth-run SMEs can be a bankable segment when offered financial and non-financial products tailored to their needs.