Young people who have a business idea based on innovation and who want to bring a new service that has not been applied in Albania before, can now apply for a state grant.

The Minister of Entrepreneurship and Business Climate, Delina Ibrahimaj, said on Thursday that, through an online application, young people can request funding from the state.

Ibrahimaj listed the three categories that have been allocated for these funds, the amount of which will change based on the allocation.

"The aim is to encourage the entrepreneurial spirit among young people, to support them so that they can realize a dream of theirs, a business idea, and there are three categories that are supported. The first category is those young people who have only one idea and want to finance it," said Ibrahimaj.

"They have an idea but they haven't opened the business yet, they just have an idea and we support them with the grant, but we will not only support with the grant the ventures that will be winners, but we will also follow them during the implementation of the project, to mentor them, to make it possible for their business to be as successful as possible," said the minister.

"We will be a kind of mentor who will monitor the entire process of creating their business and further, if he needs extra financing, we will also support him to request a loan or apply for another grant elsewhere. So we want to take care that these businesses that will be financed, but also others of course, have the maximum opportunity to succeed and why not, to internationalize," she added.

In the first category, there is no age level and businesses benefit from Lek 1.5 million with just one idea.

Ibrahimaj added that "the second category are businesses that are registered, that have submitted at least 1 year of financial statements, that have an idea and have developed an idea to develop a prototype but have not yet produced the prototype. This category will be supported with Lek 4.5 million grants. Businesses that are a little more stabilized, that have developed the prototype, have it commercialized but want to increase production, want to internationalize can benefit up to Lek 9 million of grants.”

Ibrahimaj also warned of monitoring of the funds, which “will be paid in three installments, the first 30% will be paid as an advance, 40% after the submission of a set of documentation, and 30% at the end of the project. Before issuing the grant, we will conclude a contract between the Start-Up Albania agency and the business that will receive the grant, and there are certain obligations, if he does not perform even with 30% of the advance, he will be obliged to return the money".

The minister added that applications are open until the end of March. At the same time, students in various state and private universities are being informed about this opportunity.

Through financing, it is intended that businesses manage to find foreign investors, and why not, to set up a dedicated company in Albania.