Empowering Young Minds: Financing International Success in Romania
Nestled between the Carpathian Mountains and the bustling streets of Bucharest, the Mark Twain International School was founded by Dan and Anca Macovei Vlăsceanu in 1995, just six years after the fall of Communism in Romania. When they established the school, the Romanian educational system was dominated by state-run schools that were slow to make changes to how and what they were teaching children.
Bringing world-class education to young people in Romania was the dream of a lifetime. The journey was not always easy, but with the help of AGC’s partner, the founders of Mark Twain International School have been able to keep creating opportunities for hundreds of young people.
Co-founder and CEO of AGC’s partner in Romania commented, “We started working with Mark Twain International School when they were in a situation where they had to refinance with some banks. During the 2008-2009 crisis, the banks were very inflexible.” At the time, banks tightened lending conditions, making it difficult for small businesses to obtain loans. Other challenges they faced included high taxes, complicated bureaucracy, and rising inflation.
Starting as a preschool, the Mark Twain International School has since developed robust and standardized curriculums across primary, middle, and high school levels. In the process, founders Dan and Anca have created a globally minded and student-focused institution with steadily increasing enrolment numbers. Today, nearly 30 years after it was founded, the school has a diverse student body with over 55 nationalities represented and a curriculum that emphasizes social responsibility and environmental awareness.
For qualified students, the institution also provides scholarships that cater to high-achieving students with financial needs or children of families experiencing financial constraints and have had a profound impact, particularly in times of crisis. For example, when the war in Ukraine began, Mark Twain International School provided support to over 30 Ukrainian students across all grade levels, most of whom had no financial means to pay for schooling.
Despite their successes in educating thousands of children, like most small businesses, the school struggled with cash flow. “Many students cannot afford to pay the tuition upfront, so they pay in instalments. This creates cash flow issues for the school to honour its obligations to teachers and other expenses that must be immediately and on time,” Dan explained.
Many students cannot afford to pay the tuition upfront, so they pay in instalments. This creates cash flow issues for the school to honour its obligations to teachers and other expenses that must be immediately and on time.
– Dan Macovei Vlăsceanu
Even decades after the financial crisis of 2008, accessing bank funding is still challenging for small businesses in Romania. Fortunately, AGC’s partner was able to provide a solution. Many students are the children of diplomats or international companies, where education is paid for by the organization. AGC’s partner has been able to provide financing based on these invoices for school fees from embassies or large corporations.
As a result, the school can access financing based on invoices for tuition backed by corporate sponsors. Payment terms range from 90 to 120 days and account for approximately 70% of the school’s financing.
The school’s name carries dual significance. It honours the great American author and echoes the steamboat pilots’ call of “Mark Twain,” signalling safe passage. Today, the Mark Twain International School sees itself as a guide, helping students navigate the complexities of the 21st century with confidence, integrity, and compassion. Together with our partner, we’re grateful to be a small part of helping the next generation prepare for the future.
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