Starting today, a new program is available to start-ups, farms, micro and small companies up to two years old, as well as to anyone interested in starting a business. The program aims at comprehensive support and is a strong development stimulus to the Serbian economy, it was said at a presentation held at the Serbian Chamber of Commerce (SCC). 

Marko Cadez, the President of the SCC, pointed out that that was a brand new program that was concrete and good for everyone, and that a new form of financing was opened by it.

He stressed that people would be able to obtain financial assistance on very favorable terms, or interest rates, as well as grants.

“Now you have an institutional path to get your first finacial resources, then you can learn how to run a business, how to make a business plan, how to work with the SCC etc,“ Mr. Cadez said.

As he said, in order to get financial assistance, it was earlier necessary to have an open shop or company, while now it is sufficient for interested parties to have an idea and know what they want and to work it out with the SCC.

Anyone wishing to start a business will be able to contact all regional chambers of commerce that are within the SCC system, Mr. Cadez said.

This support program, which was adopted by the Government of the Republic of Serbia, is the result of activities specified in the Memorandum of Understanding, which was signed by and between the Government of Serbia and the German Development Bank (KfW) in 2018.   

It will be implemented by the Public Investment Management Office, in cooperation with the Ministry of Economy and the Development Fund, with the expert support of the German Development Bank (KfW) and the SCC as implementing partners. 

The Entrepreneurship and Self-Employment Promotion Program covers all key aspects of support necessary for the success of start-up projects – a five-day training for the preparation of the business-investment plan, favorable bank loans with commercial banks, project partners, guarantees for partner bank loans, grants to the beneficiaries who successfully repay the loan in the amount of up to 20 percent of the total investment financed under the Program (maximum amount of grants is 360,000 dinars).

Favorable bank loans with a maximum amount of RSD 3.6 million will be allocated for financing investments (purchase of production equipment, machines, plants, seedlings, purchase or adaptation of business or production premises), as well as working capital, with favorable repayment terms and facilities in the form of a lower interest rate, which is fixed at a maximum of 5.99 percent per annum. 

Another facility for loan users is that the collateral can only be subject to financing, as well as the maximum costs and fees the bank charges the borrower up to one percent one-off. 

The objective of the support program, in which Raiffeisen Bank, UniCredit Bank and Postal Savings Bank have been selected as partner banks, is to contribute to creating a stimulating environment for start-ups in business, improving the conditions for conducting business operations in the micro, small and medium-sized enterprises and entrepreneurship sector, opening new SMEs and launching new entrepreneurial activities, in accordance with the strategy of the Government of the Republic of Serbia.

Detailed information on the program is available on the Ministry of Economy's website or via startup@pks.rs . 

Source: “Tanjug” news agency, Ministry of Economy and Coordination Body