National guarantee schemes worth EUR 20 million to be launched soon – State announcing new forms of support to entrepreneurship

Assistant to the minister of economy of Serbia, Katarina Obradovic Jovanovic, announced on February 1 that a national guarantee scheme worth EUR 20 million would be launched soon, aiming to help the development and the marketing of the goods made by Serbian companies.

– This means of help to local companies will be financed from EU funds, and the European Investment Fund will manage the guarantee scheme – she said at the press conference at which the Entrepreneur of the Year 2017 choice was presented, organized by the auditing and consulting company Ernst and Young (EY) in cooperation with the Chamber of Commerce of Serbia and the Ministry of Economy.

Jovanovic also announced that the Ministry of Economy and its partners from the German development bank KfW were preparing a program to contain guarantee schemes for the most vulnerable group of companies, such as startups, as well.

– Serbia does not have a guarantee fund that would guarantee collaterals for small and medium companies, but the number of guarantee schemes solving this problem is growing – she said and added that this was important because the time was right for investments by companies that do have a market and are able to grow to be incited.

Jovanovic also pointed out that, in Serbia, an increasing number of banks chose to join programs offering guarantee schemes from EU sources, such as Horizon 2020.

In order to provide additional help to entrepreneurship, the Ministry of Economy continues to implement the Decade of Entrepreneurship initiative, launched in 2017, through simplifying the business environment and through providing financial support for business development.

– The programs of support to companies directly export-oriented, as well as financial support provided by the Serbian Export Credit and Insurance Agency, continue – Jovanovic said.

As she announced, the Development Agency of Serbia is also preparing an aid program for small and medium companies, in order for them to join supply chains.