As part of efforts to support economic development, the Ministry of Economy of the Republic of Serbia and the Innovation Fund have issued several public calls targeted at different categories of entrepreneurs. These programs offer opportunities for obtaining non-repayable funds, credit support, and expert assistance, all aimed at empowering new, young, and female entrepreneurs, as well as supporting startups in the field of artificial intelligence.
1. Program for Promoting Entrepreneurship Development through Financial Support for Beginners and Youth
The Ministry of Economy has launched a program aimed at supporting newly established businesses and young entrepreneurs through the allocation of non-repayable funds and credit support. This program is designed to facilitate initial investments, which are crucial for the stability and development of young enterprises.
The program is open to:
- Entrepreneurs, micro and small businesses registered from January 1, 2022, or later (beginners).
- Young entrepreneurs registered from January 1, 2019, with owners under 35 years of age.
Incentives include:
- Non-repayable funds up to 30% of the investment value for beginners, or up to 40% for those in underdeveloped municipalities.
- Non-repayable funds up to 40% of the investment value for young entrepreneurs, or up to 50% for those in underdeveloped municipalities.
These funds can be used for purchasing equipment, vehicles, adapting business premises, and covering operational costs. The remaining part of the investment can be financed through loans from the Development Fund of the Republic of Serbia, with a repayment period of up to 5 years, including a grace period of up to one year.
The total approved funds (non-repayable + credit) per application range from 400,000 to 6,000,000 dinars. The public call remains open until the funds are exhausted, and no later than December 31, 2024.
2. Support for Women Entrepreneurs
The program supporting women entrepreneurs and female single parents is focused on strengthening and developing female entrepreneurship in Serbia. This program provides non-repayable funds aimed at financing key aspects of business operations:
- Non-repayable funds up to 50% of the investment value for female entrepreneurs.
- Non-repayable funds up to 55% for female entrepreneurs who are also single parents.
These funds can be used for purchasing equipment, transportation means, adapting business and production premises, as well as covering operational costs up to 25% of the total investment. The remaining part of the investment can be covered with own funds or loans from the Development Fund of the Republic of Serbia.
The total fund for this program is 100 million dinars, and approved funds per application vary between 400,000 and 6,000,000 dinars. Female entrepreneurs can contact accredited regional development agencies for free advisory assistance and training. The public call is open until the funds are exhausted, and no later than December 31, 2024.
3. Support for Female Entrepreneurs in Rural Areas
For the first time, the Ministry of Economy has issued a public call specifically for female entrepreneurs operating in rural areas engaged in food production. This specific program offers 100% non-repayable funds for purchasing new equipment and raw materials, with amounts ranging from 300,000 to 500,000 dinars.
The program aims to support the development of the local economy and improve conditions for entrepreneurship in rural areas. The total available fund is 30 million dinars, and the public call remains open until September 10, 2024.
4. Serbia Ventures AI: Incentive for Investors in Startups
The Innovation Fund has launched the Serbia Ventures AI program, aimed at encouraging qualified individuals, private investors, and institutions to more actively engage in financing startups focused on artificial intelligence development.
This program provides investors the opportunity to structure their operations into venture capital funds registered in Serbia. The Innovation Fund can invest up to 5 million euros in the future fund, provided that the Fund’s investment does not exceed 50% of the total raised funds.
The future fund must invest at least 150% of the amount of financing from the Innovation Fund into Serbian startups, thereby promoting the development of the domestic tech scene. This program is open to existing and new teams looking to establish or manage a venture capital fund in Serbia. The application deadline is September 24, 2024.
These programs offer exceptional opportunities for business improvement and growth. Our law firm is available to provide all necessary legal advice and assistance throughout the application process. Take advantage of these opportunities to achieve your business goals with the support of available funds.