Up to EUR 10 million for small enterprises – Innovation Fund increasing early development program funds threefold

We are preparing a contest for the program of early development of young enterprises, whose funds, currently at EUR 3 million, will increase threefold – announces Dr Dejan Ilic, president of the Managing Board of the Innovation Fund of Serbia and a businessman from Germany.

The Fund has been co-financing the development of micro and small enterprises in cooperation with the Chamber of Commerce of Serbia, the European Union and the World Bank for six years now, in order to stimulate their economic growth.

Each year, the Fund provides EUR 3 million as an incentive for the development of these enterprises. The condition is for a micro or small enterprise to be younger than two years and to have 20% of the project with which it applies for the donation covered by its own investments.

– This year, 70 enterprises applied to the contest, and 14 companies received EUR 50,000 each on average. These are mostly IT technology companies, design studios, but also fruit and vegetable producers – he says.

The fund intends to make as many small entrepreneurs as possible apply for the incentives, which amount to up to EUR 80,000 per project.

– I was surprised to find out that Serbia is importing plaster slabs, door furniture and other goods produced by small enterprises from the EU countries. Serbia needs to develop small enterprises and increase its export through them. The fund is there to help them – Ilic says.