Small and medium-sized enterprises (SMEs) in Montenegro will have, as assessed, more opportunities to increase its competitiveness.
The program, which was officially launched today in Podgorica, combines EBRD loans and grants funded by the EU, which will become available to small businesses through partnerships with local commercial banks.
“SMEs will be able to apply for investment in new equipment and business modernization, which can help them increase their productivity, reduce operating costs, increase energy efficiency and improve compliance with EU standards,” the statement said.
In addition to loans, SMEs will also have incentives in the form of grants funded by the EU, worth up to 15 percent of the total loan amount. “The goal is to help SMEs to go beyond their regular and usual business and invest in themselves in order to become more competitive in the local and EU markets,” said the EBRD.
The head of the EBRD office for Montenegro, Remon Zakaria, said that supporting the competitive development of the private sector is among our most important strategic priorities for Montenegro.
“SMEs are the backbone of the Montenegrin economy and we have united with our partners – the EU and commercial banks, in order to help SMEs recover, strengthen their ability to export to the EU and accelerate the transition to a ‘greener’ and more sustainable economy,” said Zakaria.
The Deputy Head of the EU Delegation in Montenegro, Riccardo Seri, said that with this program, the EU provided EUR 50 million in grants to promote the competitiveness of SMEs in the region.
“Montenegro SMEs will benefit from EU-financed grants worth up to 15 percent of the total loan amount.” In this way, we will help make investments more affordable for these companies,” Seri said.
He added that the EU is making available a range of support programs, including grants, loans and guarantees, to help the Montenegrin business community tackle the challenges it faces.
Specialized credit lines are currently available to Montenegrin SMEs within CKB Bank, to which the EBRD provided a total of three million EUR loans for this purpose.
The President of the CKB Board of Directors, Tamaš Kamaraši, said that the CKB is largely focused on supporting SMEs and they use every opportunity to be part of initiatives that strengthen and improve this important segment of the Montenegrin economy.
“I am convinced that the allocated funds and advisory support will enable companies to adapt to European business standards, further expand their capacities and become competitive outside the borders of Montenegro”, stated Kamaraši.
In addition, SMEs will have access to advisory support through the EBRD Small Business Advisory Programme. The program allows companies to hire domestic and international consultants to identify challenges and through knowledge exchange work on topics such as strategy, marketing, digital transformation, export, energy efficiency, financial management and more.
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