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Competition for start-up loans announced
Belgrade,
11 March 2009
Deputy Prime Minister and Minister of Economy and Regional Development Mladjan Dinkic today stated that the competition for start-up loans without collateral and start-up loans to entrepreneurs has been announced, specifying that RSD 4 billion has been set aside for this purpose.
Mladjan Dinkic
Speaking at a press conference Dinkic explained that out of this amount, RSD 3.1 billion was secured from the budget, while the remaining portion came from previous loans that were repaid.
He said the competition was announced by the Ministry of Economy and Regional Development, Development Fund and the Agency for Developing SMEs and Entrepreneurship.
Entrepreneurs and legal entities registered after July 1, 2008 have the right to apply for the loans. Applications can be submitted to the Development Fund or at the offices of the Agency for Developing SMEs and Entrepreneurship, explained the Minister.
Dinkic said that entrepreneurs below 25 years of age who attended self-employment programmes will be given preference, as well as companies whose founders are below 40.
He noted that the lowest mortgage-free loan is RSD 500,000 and the highest RSD 1.3 million, the annual interest rate is 1% and the repayment period three to five years, with a one-year grace period.
Maximum loan to companies will be RSD 2.5 million and these require collateral, specified Dinkic, adding that its estimated value must be equal to the loan.
Loans with or without collateral cannot be used for primary agricultural production, infrastructure construction, trade or procurement of private vehicles, or for organising lotteries and games of chance, specified the Minister.
Dinkic pointed out that these loans would provide 9,000 new jobs, adding that during the past two years Serbia received RSD 4.7 billion of loans, which resulted in 3,783 new enterprises and 12.365 new jobs.
He announced that the Ministry of Economy and Regional Development will draft new measures for alleviating the global financial crisis by the end of this week.
These measures will primarily help private and public companies to pay off their mutual debts, as well as their debts to the state.
The Minister noted that negotiations with the IMF regarding a stand-by arrangement are of importance but they are not crucial for surmounting the crisis.
Dinkic stressed that Serbia must improve the liquidity of the private sector and announced that the Governor of the National Bank of Serbia Radovan Jelasic will talk with international banks about refunding Serbia’s loans.
Dinkic explained that the arrangement with the IMF is of importance for Serbia’s foreign currency reserves and will help Serbia receive macroeconomic help from the EU, adding that it will be realised at the beginning of next year.
He said the competition was announced by the Ministry of Economy and Regional Development, Development Fund and the Agency for Developing SMEs and Entrepreneurship.
Entrepreneurs and legal entities registered after July 1, 2008 have the right to apply for the loans. Applications can be submitted to the Development Fund or at the offices of the Agency for Developing SMEs and Entrepreneurship, explained the Minister.
Dinkic said that entrepreneurs below 25 years of age who attended self-employment programmes will be given preference, as well as companies whose founders are below 40.
He noted that the lowest mortgage-free loan is RSD 500,000 and the highest RSD 1.3 million, the annual interest rate is 1% and the repayment period three to five years, with a one-year grace period.
Maximum loan to companies will be RSD 2.5 million and these require collateral, specified Dinkic, adding that its estimated value must be equal to the loan.
Loans with or without collateral cannot be used for primary agricultural production, infrastructure construction, trade or procurement of private vehicles, or for organising lotteries and games of chance, specified the Minister.
Dinkic pointed out that these loans would provide 9,000 new jobs, adding that during the past two years Serbia received RSD 4.7 billion of loans, which resulted in 3,783 new enterprises and 12.365 new jobs.
He announced that the Ministry of Economy and Regional Development will draft new measures for alleviating the global financial crisis by the end of this week.
These measures will primarily help private and public companies to pay off their mutual debts, as well as their debts to the state.
The Minister noted that negotiations with the IMF regarding a stand-by arrangement are of importance but they are not crucial for surmounting the crisis.
Dinkic stressed that Serbia must improve the liquidity of the private sector and announced that the Governor of the National Bank of Serbia Radovan Jelasic will talk with international banks about refunding Serbia’s loans.
Dinkic explained that the arrangement with the IMF is of importance for Serbia’s foreign currency reserves and will help Serbia receive macroeconomic help from the EU, adding that it will be realised at the beginning of next year.
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