The European Investment Fund (EIF) and Erste Bank have signed an agreement on guarantees, with the aim of supporting micro-enterprises in Serbia within the EU Program for Employment and Social Innovation (EaSI).
The agreement will cover a loan portfolio of 4.7 million euros for approximately 850 Serbian micro-enterprises, which will be able to benefit from loans on attractive terms, without providing additional guarantees. Application for micro-loans will be possible from December 5 this year.
This is the first step in the implementation of the social banking program "Step by Step" in Serbia, which Erste Group launched in Central and Eastern Europe (CEE) and Austria, in order to support clients who are traditionally underserved by banking services: new businesses, including entrepreneurs, social enterprises, civil society organizations, as well as persons at risk of poverty.
Program In the first phase, "Step by Step" in Serbia will support companies with a business history of less than 24 months in strengthening their businesses, then social enterprises regardless of the length of business, as well as new business ideas characterized by sustainability and market potential, offering them access to basic financial products, adequate financial advice and continuous mentoring. Next year, within the program, services for civil society organizations will be developed in Serbia, and during 2018, for individuals at risk of poverty.
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