Credit support for SMEs from the COSME program

The European Investment Fund (EIF) and Banca Intesa AD Beograd signed the first contract in Serbia within the COSME program of the European Commission for small and medium-sized enterprises.

Thanks to the financial support of the European Commission, the EIF provided a direct guarantee that will enable Banca Intesa to support 3,000 small and medium-sized enterprises in Serbia in the next two years with a 60 million euro loan under favorable conditions - with a longer repayment term and without a mortgage as means of security.

COSME is a program of the European Union for the competitiveness of entrepreneurs and small and medium-sized enterprises with a total budget of 2.3 billion euros in the period from 2014 to 2020. At least 60% of the program will be dedicated to easier access to financing sources for small and medium-sized enterprises in Europe, with two financial instruments. The COSME credit guarantee facility provides guarantees and counter-guarantees to financial institutions so that they can provide more financing through loans and leasing to small and medium-sized enterprises. The COSME program, through the instrument of risk capital for growth, invests in investment funds that will provide risk capital to companies, especially in the stages of growth and business development.