In addition to funds, the Ministry of Economy provides an additional type of support to small business owners and micro, small, medium-sized and large companies and cooperatives that meet the criteria of fast-growing development and/or belong to the fourth development group, which are entitled to apply for state grants and loans from the Development Fund.
The amount of non-repayable funds may not be less than 75,000 dinars for small business owners, 250,000 dinars for companies, nor more than 12,500,000 dinars for all business entities.
“Business entities that meet the criteria of fast-growing development may apply for financing, with 12,500,000 dinars available. Business entities that belong to the fourth development group can apply for financing if they meet the criteria of fast-growing development or have had stable operations,” the Ministry of Economy says.
There is a list of things that the money can be used for and those for which it cannot be spent on. However, the Ministry stated that financial resources are not all that companies can use.
“The mentoring process is professional assistance that a professional mentor provides to a business entity for a longer period of time. Depending on the needs of the business entity, during the implementation of the programme, the mentor could advise a company from 25 to 50 hours in total. Companies, small and medium-sized enterprises, small business owners and cooperatives that have been operating for three years or are at a critical moment for their further development or survival in the market can use this service,” the Ministry adds.
It also points out that the Agency for Development (ARRA) is obliged to conduct an open competition to select companies eligible to use mentoring service.
“The mentoring service can be provided by the employees of ARRA, which have completed the training for mentors organized by the National Agency for Regional Development or organized by the Development Agency and / or the Project ‘Establishment and promotion of mentoring services for SMEs in the Western Balkans-Phase 2 ‘(RAS – JICA) funded by the Government of Japan through the Japan International Cooperation Agency – JICA. ARRA is obliged to inform about each initiated mentoring, as well as to submit a final report on mentoring. Payment for this type of service is made in the first billing month after the mentoring service is fully provided to the business entity,” the Ministry of Economy explains.
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