Erste Banka in Serbia signed an agreement with the Serbian Entrepreneurship Foundation (SEF) and joined its program, which aims to provide newly established entrepreneurs and companies with access to financing with the possibility of receiving a non-refundable grant after successful repayment of the loan. This represents a significant additional step in providing the Bank’s support to those with difficult financing access.
“This agreement with SEF reflects our deep commitment to supporting businesses in Serbia. We are extremely proud of all that we have done in this area so far through our Step by Step program, and this partnership will help us achieve our mission to make financing accessible to all. For beginners, having a good and sustainable idea is important, but it is equally important to believe in yourself and to have someone believe in you. Therefore, we are here to be the wind at their backs, the support that will enable them to grow and develop,” – said Jasna Terzić, President of the Executive Board at Erste Banka Srbija. “Thanks to SEF, we will have special lending conditions, which, among other things, include the right to a non-refundable grant of 20% of the approved loan if the customers properly settle all obligations,” – she added.
“We are very pleased that Erste Banka Srbija has joined the SEF program to support businesses. SEF was founded by the German Development Bank (KfW) and the Serbian Chamber of Commerce at the initiative of Serbia and Germany, to facilitate access to financial resources for those who start their businesses, SMEs, and farmers as well. Our goal is to contribute to sustainable development in the Republic of Serbia by encouraging commercial banks to support businesses and jointly encourage self-employment growth and the overall level of employment,” – said Aleksandar Grabovac, Managing Director at the Serbian Entrepreneurship Foundation (SEF).
The mentioned financial instrument, provided by the Foundation, is intended to support the start of a new or strengthening of a newly established business. Beneficiaries of this financial instrument can be entrepreneurs, legal entities, and agricultural holdings registered in the appropriate register up to 24 months before submitting the loan application. This program includes loans for liquidity, working capital loans, permanent working capital, and investment loans.
Moreover, Erste Banka has supported 545 businesses through its Step by Step program from 2017 to today with a total amount of over EUR 5 million. They were also provided with almost 6,000 hours of support in the form of mentoring and education.
Source: the Bank’s press release dated January 30, 2024
