On 14 September 2026, the Ministry of Economy of the Republic of Serbia launched a public call for applications under the “Capital for Development” Programme, allocating RSD 220 million in non-repayable funds to support eligible business entities.
Eligible applicants include micro and small companies and cooperatives classified as such on the basis of their financial statements for 2025, as well as entrepreneurs registered with the Serbian Business Registers Agency (SBRA).
The Programme provides access to loans for the purchase of new equipment and the financing of permanent working capital, with a portion of the applicable interest rate subsidised by the State.
From a legal perspective, it is important to recognise that subsidised financing also entails certain contractual obligations.
Although the Programme involves the allocation of non-repayable funds, these funds do not constitute a non-repayable grant covering the entire investment. The beneficiary enters into a loan agreement and assumes the obligation to repay the principal and the applicable portion of the interest, while the State subsidises part of the borrowing costs.
- Loans for the purchase of new equipment: Loans are available in amounts ranging from RSD 700,000 to RSD 15 million, subject to a minimum borrower contribution of 30%, with a repayment term of up to 60 months, including a six-month grace period.
- Loans for the financing of permanent working capital: Loans of up to RSD 15 million are available, with a repayment term of up to 36 months, including a six-month grace period.
- In both cases, the borrower bears an annual interest rate of 2%, while the remaining portion of the contractual interest rate is subsidised by the Ministry of Economy.
Particular attention should be paid to the security required by the lending bank. Depending on the purpose and amount of the loan, in addition to a promissory note issued by the borrower, personal promissory notes issued by the company’s shareholders or members, a pledge over equipment, or a mortgage over immovable property may also be required.
The Programme also provides certain benefits for borrowers, including the possibility of early loan repayment and the absence of any prohibition on profit distributions during the loan repayment period.
The public call remains open until the available funds have been exhausted, but no later than 9 October 2026. Applications must be submitted to Banka Poštanska štedionica, together with the supporting documentation prescribed under the public call.
For additional information or consultations, the Tasić & Partners team is at your disposal.