Private Briefing July 2025
No. 148 | Year XIII
Mid-summer edition of Private Briefing 2025 brings a set of analyses focused on support instruments that enable users to translate their development plans into viable, sustainable steps. At the centre are two strategic frameworks shaping the current support landscape: the second instalment of the trilogy on the green transition, spotlighting available credit instruments for MSMEs and agribusinesses aiming to invest in energy efficiency, circular economy, and resource management, and the new cycle of the Katapult accelerator, targeting startups with clear growth potential. In addition, we cover the short-term credit line of the Development Fund of Vojvodina, offering liquidity support for enterprises, as well as the newly launched grant scheme of the City of Belgrade for upgrading equipment and increasing the resilience of agricultural holdings.
DFV: Revolving Credit Line for Continuous Liquidity
// The Development Fund of Vojvodina has launched a new public call for short-term loans with a repayment period of up to 12 months, aimed at financing working capital for MSMEs and entrepreneurs registered in AP Vojvodina. The credit line offers favourable terms, with the possibility of repeated access to funds after the settlement of previous obligations. Designed as an operational support mechanism, the credit line addresses the ongoing need to finance production inputs, materials, services, wages, and other day-to-day obligations. It supports business continuity and enables more predictable medium-term planning. Loan amounts range from 300.000 to 20 million dinars, depending on the applicant’s creditworthiness, and are approved without processing fees.
// Interest rates depend on the currency clause and the development status of the municipality where the applicant operates. For loans with a currency clause, the rate is set at 2% + six-month EURIBOR; for dinar loans, the applicable rate is the NBS reference rate +0.50% or +0.80%, depending on the municipality’s classification. A further 1% reduction is available to applicants who provide a commercial bank guarantee. Repayment terms go up to 12 months, including a grace period of up to three months. Installments can be paid monthly, quarterly, or in a lump sum, allowing businesses to align repayments with their cash flow dynamics. The credit line remains open for disbursement for up to 48 months from the first loan drawdown, and users may re-access the funds once prior liabilities are settled, making the line particularly suitable for businesses with recurring liquidity needs.
// Access to working capital remains a fundamental issue for the daily operations of MSMEs, particularly in the face of rising costs, seasonal income fluctuations, and collection risks. While investment financing often draws more attention, it is liquidity and operational stability that form the baseline for any future development. In this context, short-term credit lines that offer fast and affordable access to working capital play a critical role in maintaining business continuity and preserving jobs. This type of support enables small enterprises to meet market demands without interruptions, which is especially relevant for seasonal sectors such as agriculture and tourism, as well as for artisans and retailers who must fund inventory, pay for services, or cover regular obligations requiring immediate liquidity. The repayment flexibility and multi-tranche access over several years provide beneficiaries with room to manage their liquidity more strategically. In that sense, this credit line aligns closely with the objective of stabilisation of business operations, positioning itself as a highly practical support instrument worth serious consideration.
EU Sustainable Development Instruments Episode II: Business Model Improvement
// Following the June edition, which focused on investment support for green equipment, energy efficiency, and circular models, we now continue the Green Trilogy dedicated to EU instruments supporting the green transition of small and medium-sized enterprises. This time, we look at programmes designed to address more complex challenges, such as the transition to climate-resilient business models in sectors that are by nature energy and resource-intensive.
Programmes in this group are characterised by higher investment amounts, blended financial instruments, longer implementation periods, and a higher level of acceptable risk – along with the potential for more significant structural transformation in the economy. The objective is not merely to encourage equipment replacement, but to enable a shift towards a new business model that integrates production, energy sourcing and consumption, resource use, and market access through the lens of climate resilience.
The HI-BAR Programme provides financing for the transition to new, climate-friendly technologies in sectors traditionally marked by high energy consumption and limited options for change. These are so-called next-generation technologies, whose adoption remains low due to limited market validation and perceived high risk. Through a guarantee mechanism, the programme mitigates part of that risk, making these projects bankable for both commercial and specialised financial institutions. Although part of the investments target public users, a key segment includes private companies aiming to generate energy from renewable sources, improve efficiency in industrial processes, or secure long-term supply stability. A second programme in this group, the Western Balkans Climate Programme, operates on similar principles but targets a broader range of MSMEs.
What sets it apart is that it does not treat the climate transition as a separate effort, but as an integral part of business transformation. Through credit lines channelled via local banks and accompanied by technical assistance, companies can implement projects focused on clean energy, energy upgrades of facilities and systems, and enhanced resilience to climate risks. A separate component also supports the development of capital markets through green bond issuance. Although this segment is not yet fully developed in the domestic context, it sends a clear signal to the financial sector that green investments should become an institutionalised element of the financial market. For end users, this opens opportunities to access market-based climate finance with lower capital costs and broader eligible uses.
// The Supporting Market-Oriented Green Transformation Programme combines direct support to companies with institutional strengthening of public stakeholders, such as energy regulators and system operators. Within this framework, MSMEs and agribusinesses benefit from improved market infrastructure and more accessible financing tools. The programme enables investment in new renewable energy capacities, but also supports smart grid projects, demand balancing, and energy storage. For agro-industrial firms, this may mean switching from diesel generators to solar systems, developing autonomous storage facilities, or investing in systems that enable more flexible operation under variable weather conditions. It is worth noting that the programme also offers advisory services for the preparation and structuring of investment plans, which further increases the accessibility and utility of these funds for small and medium-sized enterprises.
// What these initiatives have in common is the attempt to reposition green investment as business strategy rather than compliance. Through various financial and institutional mechanisms, firms are given a chance to position themselves within an economy that is rapidly evolving under the pressure of climate goals and energy constraints. In the third and final part of the trilogy, to be published in the next edition, we will turn to innovation and competitiveness in the green transition, focusing on companies that succeed in turning the green agenda into a market advantage.
Inovacioni Fond: Novi Katapult za kvalitativni skok unapred
// The Innovation Fund has opened a new public call for Katapult, a unique acceleration programme that enables Serbian startups to make a qualitative leap from product development to a sustainable business model ready for market and investment. This is not a generic grant programme – it provides structured support with a clear process of growth preparation, market validation, and integration into the investment ecosystem. Katapult is aimed at micro and small enterprises, majority privately and founder-owned, no older than six years, that are developing innovative solutions and seeking to transition from development to commercialisation.
For many local startup teams, the early growth stage is marked by the highest degree of uncertainty. Products are still under development, the market is yet to respond, revenues are minimal or non-existent, and further investment is critical. Katapult recognises this juncture as a key intervention point and offers a two-tier support model. Early-stage startups can access an entry grant of up to 2,4 million dinars, to be used for business model testing, prototype validation, early sales preparation, and establishing basic infrastructure. For those that have already made a first market breakthrough, up to 6 million dinars is available for technology upgrades, development of new features, hiring of key personnel, and initial scaling steps. Additionally, any participant that secures an investment from a venture capital fund, business angel, or other approved investor during or shortly after the programme may qualify for a co-investment grant, bringing total support to as much as 36 million dinars.
What sets Katapult apart from other programmes is its intensive mentorship component – not formal or generic, but tailored to the specific needs of each team. Mentors come from fields such as business strategy, finance, legal, marketing, product development, and investor relations, and they work closely with startups throughout the entire acceleration cycle. Participants attend focused workshops, receive tools to align their products with market demand, and receive support in preparing for investment rounds, including documentation, valuation, and strategic
positioning. The programme is open to solutions across all science and technology-based industries, from digital services and software platforms to agri-tech, manufacturing, energy, and biotechnology. Applications from priority domains under Serbia’s Smart Specialisation Strategy are particularly encouraged: artificial intelligence, future machines and processes, creative industries, and food for the future. Furthermore, the programme actively supports and prioritises women-led teams, as well as solutions with international potential and positive social impact.
// For domestic startups with a product in development, the ambition to improve it, and the drive to bring it to market, Katapult offers a rare combination: direct financial support, a mentorship process led by people who understand growth dynamics, and access to a network of investors who can recognise value in early-stage ventures. These are not abstract benefits – in practice, teams receive funding, know-how, and a real opportunity to build a business that functions beyond the bounds of grant schemes. At the programme’s conclusion, participants present their solutions at a so-called demo day, in front of funds, investors, and strategic partners. This moment is not symbolic – it is the culmination of months of work on product development, market proposition, and business structuring. For many startups, it is the first genuine exposure to decision-makers who can finance their next growth stage – not through grants, but through actual investment.
// In both broader and highly concrete terms, Katapult builds a pipeline of startups that are not dependent solely on project-based support, but that possess clear growth strategies, the ability to engage with investors, and the credibility to establish an international presence. Programmes like this help turn innovation into business, enthusiasm into strategy, and national tech potential into tangible, market-tested results. For startups positioned precisely at the intersection of ambition and uncertainty, Katapult can be the decisive factor between a missed opportunity and sustainable scaling to full potential.
Support for Farmers: Co-financing Farming Equipment Renewal
// The City of Belgrade has published public calls for the allocation of non-refundable incentives aimed at improving agricultural production within the city territory. The programme covers five areas, with a total of 533 million dinars allocated to support the modernisation of machinery, strengthening of livestock and beekeeping production, and increasing productivity through investments in irrigation systems and modern equipment. Eligible applicants include holders of registered commercial family farms with residence in the City of Belgrade area, directly supporting the development of local agriculture and the sustainability of small and medium-sized farms.
The largest share of funds is directed toward the procurement of tractors and agricultural attachments, with 174 million dinars allocated for tractors and 144 million for implements. Beneficiaries can receive up to 80 percent of eligible costs excluding VAT, with a maximum grant of one million dinars for tractors and 500,000 dinars for attachments. A separate segment is dedicated to beekeeping development, with 41 million dinars
allocated for equipment such as hives, scales, presses, and centrifuges, with a maximum grant of 120,000 dinars per applicant. Livestock production is supported with 118 million dinars through co-financing of the purchase of quality breeding stock and related equipment, while 56 million dinars is earmarked for fruit, vegetable, and crop production through investments in irrigation systems, anti-hail nets, greenhouses, and soil cultivation machinery.
// In this way, the City of Belgrade is creating a systematic support mechanism focused on improving the competitiveness of local agriculture, diversifying production, and reducing costs through co-financing of capital investments. The importance of the programme is particularly evident in the context of the need to modernise and adapt production to market demands, as well as to increase the resilience of farms to climate change. Experiences from similar programmes suggest that it is optimal for farms to realistically assess their long-term development goals and plan investments according to strategic production needs. These types of programmes allow for significant budget relief and faster implementation of capital investments if costs and potential positive effects are properly assessed. In that context, this programme, offering up to 80 percent grants for a wide range of eligible purposes, represents a valuable opportunity for upgrading operations.
| KEY ECONOMIC INDICATORS | Jul - 25 | |
|---|---|---|
| 1 | Annual inflation | 4.60% |
| 2 | Reference interest rate | 5.75% |
| 3 | Unemployment rate | 9.10% |
| 4 | Average net salary - RSD | 107,705 |
| 5 | Average pension - RSD | 50,675 |
| 6 | Exchange rate RSD/EUR | |
| On the last day of the month | 117.1740 | |
| Average exchange rate for the month | 117.2066 | |
| 7 | Exchange rate RSD/USD | |
| On the last day of the month | 99.8841 | |
| Average exchange rate for the month | 101.8005 | |
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