Private Briefing April 2025
No. 145 | Year XIII
The first edition of Private Briefing in its thirteenth year of analysing opportunities for business and farm development proudly marks a new beginning – or several beginnings. The first is a new call within the most successful regional initiative to date supporting business starters, the “Start-Up” programme, now with enhanced support for future entrepreneurs. The second is a new call of the StarTech programme, which in its fifth cycle offers fresh opportunities for innovative enterprises and teams ready for market growth. The third is the spring season, framed by the Development Fund’s support for the beekeeping sector and grants for the development of family businesses. An outstanding support palette – for those at the very beginning, entering a new growth phase, or building the next generation of a family business.
DF: Grants for Family Businesses
// In the previous edition of the Private Briefing, we analysed the program of financial support to family businesses and entrepreneurs, which the Development Fund (DF) provides in the form of favourable loans. We now analyse the complementary component, the program of financial support to family businesses and entrepreneurs in the form of grants. The program aims family micro and small enterprises and entrepreneurs operating in the field of production and processing of goods. The key criterion for participating in this program is that the enterprise meets the conditions regarding family ownership, management, and employment of family members, meaning that qualified users are business entities where members of the same family work, whether it is an entrepreneur with another employed family member or a micro and small business whose founders and/or employees are family members, in the first or second degree of kinship, including spouses.
// Grants can be used for various purposes, including the purchase of machinery, equipment, machine parts, and specialized tools, as well as new computer equipment and software licenses. Acceptable purpose also includes the purchase of machinery and equipment for the improvement of energy efficiency and the enhancement of environmental aspects of production. The program also supports the purchase of vehicles, as well as the purchase, adaptation, reconstruction, and ongoing maintenance of business, production, or warehouse premises. The budget for the implementation of the program amounts to a total of 400 million dinars. Eligible applicants meet the program conditions can achieve grants of up to 50% of the total investment value, capped at 2 million dinars.
// This program represents a key opportunity for families engaged in entrepreneurial activities, as it enables them to significantly improve their business operations, modernize production capacities, and enhance their competitiveness in the market. Financing through grants that cover up to 50% of the investment value provides entrepreneurs with the opportunity to implement projects that would otherwise be beyond their financial capabilities. In this way, this program, together with the credit version of support but also independently, enables the strengthening of the foundations of family businesses, the improvement of their organization and efficiency, as well as easier access to the resources necessary for their growth and development. Additionally, the program encourages stability and long-term sustainability, providing additional support to families engaged in entrepreneurial activities who face specific challenges, such as limited financial resources and reduced access to capital markets. In this context, the program deserves every recommendation, especially since it targets the segment of family businesses, which significantly contribute to overall development and the economy.
PESEP: New Call under the Leading Start-Up Support Programme
// Experiences from the pilot phase of the Promotion of Entrepreneurship and Self-Employment Programme (PESEP), implemented with the support of the Ministry of Economy of the Republic of Serbia and KfW have been translated into a new, improved format. Supported by Glenfield, as one of the first partners and a training provider for trainers from the Chamber of Commerce and Industry of Serbia acting as the implementation partner, the Programme is now delivered through the Serbian Entrepreneurship Foundation (SEF), offering even more flexible, accessible and efficient support mechanisms. The new cycle opens up additional opportunities for the establishment and development of sustainable entrepreneurial ventures across Serbia.
A new Public Call is active for MSMEs, as well as entrepreneurs, to apply for credit and grant support, accompanied by training and a mentoring programme. A total of 300 million dinars is available, with 250 million dinars allocated for direct support to eligible beneficiaries, while the remainder is designated for the training and mentoring services. Through a unique combination of loans, guarantee schemes and grants, the Programme enables the implementation of investments under exceptionally favourable conditions, while simultaneously strengthening the capacities of future entrepreneurs.
Eligibility for participation in the Programme is open to all companies or entrepreneurial businesses younger than 24 months at the time of application submission. The Start-Up training, a mandatory step in the process, is designed so that candidates, over five days of intensive work with the support of professional trainers, use standardised tools and practices to analyse their business idea and develop a precise and sustainable business plan. As the final component of the plan, cash flow projections are prepared, the financing need is defined, and the investment impact is assessed – together forming the basis for submitting a loan request to partner
banks. The currently active banks within this call are Banka Poštanska Štedionica, ProCredit Bank, HalkBank, NLB Komercijalna Banka, Erste Bank, 3Bank, Addiko Bank and Raiffeisen Bank. Through these financial institutions, credit is available for investment and working capital, with favourable interest rates and guarantee coverage that reduces collateral requirements. Eligible investments may include the purchase of equipment, adaptation of business premises, planting material or other expenditures contributing to business development, including operating costs as part of the overall business plan and its implementation.
// Beneficiaries are also entitled to an additional benefit – the possibility of receiving a grant of up to 20% of the investment value, provided they regularly service their loan obligations within the prescribed period. In this way, the Programme combines stable financing with a reward for the successful implementation and sustainability of the business venture. In addition to financial support, Programme participants are also entitled to mentoring support, available through 17 regional offices of the Chamber of Commerce and Industry of Serbia. By connecting with advisors, mentors and experienced entrepreneurs, the Programme thus creates a unique support network accessible to new businesses.
// The Entrepreneurship Promotion and Self-Employment Programme 2024/2025, through its unique approach, provides not only initial capital but also the knowledge, skills and support network needed to build a sustainable business. It is designed as an integrated support mechanism for establishing new business entities, aimed at enabling sustainable growth and employment, while placing particular emphasis on the promotion of women’s entrepreneurship, youth entrepreneurship and social entrepreneurship. In this format, PESEP represents an excellent opportunity for all those who wish to turn their business ideas into reality, and we recommend early application here in order to take full advantage of the Programme’s benefits following a longer pause – and to secure a place in this season’s training cycle on time.
StarTech: Innovation and Digital Transformation in 2025
// The StarTech programme, implemented by NALED in cooperation with the Government of the Republic of Serbia and Philip Morris, is now entering its fifth cycle. In doing so, the programme positions itself as a significant instrument of support for innovation and digital transformation within the domestic economy. Since its launch in 2021, through four previous calls, a total of USD 8 million has been allocated, with all funds secured from the private sector. From the outset, the programme has been positioned as a model of systemic support combining financial incentives with capacity building, with its success measured by numerous projects that have transitioned from ideas to active market presence and growth.
Within the current call for 2025, open from 1 April to 15 May, domestic micro, small and medium-sized enterprises, as well as teams, have the opportunity to apply for grants of up to USD 50,000 per project. Applicants must ensure minimum co-financing of 20% for enterprises and 10% for teams that will register their company prior to signing the contract. This co-financing structure is not merely a technical requirement but also a demonstration of the applicants’ commitment to investing in their own innovation capacities, further encouraging responsible resource management and dedication to achieving project objectives.
This year’s cycle remains focused on projects close to market validation, with potential for expansion both domestically and internationally. Preference during evaluation is given to innovations developed in cooperation with research institutions, further encouraging knowledge transfer between academia and the business sector. In doing so, StarTech not only fosters the development of new products and services but also lays the groundwork for sustainable innovation ecosystems, where knowledge is directly translated into market value. Eligible expenditures under the StarTech programme cover all key areas of innovation development – from hiring professional staff
and developing prototypes, to purchasing equipment, conducting research and development, marketing and promotional activities, employee training, intellectual property protection, and obtaining product certifications. This comprehensive coverage enables applicants to structure their development budgets optimally and use the funds strategically according to their current development stage. Additionally, flexibility in cost allocation is an important factor making the programme attractive for a wide range of innovative initiatives, from software solutions to hardware products and advanced services.
// The process of selection and evaluation remains rigorously structured, with a clear focus on the level of innovation of the project proposal, the realism and sustainability of the business model, the implementation capacity of the team, and the ability to manage identified risks. StarTech thereby sends a clear message that alongside innovation, it is essential to demonstrate readiness for market competition, the ability to plan effectively, and a pragmatic focus on delivering results. Consequently, participants who successfully pass the selection process not only receive a grant but also secure an implicit validation of their project’s market potential. Experience shows that support through grants and mentoring has enabled participants to complete prototype production, conduct market validation, achieve their first sales in domestic or foreign markets, or attract additional investors for further growth. Visibility achieved through inclusion in the StarTech network has also played a significant role in the subsequent positioning of these companies within the innovation ecosystem. For potential applicants, the key advantages of the StarTech programme extend beyond financial support. The structured project development support, clearly defined timelines, transparent evaluation process, and the programme’s strong reputation within the business community position it as one of the most valuable opportunities currently available for realising innovative business ideas in Serbia. A well-prepared application, combining an innovative concept with a realistic implementation plan and a clear market strategy, remains the essential prerequisite for success. Glenfield remains available to support such initiatives.
Development Fund: Specialised Support for Beekeeping
// Another programme of the Development Fund (DF) active this spring is the Financial Support Programme for the Placement of Honey and Other Bee Products in 2025. This programme, implemented in cooperation with the Ministry of Economy, is aimed at enhancing the capacity for filling, packaging and storage of bee products, with the objective of strengthening the competitiveness of domestic producers and improving their positioning in the market. Through grant funding, business entities have the opportunity to modernise their operations, optimise processes and improve product quality, thereby establishing a more stable foundation for the sector’s long-term development.
The total amount of available grants under this programme is 50 million dinars. The right to apply for financial support is granted to companies and entrepreneurs registered with the Serbian Business Registers Agency and owning a facility for filling and packaging honey and other bee products, listed in the Register of Approved Facilities maintained by the Veterinary Directorate. Exceptionally, financial support may also be granted to business entities whose founders own a registered primary honey production facility, under the condition that they register a facility for filling and packaging in the aforementioned register by 31 December 2025. The measure aims to strengthen the capacities of domestic producers and facilitate access to broader markets through increased standardisation and quality control. The programme enables grants covering up to 50%
of eligible investment costs, with the remaining portion to be financed from the beneficiaries’ own resources. The maximum amount of grant support per application is 3 million dinars. Under the programme, grants may be used for the purchase of machinery and equipment for the finalisation and packaging of honey and other bee products, including filling lines, labellers, vacuum packers and packaging equipment for sachets and small containers. In addition, grants cover the procurement of storage and preservation equipment for bee products, such as stainless-steel tanks, containers for pollen and propolis, and controlled temperature chambers. Furthermore, grants can be used for the acquisition of delivery vehicles and other transport means necessary for the efficient distribution of products.
// This programme assists beekeepers and producers of bee products in improving their production capacities, increasing operational efficiency and achieving higher levels of safety and hygiene standards. The programme is particularly important in encouraging the modernisation of production facilities, thereby enhancing the competitiveness of domestic producers, enabling stable market placement and facilitating access to major distribution chains. Given these factors, the programme represents a significant support mechanism for domestic producers of honey and other bee products, helping them to strengthen their businesses, achieve greater stability, and secure a stronger market position..
| KEY ECONOMIC INDICATORS | Apr - 25 | |
|---|---|---|
| 1 | Annual inflation | 4,40% |
| 2 | Reference interest rate | 5,75% |
| 3 | Unemployment rate | 8,60% |
| 4 | Average net salary - RSD | 103.519 |
| 5 | Average pension - RSD | 50.686 |
| 6 | Exchange rate RSD/EUR | |
| On the last day of the month | 117,2106 | |
| Average exchange rate for the month | 117,1741 | |
| 7 | Exchange rate RSD/USD | |
| On the last day of the month | 108,1778 | |
| Average exchange rate for the month | 108,7431 | |
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