Private Briefing November 2025
No. 152 | Year XIII
The November 2025 edition of the Private Briefing brings the final part of the trilogy analysing available EU instruments supporting competitiveness, focusing on EFSE, EFSD Plus and EDIF, as well as the second instalment of the SME Hub trilogy, in which we examine practical experiences and support for improving management and organisational practices in manufacturing firms preparing to integrate into global value chains. We also review the Ministry of Economy’s rapid support programme for women entrepreneurs and the agricultural insurance subsidy scheme, both designed to bridge the sharp gap between available opportunities and the realities in which businesses operate.
DF: Support for Women's Entrepreneurship
// The financial support programme for women entrepreneurs in 2025 continues the Ministry of Economy’s long-standing practice of fostering the development of women-led businesses, particularly those in early growth phases where access to finance is most constrained. The programme is structured as a blended scheme, offering up to half of the total investment value in the form of grants, while the remaining amount may be secured through own funds or a loan from the Development Fund. This significantly lowers the cost of entering an investment, especially for activities that often remain postponed in practice, such as equipment purchases, workspace adaptation or the introduction of new operational processes.
// Eligible applicants are women entrepreneurs, as well as businesses held or managed by women. The programme provides grants of up to 1,5 million dinars, with total investment per application ranging from 400.000 to 3 million dinars. The remaining portion may be financed through a DF loan with maturity of up to five years and a grace period of up to one year, at an annual interest rate of 1,5% with a bank guarantee or 2,5% with other forms of collateral. Eligible investments reflect the typical needs of firms in early development stages, from machinery, equipment and computer hardware to vehicles used for service delivery, product transport and procurement of raw materials. Funding is also available for workspace adaptation and maintenance, as well as a portion of operating costs. This structure follows the real investment rhythm of micro and small firms, where early-stage financing is directed toward tangible improvements immediately affecting capacity and organisation, while operating costs are included only to the extent needed to initiate the investment.
// For women-led businesses, the programme offers the possibility to reduce total investment costs by half, which shortens the return period, while the loan accompanying the grant provides longer repayment. An additional layer of support comes from advisory services and training delivered by accredited regional development agencies. The combination of grants, favourable loan terms and advisory enables firms to carry out planned investments before entering periods of strained cash flow. At the same time, the fact that the programme’s 70 million dinar budget was utilised within nine days illustrates how critical this form of support is in an environment where access to capital is often the main barrier to growth. This has also been recognised by broader regional and global initiatives, such as EBRD Women in Business and the new WE Finance Code, which represents a voluntary commitment by financial institutions, regulators, development organisations and other ecosystem actors to work jointly on increasing financing available to women entrepreneurs. The short interval between announcement and full utilisation also shows how essential it is to be prepared for such calls, which will become increasingly frequent. In these situations, experienced advisory support in application development, budgeting and financial projections can make the difference between a good idea and a fully implemented project.
Digitalisation and Competitiveness EU Programmes Trilogy: EFSE, EFSD+ and EDIF
// The first two editions of this trilogy examined digital solutions, process alignment, standards, knowledge and ESG as foundations of competitiveness. In this final part, the focus shifts to instruments that allow companies to implement development plans without excessive pressure on collateral or short-term liquidity, while also keeping open the possibility of capital partnership when growth prospects are real.
EFSE is a fund that has long operated through a network of local banks and leasing companies. Its structure is designed to make it easier for financial institutions to lend to segments that typically struggle to obtain favourable terms, particularly micro, small, rural and family-owned enterprises. For the end user, the process is similar to a standard bank loan, yet with more flexible collateral requirements and more predictable repayment timelines. In practice, this allows cold storage operators, dairies or small food producers to finance equipment, vehicles or inventories under conditions more closely aligned with the logic of their business cycle rather than the internal rules of the bank. EFSE also invests, through its development framework, in advisory support for intermediaries and clients, which often translates on the ground into clearer documentation, better assessment and faster processing of applications.
A second line of support is provided through the EU’s guarantee windows under the WBIF, known as EFSD Plus guarantees. This model funds part of the risk assumed by banks, creating space for loans with lower collateral requirements, longer maturities and often more flexible repayment plans. For the client, the procedure resembles a standard loan, but the eligibility criteria and the types of investments encouraged differ, most often focusing on equipment modernisation, digitalisation, resilience and employment. This is particularly relevant for firms with stable turnover and market demand but insufficient assets for collateral, or those transitioning from cash-based to more transparent business models. In such cases, the guarantee serves as a bridge, giving banks the comfort they need while providing the firm with a repayment rhythm that follows the seasonality of its operations.
The third pillar consists of equity instruments within the EDIF family, in practice ENEF II for growth-stage companies and ENIF for early-stage innovative firms. This is a form of financing in which an investor enters the company, shares the risk and aims for value growth. For a business, this requires a more rigorous examination of the business model, structured finances, clear processes and a team capable of leading expansion into new markets. Ticket sizes are larger and the dynamics differ, but the advantage lies in the fact that capital comes not only with funding but also with experience and networks. In value chains where expansion into major retail channels or export markets requires new equipment, organisational adjustments or marketing investment, equity participation or tailored debt can be more rational than excessive borrowing, provided the company is prepared for a partnership relationship, a structured governance approach and regular reporting.
// These instruments are not fast tracks to explosive growth, but realistic ways to reach strategic objectives without unnecessary risk. The emphasis is therefore not on overnight transformation, but on sequencing steps carefully and selecting financing sources that align with the company’s stage and purpose. The most important contribution of these programmes to local MSMEs and agribusinesses is that they ease access to finance when collateral is limited, while offering repayment timelines aligned with business cycles and the option of bringing in a capital partner with experience when expansion is the logical next step. The way for MSMEs and farmers to gain the most from these instruments begins with a clear understanding of purpose and order of actions. If a firm needs liquidity for the season or for compliance with a new standard, credit and guarantee lines are the rational starting point, with a modest investment component that brings quick operational impact. On the other hand, when there is a proven product, strong demand and real potential for rapid expansion, discussing a capital partnership makes strategic sense. In both scenarios, building relationships with banks, investors and programme teams through smaller, well-executed projects strengthens reputation and creates the conditions for larger moves later on. Advisory support from consultants experienced in preparing and implementing projects financed through the programmes discussed here can further increase the likelihood of successful implementation. This ensures that these instruments work to the benefit of the business, with effects visible in more stable cash flow, improved market access and teams that stay, learn and grow.
SME Hub Trilogy: Strengthening Management and Operations
// Following the October introduction, this edition opens the first of two core segments of SME Hub support, strengthening management as the foundation for stable growth and integration into more demanding value chains. In manufacturing firms built on initiative, quick decision making and practical know-how, management is often the factor that determines whether existing results can scale without loss of control. SME Hub provides structured support with the clear assumption that domestic firms already possess entrepreneurial capacity and operational strength, but that entry into more stable and long-term value chains requires clearer decision making, strategic planning and management practices. For that reason, strengthening management is the natural starting point, because it shapes how sustainable every subsequent step will be, from new products and markets to investment financing.
In the domestic manufacturing sector, management is often perceived as a series of day-to-day operational decisions based on experience, personal involvement and established routines. In such settings, stability frequently depends on a few key individuals, while most processes operate without a formal framework, clearly defined roles or documented rules. SME Hub intervenes exactly at this point, not to diminish the operational energy that drives the business, but to channel it, stabilise it and make it repeatable. Management transformation in the programme therefore does not mean introducing paperwork, but creating conditions in which the business no longer depends on individuals, but on a functioning system.
The process begins with diagnosis and establishes a rhythm in which firms, supported by consultants, separate strategic from operational decisions, define roles and responsibilities and organise daily processes so that they are clear, measurable and connected. In practice, this means that production planning, procurement, product development, sales and administration are no longer reactive sequences, but part of a coherent framework in which tasks, order and information flow are precisely defined. Once this step is taken, management acquires a different character, because the company gains visibility and control over areas that previously relied on implicit knowledge. This visibility allows for the introduction of policies and procedures that bring stability.
In modern manufacturing firms, product development starts from clearly defined rules and inventory management from the annual business plan. Procurement becomes a documented process, sales gains structure, pricing becomes a consistent practice grounded in financial projections and annual plans, and customer communication follows clear steps with proper tracking and execution. SME Hub interventions introduce this logic, establishing an order of actions and ensuring that knowledge created within the company can be transmitted and applied across teams. This is particularly important when firms seek to work with more demanding customers, where transparency, predictability and defined standards are essential.
// The most significant shift occurs when internal processes become aligned with broader growth objectives. The programme places strong emphasis on ensuring that management understands its role not only in day-to-day operations but also in the company’s position on the market. When the system is in place, the firm can evaluate its capacities, costs, timelines and risks from a new vantage point, directly influencing its negotiating position with multinational buyers. Contracts become longer term, planning becomes more realistic and financial obligations better aligned with the rhythm of operations. Strengthening management is therefore not an administrative exercise, but a strategic preparation for entering more stable and profitable business relationships. This creates a more predictable environment for partners and increases the firm’s ability to take on more demanding assignments. It also establishes a stronger basis for financial planning, as the company gains clearer insight into costs, cycles and risks, which provides greater certainty in investment and credit decisions, including the financial support available through SME Hub. For this reason, financial management is the focus of the next edition, as the second pillar of SME Hub transformation and the logical continuation of improving management and operations. Our experience, following a series of completed management and financial-management improvement projects within the SME Hub, shows that progressing along both tracks in parallel is the most effective way to achieve comprehensive organisational advancement. For further information on the programme and the support available, Glenfield consultants remain at your disposal.
DAP: Subsidies for Farm Insurance
// Another of the regular support programmes for the agricultural sector is the call issued by the Directorate for Agrarian Payments for subsidies covering risk-management through insurance premiums for crops, fruit, perennial plantations, nurseries and livestock. Eligible applicants are registered and active agricultural holdings that, in the previous year, insured their crops and produce in arable, vegetable, fruit and vineyard production, as well as nurseries and livestock, with an authorised insurance provider. The maximum amount of support a beneficiary may receive per application within a single calendar year reaches a significant 2,5 million dinars.
Insurance, as a financial product, plays an important role in the sustainability of both businesses and farms. All investments in development and resilience are exposed to a range of risks stemming from the nature of production, markets and competition. Reducing these risks largely depends on knowledge, skills, processes, organisational practices and sound financial management that ensure capacity and stability. Insurance, on the other hand, is the mechanism through which the financial impact of materialised risks is compensated.
As business environments grow more complex, the number of available insurance solutions increases, yet insurance of physical assets remains one of the most effective risk-transfer tools for both companies and farms. Losses arising from climate events, theft, fire, flooding and similar shocks can be compensated in a reliable and predictable way, making property insurance not only a traditional safeguard but also an efficient instrument for strengthening business resilience and competitiveness.
// Agriculture remains an important sector of the Serbian economy, accounting for 6,1% of GDP in 2024, although on a declining trajectory. The insurance sector, meanwhile, continues to grow and has reached 1,8% of GDP, but insurance penetration in agriculture remains extremely low, at only 13 – 15%, compared with significantly higher levels in the European Union and the region, where agricultural insurance penetration ranges from 50% in Hungary and over 60% in Croatia to as much as 80% in Slovenia. Given this clearly identified space for improvement, the insurance subsidy model represents a solid contribution to strengthening risk-management practices in the sector and, for that reason, fully merits attention and support.
| KEY ECONOMIC INDICATORS | Nov - 25 | |
|---|---|---|
| 1 | Annual inflation | 2.80% |
| 2 | Reference interest rate | 5.75% |
| 3 | Unemployment rate | 8.20% |
| 4 | Average net salary - RSD | 109,147 |
| 5 | Average pension - RSD | 50,686 |
| 6 | Exchange rate RSD/EUR | |
| On the last day of the month | 117.2395 | |
| Average exchange rate for the month | 117.1929 | |
| 7 | Exchange rate RSD/USD | |
| On the last day of the month | 101.3394 | |
| Average exchange rate for the month | 100.5951 | |
Current, as well ast the previous editions of Private Briefing in .pdf format are available here.
For additional information or questions, please contact us. Share your impressions, inquiries and news, or share the updates on the current projects.
Exclusive opportunity for capacity strengthening – Register at Glenfield E-Learning!
Glenfield Training and Consulting Doo | +381 11 407 9066 | office@glenfield.rs | www.glenfield.rs
Disclaimer: this report was prepared and published under the authority of Glenfield Training and Consulting Ltd. and is used only for informational purposes. Information that is used, have been obtained from sources that Glenfield Training and Consulting Ltd. believes to be reliable, but no guarantees their accuracy and completeness. None of the information or the proposal cannot be construed as an offer or solicitation to buy or sell. No part of this publication may be reproduced without written permission Glenfield Training and Consulting Ltd.