-
A new line of credit makes financing more accessible to women entrepreneurs -
Additional advisory support for women-led SMEs, funded by Sweden -
Women’s empowerment and inclusion drives economic growth
Women-led businesses will benefit from new financing opportunities offered by the European Bank for Reconstruction and Development (EBRD) and Banca Intesa Belgrade In Serbia. A credit line of 5 million euros, which Sweden The project, supported by technical assistance and advisory grants, will boost investments by women entrepreneurs.
In the economies in which the EBRD invests, including Serbia, women-led small and medium-sized enterprises (SMEs) are generally considered a riskier segment due to their small size and the fact that they tend to have fewer firm guarantees.
Under this new credit line, women entrepreneurs will benefit from risk sharing, which the EBRD will cover up to a maximum of 8% of the loan amount. This will enable more women entrepreneurs, who otherwise would not be able to provide concrete guarantees, to apply for and obtain financing.
Aleksandra Vukosavljevic, EBRD Director of Financial Institutions for the Western Balkans and Eastern Europe, said: “Creating equal opportunities for women in business is not just about gender, but is also essential for any country to progress towards its full economic potential. This is particularly relevant in the economies in which the EBRD invests, where access to finance often prevents women from running or growing their businesses.
Banca Intesa Belgrade is a long-standing partner of the EBRD and its efforts to improve access to financing for women entrepreneurs. The bank joined the EBRD’s Women in Business program in 2015 and has so far awarded more than €33 million to finance more than 3,000 investments by women-led businesses, largely located outside from Belgrade.
Darko Popović, Chairman of the Board of Directors of Banca Intesa Belgrade, said: “As the first bank in Serbia to join the EBRD Women in Business program, I am delighted that Banca Intesa Belgrade continues to support women entrepreneurs in Serbia, who constitute more than a quarter of our business community. To date, we have provided €33 million in loans to women entrepreneurs under this program and offered favorable financing conditions, helping to boost this critical segment and support the economic prosperity of the country as a whole. With these funds, we have successfully supported more than 3,000 women-owned SMEs, as evidenced by the Outstanding Women in Business award, awarded by the EBRD to our client, Dragana Milanović, owner of the Roberto Baressi brand.
Financing for businesses led or owned by women is provided by the EBRD. Business women which promotes women’s entrepreneurship and their broader participation in business by offering them access to financing and know-how.
The EBRD rolled out the program in the Western Balkans in 2014 and has since supported more than 5,000 women-led businesses. The program will hold its regional conference in Podgorica on June 21-21, 2023, during which participating financial institutions will also be rewarded for their work and contribution to women’s empowerment in the region.