Do you own a small or medium-sized business? The EU supports the strengthening of the private sector, because your company is key to economic development, creating new jobs and improving the quality of life of your family and employees.
Through economic reforms and harmonization with EU regulations, Serbia provides you with better conditions for investments and economic development. Through cooperation and exchange of experiences, Serbian and European companies learn, grow and modernize their operations together. We are better together.
See below all opportunities in this sector:
The Single Market Program (SMP) is an EU funding initiative that helps the single ,arket reach its full potential and supports Europe’s recovery from the COVID-19 pandemic.
With 4.2 billion euros allocated for the period from 2021 to 2027, the program provides an integrated package to support and strengthen the management of the Single Market.
The Single Market has been at the heart of the Union for almost three decades, enabling citizens to live, work, and travel wherever they choose, while offering consumers protection and a wider selection of high-quality products and services at lower prices. With legal certainty, access to markets and financial services, investment opportunities, and access to finance, the Single Market also serves as a driving force for businesses.
Among the most noteworthy initiatives are the European Enterprise Network (EEN) and Erasmus for Young Entrepreneurs (EYE). These cross-border initiatives will enable European and Serbian entrepreneurs to expand their businesses, grow, and gain stability by establishing solid and reliable commercial cross-border partnerships.
The European Enterprise Network (EEN) is the world’s largest support network for small and medium-sized enterprises (SMEs) on the international market. It consists of more than 450 organizations, including national and local chambers of commerce, innovation agencies, and regional development agencies. The EEN offers a range of services, from advice on Single Market rules and assistance in accessing finance to innovation support, networking, and facilitating meetings across Europe and beyond to find investors and commercial partners outside national borders. The EEN supports start-ups, small businesses, and entrepreneurs from a wide array of sectors, including agriculture, artificial intelligence, textiles, aviation, maritime industries, and the creative sector.
Erasmus for Young Entrepreneurs (EYE) is a business exchange program that helps start-ups acquire the skills necessary to start and/or successfully run a business. New entrepreneurs exchange knowledge and business ideas with experienced entrepreneurs, with whom they stay abroad and collaborate on-site for a period of one to six months.
More details about the program can be found here: https://single-market-economy.ec.europa.eu/single-market_en
The Digital Europe Programme aims to enhance digital transformation within the European Union. It is designed to support the development of digital technologies, infrastructure, and skills to ensure competitiveness and innovation in the digital economy. Serbia has become a full member of this programme, and companies and institutions will have the opportunity to bridge the gap between digital technology research and its application, bringing research results to market for the benefit of European citizens and businesses.
The programme focuses on several key areas:
- Digital Infrastructure: Encourages investment in the development of high-speed broadband and 5G technology to enable widespread internet access and accelerate data transmission. This will allow citizens and businesses in the EU to fully benefit from the digital age.
- Digital Technology and Innovation: Supports research and development of new digital technologies, such as artificial intelligence, blockchain, the Internet of Things, and Big Data analytics. Such support fosters innovation and enhances the competitiveness of European companies.
- Digital Skills and Education: Enhances digital skills and education to help EU citizens adapt to the digital changes in society and the working environment. This includes programmes to train teachers, educate young people in digital technologies, and support the workforce in acquiring digital skills.
- Digital Security and Data Protection: The Digital Europe Programme emphasises strengthening digital security in the EU. This includes measures to protect the data privacy of citizens and businesses, as well as efforts to combat cybercrime and hacking.
More details are available at the following link: https://digital-strategy.ec.europa.eu/en/activities/digital-programme
Horizon Europe is the European Union’s framework programme for financing research and innovation for the period from 2021 to 2027. Building on the successes and achievements of the previous programme cycle, Horizon 2020, Horizon Europe aims to achieve scientific excellence, address global challenges, and drive industrial modernisation through concerted research efforts and innovations based on the principles of open science and partnership.
The structure of the programme is based on three pillars:
- Excellent Science
- Global Challenges and European Industrial Competitiveness
- Innovative Europe
The horizontal part of the programme structure consists of two components:
- Expanding Excellence and Participation
- Reform and Strengthening the European Research and Innovation System
More details can be found at the following link: https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe_en
WBIF (Western Balkans Investment Framework) is a joint financial initiative of the European Commission, financial institutions, EU member states and Norway to strengthen cooperation in the field of investments in the public and private sector, for the sake of socio-economic development and contribution to the European perspective of the Western Balkans.
WBIF is considered the main instrument for providing support in the preparation and implementation of strategically important projects in the field of transport, energy, environmental protection and social infrastructure in the region. WBIF has a key role in the implementation of the Economic and Investment Plan for the Western Balkans 2021-2027 with the aim of promoting the long-term economic recovery of the region, supporting the green and digital transition, regional integration and convergence with the European Union through the mobilization of up to 9 billion euros of the EU grants.
As part of the EIP for the Western Balkans, and in order to improve the potential of the private sector in the region, the EU has increased allocations for small and medium-sized enterprises in the form of investment grants and guarantees within the Western Balkans Guarantee Facility.
Since the beginning of the Fund’s work in 2011, the support of the European Union has been crucial in financing innovations in Serbia and strengthening the ties between the research and private sectors.
The European Union provided support through pre-accession funds (IPA 2011, 2013, 2014, 2018 and 2019). The Fund positioned itself as a leader in providing comprehensive support to innovative entrepreneurship in Serbia and enabled easier access to EU funds and access to the global market.
Through the Fund for Innovative Activities, the Innovation Co-financing Program, the Technology Transfer Program, the Catapult Accelerator Program, the Early Development Program, and the Science-Business Cooperation Program are available.
Currently, the Fund is implementing the IPA 2019 project “Increasing Innovation Capacity and Growth of Small and Medium-Sized Enterprises,” with a total value of €26 million. This project is made possible through the joint investment of the Republic of Serbia (via the Ministry of Science, Technological Development, and Innovation) and the European Union.
Find out more on the Fund’s website: Innovation Fund.
The Ministry of Economy, in cooperation with the Development Agency of Serbia and with the support of the project “Serbia and the EU – Equipment for the Economy” financed by the European Union, awards grants to micro and small businesses, entrepreneurs, and cooperatives. The total grants amount to approximately 1.4 billion dinars.
The goal of the programme is to support investments and encourage faster economic development.
The funds allocated by the programme are intended for co-financing the procurement of:
- New equipment directly involved in the production of tradable goods, specifically:1.1 Production equipment and/or machines;1.2 Transport and handling equipment used in the production process and internal transport;1.3 Parts and specialised tools for machines;1.4 Machines and equipment for improving energy efficiency and the ecological aspects of production;
- New equipment for construction works, specifically:2.1 Construction machinery for carrying out construction works.
More details can be found at the following link: https://privreda.gov.rs/
The European Innovation Council (EIC) is part of the EU programme Horizon Europe, which supports innovation, research, and development with the aim of identifying, supporting, and fostering the exemplary development of companies with high innovation potential but where investment is high-risk. It also supports researchers and small and medium-sized enterprises (SMEs) that have the potential to make a significant impact on society and the market.
More about EIC
The EIC integrates several key elements, including research and innovation funding, advising, mentoring, and networking. The programme provides support through various instruments, including:
- EIC Pathfinder
- EIC Transition
- EIC Accelerator
The EIC Pathfinder focuses on supporting ground-breaking research at an early stage of development, encouraging multidisciplinary research with the potential for significant innovation. This programme enables the exploration of bold and radical ideas, providing resources and support during key stages of development. Participants receive grants of 3 to 4 million euros for the early development of innovations (until the concept is confirmed). Projects involve consortia from at least three countries, but there are also opportunities for individual teams and small consortia of two partners.
EIC Transition is focused on the transition phase of innovation from research to practical application. This programme supports the maturation and validation of technology in relevant applications, while encouraging the development of a business model for the future commercialisation of innovations. Grants of up to 2.5 million euros are awarded for technology validation and market readiness development, with a focus on achieving social and economic impact.
The EIC Accelerator is aimed at financing and accelerating the development of start-ups as well as small and medium-sized enterprises (SMEs) with high innovative potential. This programme provides significant financial resources, advice, and mentoring to support companies in scaling their innovations in the market. The goal of the Accelerator is to support the development of innovations with the potential to create new markets or disrupt existing ones, focusing on technologically mature innovations. Participants have access to grants of up to 2.5 million euros, investments of up to 15 million euros, as well as mentoring programmes, counselling, and networking opportunities.
You can see more about the EIC programme for 2024 here.
A platform that enables networking, knowledge exchange, and cooperation with other innovators, investors, and business partners – EIC Community Platform.
EIT Manufacturing (EITM), an institute of the European Commission, was founded in 2019 with the vision that global manufacturing will continue to be dominant in Europe, and contributes to making Europe and its manufacturing sector more competitive and sustainable. EITM’s mission is to bring together European production actors. In doing so, EITM brings together a growing network of top industry partners, leading academic and research institutions from across the region and innovative startups, scale-ups and SMEs.
The Green Agenda for the Western Balkans is a regional development strategy designed to address the challenges of climate change and the green transition, and to help the countries of the Western Balkans align their environmental regulations with European standards and norms.
In this context, UNDP is implementing the project “EU for the Green Agenda in Serbia” with the technical and financial support of the European Union, in partnership with the Ministry of Environmental Protection, and in cooperation with the Embassy of Sweden and the European Investment Bank (EIB). Additional financial resources are provided by the governments of Sweden and Switzerland, as well as by Serbia.
The European Social Fund Plus (ESF+) is the European Union’s main instrument for investing in people and supporting the implementation of the European Pillar of Social Rights. With a budget of almost €99.3 billion for the period 2021-2027, the ESF+ will continue to make an important contribution to the EU’s employment, social, education, and skills policies, including structural reforms in these areas.
Employment and Social Innovation (EaSI), as part of the European Social Fund Plus (ESF+), has a budget of €762 million. The EaSI strand builds on the previous EaSI programme (2014-2020), maintaining a focus on evidence-based policy-making and social experimentation, job mobility support, and non-financial instrument activities, with an emphasis on microfinance and social entrepreneurship.
EaSI is focused on the following main priorities:
- Employment and skills
- Labour markets and labour mobility
- Social protection and active inclusion
- Working conditions
More details can be found at the following link: https://european-social-fund-plus.ec.europa.eu/en/esf-direct-easi
CFCU deals with decentralized projects that include contracts for works, services, procurement of goods, as well as twinning and grant contracts. CFCU also contracts cross-border cooperation projects with Bosnia and Herzegovina, Montenegro and North Macedonia. All these projects were financed through the Instrument for Pre-accession Assistance of the European Union (IPA). To date, CFCU has contracted more than 330 projects with a total value of more than 570 million euros. Currently, CFCU has more than 150 projects under implementation.
EBRD has an important role in strengthening and competitiveness of the private sector. Small and medium-sized enterprises (SMEs), which form the backbone of the private sector in Serbia, face limited access to finance, and the EBRD works to increase the competitiveness of the private sector, with an additional focus on the agribusiness value chain, and strives to help small and medium-sized enterprises with financing projects that lead to sustainable growth.
The following projects and programs are currently active:
- SME Competitiveness Support Program
- EBRD Advice for Small Businesses
- Youth in Business
- Green Economy Financing (GEFF)
The European Investment Bank is the lending arm of the European Union – the largest multilateral financial institution in the world and one of the largest providers of climate finance. The EIB supports small businesses in the Western Balkans as a means of stimulating economic growth, innovation, social integration and job creation. Since 2008, their investments have supported 28,400 businesses and helped sustain approximately 500,000 jobs in the region. EIB helps small businesses realize investment plans, obtain working capital, build or expand production capacity, establish and consolidate distribution channels, conduct research and development activities and much more.
By cooperating with the EIB, you can get favorable interest rates compared to standard business lending conditions.
- Investment program – recovery and development
- Credit line – OTP Bank
- Credit line of Raiffeisen Bank
- Credit for encouraging the employment of women and people from vulnerable social groups
- Credit line for the economy – Intesa Bank
Find more: https://www.eib.org/en/publications/the-eib-in-serbia?lang=sr
The European Union program for local development – EU PRO Plus contributes to a more balanced socio-economic development of 99 local governments in two regions: Šumadija and Western Serbia and Southern and Eastern Serbia. The program is led by the Ministry of European Integration and implemented by the United Nations Office for Project Services (UNOPS).
The programme introduces a territorial and integrated approach to development in Serbia, aiming for more balanced regional progress through the creation of territorial strategies and support for the projects that emerge from them. By improving social infrastructure and services, the quality of life at the local level has been enhanced, while support for economic growth includes strengthening the private sector led by entrepreneurs.
The activities of the programme are focused on stable local economic development, which is achieved through:
- Development of business infrastructure
- Support for improving the competitiveness of the medium and small enterprise sector through business support organisations
- Support for the growth and enhancement of production in micro and small enterprises
- Support for the employment of young people and women
Info sessions
“EU Opportunities” podcast
Panel discussion
