Financial support for small and medium sized enterprises

Financial support for small and medium sized enterprises

29 March 2018 – Economic Chamber of North-West Macedonia in cooperation with the Fund of Innovation and Technologic Development today has presented to the businesses the measures for economic development from the third pillar, which deal with the financial support of micro, small and medium sized enterprises. The measures were presented by the director of the Fund of Innovation and Technologic Development, Jovan Despotovski, and after that there was a panel discussion with the business sector.

The third pillar includes the support of small and medium size enterprises which tend to grow. It is foreseen financial support for technologic development of companies covering 30 percent of direct expenses in investment projects as well as for educating youth.

Since now is the stage of drafting the regulations that will implement these measures, this presentation was realized in order to clean up all dilemmas and questions that companies have. The government has planned 10.5 million Euro with which it will publish the announcement for the measures of the third pillar.

Only in the first public call we plan to allocate 185 million denars that are already provided by the Government. In addition, in 2018 we plan to announce two public calls, so the total amount of funds to be allocated reaches 645 million denars. The conditions that companies need to fulfill are defined for each measure in particular and are based on the number of employees, annual revenues, property structure, and the fulfillment of financial obligations towards suppliers” – said Director of the Innovation and Technologic Development Fund, Jovan Despotovski.

ECNWM supports the measures of government for supporting the small and medium sized enterprises emphasizing that within this law should be included also other sectors which have great potential for improving the domestic economy including here the equal regional development.

Considering the businesses interests, ECNWM supports all developing policies of the country especially the measures for supporting businesses. Except the manufacturing sector there should be included also other sector that affect the GDP of the country. Also, we think that there should be special measure for companies coming from rural areas and businesses managed by women – said the President of ECNWM, Nebi Hoxha.

With these measures, companies will have the opportunity for financing the technologic development, which means buying and applying new and advanced technology, which will increase the competition between companies.

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