The European Bank for Reconstruction and Development (EBRD) is supporting women entrepreneurs and small businesses in Montenegro with a new financing package to Crnogorska Komercijalna Banka AD Podgorica (CKB), a member of the OTP group and the country’s largest bank. Some €3 million of the loan package will be allocated to supporting investments by women-led businesses. SMEs will also benefit from grant incentives of 15 per cent of the total loan amount, funded by the European Union.

The funding will be provided through the EBRD’s Women in Business programme, which promotes women’s entrepreneurship and their participation in business. Women entrepreneurs will also have a chance to benefit from tailor-made business advisory services under the Bank’s Advice for Small Businesses programme. The Women in Business programme is co-funded by the government of Sweden, which has been supporting it in the Western Balkans since 2014.

The loan will give SMEs in Montenegro access to finance, enabling them to go beyond their day-to-day operations and invest in upgrades with a view to reaching EU standards. SMEs can use the funds to upgrade technology, processes or services, particularly those related to product quality, health and safety and EU environmental requirements.