Financing SMEs in Serbia

Stošić, Ivan and Đurić, Đuro and Radovanović, Bojana (2009) Financing SMEs in Serbia. In: Business Opportunities in Serbia : the case of Italian business sector and the role of management education. Belgrade Banking Academy and Institute of Economic Sciences, Belgrade, pp. 195-201. ISBN 978-86-9852-025-9

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Abstract

The sector of small and medium-sized enterprises (SME) has an extremely important role for the Serbian economic development. This sector accounts for 99.7% of business entities, and it accounts for 2/3 of overall employed population, generates over 2/3 of aggregate profits, and over 40% of exports and 60% of imports of the Serbian economy. Further development of this sector greatly depends on the support which entrepreneurs and small and medium-sized enterprises get from the financial sector. Although Serbian financial sector has been noticeable improved in several last years, where the most significant development has been within banking sector, the necessary support for the SMEs is still on the law level. The commercial bank loans are very expensive and unaffordable for the majority of interested entities. The financial support for the SMEs provided by the state agencies and organizations has increased in the past period, but still do not meet all the needs of the SME sector. How an entrepreneur or small and medium-sized enterprise could get financial source and what is its price, is the issue examined within this paper.

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