Small businesses, including micro companies and startups, are facing numerous challenges in the year 2026. Fortunately, in Bosnia and Herzegovina (especially in the Federation of BiH and the Republic of Srpska) and Serbia, there are various programs and instruments through cooperation with banks that can make access to financing easier. Below is a practical guide explaining the latest types of bank support – from subsidized loans and guarantee funds to digital services – as well as advice on how to improve creditworthiness, reduce financing costs, and optimally use banking services. The content is adapted to small business owners and written in a professional but understandable language.

Federation of BiH: Cooperation with banks and financial support

Subsidized loans and support programs

The Government of the Federation of BiH has launched favorable credit lines through the Development Bank of FBiH. The most significant is the program “Credit Incentive for Development, Entrepreneurship and Crafts,” which offers long-term loans up to 7 years (with up to 2 years of grace period) at an extremely low fixed interest rate of only 0.9%. These loans are intended for small entrepreneurs for investments in fixed assets, with the possibility to use up to 30% of the funds for the purchase of raw materials. The program aims to encourage more productive business operations, the launch of new production, and the creation of jobs, and companies need to meet conditions such as being registered in FBiH and having at least two employees on an indefinite contract.

Advice: If you are planning to invest in business expansion or equipment, inquire at the Ministry of Development or the Development Bank of FBiH about this credit incentive – the extremely low interest rate of 0.9% will significantly reduce your financing costs.

Guarantee Fund for easier access to loans

The Federation of BiH has established a Guarantee Fund within the Development Bank of FBiH, which issues guarantees for loans from commercial banks. These guarantees cover 50% of the loan principal and serve as a security instrument for the bank. In this way, small and medium-sized enterprises, trades, and even larger companies can more easily obtain loans and with less collateral. Guarantees are available for loans intended for working capital, liquidity, or investments in fixed assets, with a maximum repayment period of up to 5 years for working capital or 10 years for investments (with a grace period of up to 18 months).

Recommendation: If your company does not have enough mortgages or assets to secure a loan, ask your bank about loans with the Guarantee Fund of FBiH. With a state guarantee of 50%, banks are more willing to approve a loan, and you need to provide the remaining 50% of collateral. Keep in mind that to meet the requirements, the company must be up to date with taxes and have at least one full-time employee.

Cantonal and local interest subsidies

In addition to federal programs, check for support at the cantonal or municipal level. For example, Sarajevo Canton in 2024 implemented an interest subsidy program in cooperation with local banks, where significant funds were allocated for subsidizing interest on loans for small and medium-sized enterprises. In practice, this meant that selected banks placed favorable loans (up to several million KM per user) for investments in assets or ensuring liquidity, while the canton covered part of the interest so that companies paid a reduced interest rate.

Note: Similar credit lines with subsidized interest are occasionally offered by other cantons as well (e.g., credit lines in cooperation with cantonal ministries of economy). Follow public calls in your canton – this assistance can significantly reduce the effective interest rate you pay.

Support for digital transformation and innovations

With the goal of strengthening competitiveness, small businesses in FBiH can also use programs for business digitalization. The European Bank for Reconstruction and Development (EBRD), in cooperation with the EU, launched the “Go Digital in Bosnia and Herzegovina” initiative, through which €50 million is placed with local banks for SME lending aimed at digital transformation. The key benefit of this program is a 15% grant (non-refundable incentive) – after the company completes the digital investment using the approved loan, 15% of the amount is returned as a grant financed by the EU. In addition, companies receive free technical assistance from a consultant who helps optimize the digitalization investment plan.

These loans are available through several banks (e.g., ProCredit, Raiffeisen, UniCredit, Intesa Sanpaolo, Sparkasse). Conditions such as the interest rate are determined by the banks themselves, but the 15% grant and expert support are standardized.

Advice: If you plan to invest in software, production automation, or similar digital technologies, be sure to emphasize this to the bank and check whether your investment qualifies for the “Go Digital” program. Receiving 15% of the funds back as a grant significantly improves the profitability of investment in new technology.

Business accounts and digital banking services

Most banks in BiH offer special business account packages tailored for small firms, which often include benefits such as reduced payment traffic fees, allowed overdrafts, or free internet banking. Use digital banking (e-banking and m-banking) for payments and account monitoring – transaction fees via electronic channels are lower than in the branch, and you also save time. Banks also offer services such as electronic signatures and e-invoicing, which can simplify invoicing and collection.

Recommendation: Compare bank offers – some banks offer a package where, for a fixed monthly fee, you get a certain number of free transactions and an advisor. For micro-entrepreneurs or craftsmen, there are packages with a minimal monthly fee covering basic services. By introducing digital services into your business (such as online payment, using POS terminals, mobile wallets), you will not only follow the trend of market digitalization, but you can often receive better terms from the bank for such services.

Refinancing and managing existing debt

If your company already has loans with a relatively high interest rate (e.g., commercial loans at 6–8%), consider refinancing through available more favorable lines. Guarantee Fund loans or special development lines can be used to restructure debt – for example, taking a new loan with a longer term or lower interest rate to repay existing obligations and reduce your monthly burden. Consider the costs of early repayment of existing loans and compare them with the savings from a lower interest rate.

Advice: Talk to your bank about the refinancing option – banks are often willing to offer refinancing loans to existing clients so they do not lose good business, especially if they see that you have an offer from a competing bank. Also, the Development Bank of FBiH occasionally publishes public calls for refinancing expensive commercial loans under more favorable terms as a measure of support for the economy, so monitor such initiatives.

Access to finance for startups and micro-businesses

In the Federation of BiH, startups may have difficulty immediately meeting strict bank requirements due to a lack of business history or collateral. However, there are alternative paths: microcredit organizations (such as Mi-Bospo, Partner, Mikrofin) provide smaller loans to beginners with a slightly higher interest rate but easier procedures. Also, the Ministry of Development and Entrepreneurship of FBiH periodically awards grants for new businesses and startups (various startup ecosystem development projects), which can provide non-refundable initial funds.

Recommendation: Combine grants and favorable loans – for example, use a grant for equipment purchases and take working capital through a microcredit or bank loan with a guarantee fund. In this way, you partly reduce indebtedness and optimize part of the financing cost. At the beginning, maintain an orderly financial journal and records; after one to two years of positive operations, you will be able to qualify for a more standard bank loan because you will have financial statements and a better credit rating.

Improving creditworthiness

To improve your chances of obtaining a loan in FBiH, pay attention to several things:

• Financial records and reports – regularly maintain bookkeeping and prepare statements, because banks analyze your income, expenses, and profitability.

• Credit history – BiH has a Central Credit Registry at the Central Bank; ensure you do not delay repayment of existing obligations (whether personal or business). Even one delay can lower your credit score.

• Settled obligations to the state – as required by government programs, pay contributions, taxes, etc. Unsettled tax obligations are often a reason for loan rejection.

• Collateral and guarantees – prepare assets you can pledge (real estate, equipment), and if you do not have enough, consider involving a co-debtor or guarantor.

Advice: Establish a good relationship with the bank and perhaps open a business account and use it actively (the account turnover shows the bank your business volume). A small loan (or credit card) with regular repayment can help you build a history before applying for a larger amount.

Republic of Srpska: Financial support and banking instruments

Favorable credit lines of the Investment-Development Bank (IRB RS)

The Republic of Srpska, through IRB RS, offers several targeted credit lines for micro, small, and medium-sized enterprises. These loans are placed in cooperation with commercial banks and have more favorable conditions than market ones. There are lines intended for initial business activities (start-up loans), loans for the purchase of equipment and working capital, as well as lines for business recovery that may include refinancing of existing debts.

Interest rates on these lines are set by IRB in cooperation with the Government of RS and are often lower than standard market rates – typically around 4–5% annually (depending on the purpose and priority sector), and some special categories are additionally subsidized. Example: for projects in the processing industry or energy, the interest rate was around 4.6%, while for general entrepreneurial activities it amounted to about 4.9% in earlier programs. The Government of RS has also announced specific credit lines with very low interest rates for certain categories (e.g., housing loans for young married couples at 2.99%), which shows its commitment to supporting the economy through cheap capital.

Advice: Contact IRB or their partner banks (NLB, Addiko, UniCredit, etc.) and ask about the current credit lines for your activity. If you are a startup or operate in an underdeveloped area, emphasize this, because there are lines and funds intended specifically for newly established companies from certain regions. A favorable loan from an IRB program can be the difference between whether you can finance important equipment now or have to postpone the investment.

RS Guarantee Fund – loans with government guarantees

To facilitate the inflow of loans to the small business sector, RS established the Guarantee Fund of the Republic of Srpska. Through this mechanism, the state guarantees up to 70% of the principal of loans approved by commercial banks to selected enterprises. In practice, this means that if your company applies for a loan with the support of the Guarantee Fund, the bank takes on significantly less risk, and is therefore more likely to approve the loan even to clients who might not otherwise meet strict criteria.

Loans covered by the guarantee are mainly intended for liquidity, working capital, or investments, with a maximum repayment period of up to 4 years and the possibility of a grace period of up to 12 months. The program was originally launched as support for recovery from the pandemic but continues to function as a regular instrument for stimulating lending.

Recommendation: When speaking with a bank in RS, ask whether your planned loan can go through the RS Guarantee Fund. Especially if you are a young business or do not have enough collateral, the 70% guarantee can be crucial. Keep in mind that you will still need to meet the bank’s basic requirements (assessment of business viability, minimum own contribution, or similar), but you will negotiate much more easily on the amount and loan term.

Subsidized interest rates and incentives

In addition to guarantees, the Government of RS occasionally introduces interest subsidies for certain sectors or projects. In earlier periods, some loans were approved via the Guarantee Fund with interest rates around 2–3%, with state participation. Currently (2025/26), there is no general public call for subsidized interest rates like in the Federation, but RS focuses on targeted measures (agriculture, export, innovation, demographic and pro-natality policies, etc.).

If you are in a specific field, check with the RS Ministry of Economy and the local development agency whether there are currently active projects for interest subsidies or mixed credit-grant programs. Sometimes international institutions in RS offer credit lines through banks with a grant component; such initiatives are often not widely advertised, so rely on information from your bank or the Chamber of Commerce.

Digital transformation in RS

Small businesses in the Republic of Srpska can also benefit from digitalization of operations. The EBRD “Go Digital” program covers the entire Bosnia and Herzegovina, and therefore RS as well – if your company in Banja Luka, Bijeljina, or elsewhere in RS takes a loan from a partner bank for investment in digital equipment, it is entitled to a 15% EU grant after the investment is successfully completed.

In addition, the RS Chamber of Commerce, with the support of international organizations, launched the Center for Digital Transformation, which provides consulting assistance to companies in evaluating digital needs. There have also been public calls for granting non-refundable funds to small manufacturing companies for digitalization (e.g., introduction of advanced digital solutions).

Advice: Do not lag behind in digitalization – companies in RS often have access to the same or similar donor programs as those in the Federation. Use the Center for Digital Transformation for a free analysis of your business and recommendations for digital tools. Also, in discussions with bankers, emphasize if you plan to invest in technology – you may thereby meet the conditions for a favorable credit program that the bankers themselves know about.

Business accounts and digital services in RS

Banks in RS (such as NLB, Addiko, Nova Banka, UniCredit BL, etc.) offer business packages that integrate account management, payment operations, and e-banking. By using internet and mobile banking, companies can make payments, send orders, and monitor statements without visiting a branch.

Recommendation: If you are an entrepreneur (sole proprietor) or a small company, consider a service package – some banks offer free account management for the first year of operations for newly established firms, or discounts on fees if you accept electronic statements instead of paper ones. Also, implement digital signatures and electronic invoice exchange where possible. In RS, electronic invoicing is not yet legally mandatory as in some neighboring countries, but being among the first to digitalize these processes can give you an operational advantage and reduce costs (printing, archiving). Banks also support e-commerce – if you sell online, it is important to have a good payment gateway or internet card payment, which banks can provide. Digital services often come with better security mechanisms – ensure you have a token or mobile app for transaction confirmation and train staff on security to avoid online fraud risks.

Refinancing and reducing debt costs

For companies in RS, the same rule applies – actively manage your debts. If you previously took out a commercial loan with a high variable interest rate, explore the possibility of refinancing through an IRB credit line or through another bank with the Guarantee Fund. Now that interest rates have risen globally, it may also happen that your old loans are more favorable – but a gradual stabilization or decline in interest rates is expected in the later part of 2026, so be ready to negotiate with the bank for a lower interest rate when market conditions allow.

Advice: Do not hesitate to ask the bank for reprogramming or restructuring if your business is suffering – it is better to redefine the repayment period in time (e.g., extension from 3 to 5 years, with a smaller installment) than to end up in a situation of late payments. Banks prefer that the client remains “alive” and pays regularly, even over a longer period, rather than to lose them. RS also has instruments such as bankruptcy moratoriums, but that is a last resort – try to find a joint solution with the bank before that. It is also possible to refinance a loan from one bank with a more favorable loan in another – if you get a better offer, your existing bank may try to match it to keep you.

Creditworthiness and risk assessment

Banks in RS assess creditworthiness similarly to elsewhere: they review financial indicators (indebtedness, liquidity, profitability), payment history and credit report from the Central Credit Registry of BiH, as well as the company’s credit rating. To improve your position, maintain a positive financial result (even minimal profit – better a small profit than a loss on paper, due to credit evaluation).

Also, capitalize the company as much as you can – a higher founding or additionally paid-in capital reduces the debt-to-equity ratio and gives banks confidence that owners have “skin in the game.” Take care of your personal credit rating: many small business owners use personal loans or cards for business needs, but delays in personal obligations also affect the bank’s view of you as a founder. In RS, banks often require personal promissory notes or guarantees from owners for company loans – be prepared for this and plan your personal finances so that you can take on that responsibility if necessary.

Using banking instruments

Small businesses in RS can improve liquidity and reduce risks by using various banking instruments: factoring and receivables purchase (some banks or factoring houses buy your invoices before the due date, which speeds up cash inflow), letters of credit and guarantees (if you import equipment or participate in tenders, bank guarantees are sometimes necessary – plan the cost of guarantees in your finances), leasing (for the purchase of vehicles or machinery, leasing companies may be a more efficient solution because the equipment itself is collateral and often no additional collateral is needed).

Advice: Consult with a banking officer about which product best suits your needs. Do not, for example, finance fixed assets with a short-term loan or overdraft – this puts you at liquidity risk. It is better to take a long-term investment loan or leasing for equipment (with a repayment period that matches the lifespan of the equipment). Conversely, for short-term needs such as seasonal inventory increases or customer delays, use a revolving loan or credit line instead of taking a large one-time loan that will sit unused. Optimal use of instruments reduces the cost of money – you pay interest only for the amount and period you actually need.

Serbia: Banks as partners to small businesses in 2026

State guarantee schemes and cooperation with banks

In previous years, Serbia successfully implemented guarantee schemes to encourage business lending. As part of the economic measures during the pandemic, the state guaranteed bank loans to small businesses in a total amount exceeding several billion euros, covering up to 80% of the risk per loan. This enabled banks to approve thousands of favorable loans for liquidity and maintaining operations, with a repayment period of up to 36 months and a grace period of 9–12 months.

By the end of 2023, these guarantee lines were mostly used up, and the business sector showed an excellent response to such loans. Currently, although there is no active general guarantee scheme, the Ministry of Finance still monitors the portfolio of these loans and leaves open the possibility of launching a new scheme if economic conditions require.

Recommendation: If you are looking for a loan, ask your bank whether there is an active guarantee or risk-sharing program. The European Investment Fund (EIF) often offers guarantee lines specifically for innovative companies or for crisis recovery (COSME, InnovFin, etc.). Banks cooperating with EIF (such as specialized development banks and smaller commercial banks) use these guarantees to more easily approve loans. Using a loan with a state or EU guarantee means you will likely get better conditions (lower interest rate or longer term), because the bank assumes less risk.

Subsidized interest rates – program for the manufacturing industry

One of the most significant current programs in Serbia is the subsidized loan program of the Ministry of Economy, launched at the end of 2025, intended for companies in the manufacturing industry. The program operates in partnership with the Development Agency of Serbia (RAS) and one of the domestic banks that receives loan applications.

The key benefit is the extremely favorable interest rate: companies pay only 2% interest, while the state covers the remainder up to the full rate as a subsidy. The maximum loan amount is 15 million dinars, and for equipment purchases the company must invest at least 30% of its own funds, while the rest is financed through the loan. The program has a fund of several billion dinars, and the public call is open until funds are exhausted or no later than April 30, 2026.

What this means for you: If you are a small manufacturing company (metal processing, wood industry, food processing, etc.), this is an opportunity to obtain practically the cheapest capital on the market. A 2% interest loan invested in machine modernization or working capital can significantly improve your competitiveness, and the interest burden is minimal (in a context where commercial interest rates exceed 6–7%). Check whether you meet the conditions (you must belong to the manufacturing industry according to activity code), prepare an investment plan, and contact the participating bank as soon as possible – funds are limited and interest is high.

Non-refundable subsidies for business digitalization

Serbia has been implementing the SME Digital Transformation Support Program for several years, through the Center for Digital Transformation at the Serbian Chamber of Commerce (with support from the Ministry of Economy). The calls provide non-refundable subsidies of up to several thousand euros per company.

The program works by having certified consultants analyze the company’s operations, propose a digitalization strategy (introduction of modern software, e-commerce, ERP systems, process automation, or AI solutions), and then the company implements the solutions with state co-financing. The subsidy covers up to 50% of the investment (e.g., up to €6,000 on a €12,000 investment), and larger amounts were previously approved for AI-based projects. In addition to financial support, companies receive expert assistance: a free expert analysis of the current IT infrastructure and business processes, as well as mentoring during strategy implementation.

Recommendation: Do not miss this program if you belong to the group of companies that meet the conditions (typically 5–249 employees, registered for at least one year, with all obligations to the state settled). The application is relatively simple through an online form, and the call remains open until funds are used. Digital transformation through this program can modernize your business at minimal cost, making you more competitive and ready for the EU market.

Other grants and incentives through banks

In addition to the above, Serbia also has credit lines with grant components implemented in cooperation with EU institutions and international financial organizations. An example is the MSME Competitiveness Program with EBRD/EU, which provides companies with reimbursement of part of the investment after successful project implementation (e.g., 15% of the value). These programs cover investments in meeting EU quality standards, energy efficiency, environmental protection, green transition, etc.

Note: These programs are not always widely known, but participating banks will certainly offer them to clients when they recognize eligibility. Therefore, when speaking with a credit advisor, mention all relevant characteristics of your business – whether the owner/CEO is a woman, whether you export, whether you plan a “green” investment – because this may qualify you for special lines.

Business accounts, packages, and digital banking

In Serbia, competition among banks is strong, and they offer attractive conditions for business account management, especially to new clients. When establishing a company, explore startup packages offered by banks (often free account maintenance in the first year, free business card issuance, a certain number of free monthly transactions, etc.).

For existing companies, it may be worthwhile to switch banks if another offers a better package: some banks have a fixed monthly fee covering all domestic payment orders, e-banking, and statements, which can be cost-effective if you have a high volume of payments. Digital services are now standard – mobile and internet banking for legal entities allow you to make payments, review transactions, and manage foreign currency operations from a computer or phone.

Recommendation: Establish the practice of electronic payment of all invoices. Since 2023, use of the electronic invoicing system (SEF) is mandatory in B2B and B2G transactions in Serbia, which means you are already working digitally with invoices. Integrating SEF with internet banking enables faster reconciliation of payments with invoices. Also, use QR code payment (Instant Payments – IPS QR code) for collection from individuals – for small retailers or hospitality, this is a cheaper alternative to a POS terminal, and the money arrives instantly. Most banks support issuing an IPS QR code on the invoice or receipt. These digital services often have minimal fees and increase the likelihood of faster collection.

Minimizing financing costs

Using the optimal financing source can save you a lot:

• Leasing vs. loan: for purchasing vehicles or equipment, consider financial leasing – sometimes the procedure is faster, and you also receive certain tax benefits.

• Short-term vs. long-term money: do not finance long-term needs (such as buying a facility) with expensive short-term loans or a credit card. Credit cards and overdrafts have double-digit interest rates and should be used only for small, short-term needs or as a liquidity reserve.

• Interest rates: negotiate with the bank for a fixed interest rate if you expect variable rates to rise – in previous years the surge of EURIBOR surprised many firms. If you are taking a loan now, consider fixing the rate for at least the first 2–3 years.

• RSD or EUR loan: for micro firms that operate mainly on the domestic market, a dinar loan is recommended – although dinar interest rates are somewhat higher, you have no currency risk. If your revenue is not in euros, borrowing in euros carries FX risk.

The National Bank of Serbia encourages dinar lending, so some banks offer dinar loans under conditions increasingly close to foreign currency loans.

Access to finance for beginners

Startups and companies younger than two years in Serbia can seek funding outside commercial banks as well. The Development Fund of the Republic of Serbia offers special startup loans and programs (often a combination of 30–40% grant and the rest as a loan with a favorable interest rate of 1–3%, with a grace period). There are also programs for beginner entrepreneurs and women entrepreneurs where the state covers part of the risk. The National Employment Service offers self-employment subsidies (one-time grants ranging from several hundred thousand dinars), which can serve as initial capital.

Advice: Combine these funds with bank financing – after using non-refundable funds or a favorable state startup loan, you will more easily qualify with a bank because you will already have some financial results and invested own capital. Be sure to open a business account and conduct all transactions through it from day one; cash flow through the account is the best recommendation to the bank after some time.

Creditworthiness in Serbia

Banks rely heavily on the Credit Bureau report (for the company and the related owners). Therefore:

Check your Credit Bureau report – obtain it at the bank or through the relevant institutions and make sure there are no old debts that were not closed or incorrectly recorded obligations.

Financial statements (balance sheets) – submit them properly and on time to the Business Registers Agency (APR), and try to present the real situation. Excessive “reducing” of profit due to taxes can backfire when applying for credit, because the bank evaluates repayment capacity according to the reported profit.

Collateral – do not pledge key assets for a small loan; preserve strategic real estate for larger or long-term borrowing.

Working capital management – watch the collection periods of receivables and payment deadlines of obligations; long collection periods burden liquidity. It is better to give a discount to a customer for faster payment than to borrow later for working capital.

Banks like to see that you efficiently manage receivables and obligations and that you have a clear collection policy.

Using banking products for growth

As your business grows, use the full spectrum of banking services:

Factoring – the purchase of your invoices before maturity accelerates cash inflow with a certain discount.

Forfaiting – for exporters, selling collectible receivables from abroad can improve liquidity and reduce risk.

Letters of credit – if you import goods or equipment, a documentary letter of credit protects both you and the supplier and enables deferred payment.

Bank guarantees – a performance guarantee, bid bond, advance payment guarantee, etc., are often a requirement for working with the state or large systems. Instead of tying up your money in a deposit for a guarantee, it is better to pay the bank’s fee and keep your liquidity.

Advice: The costs of these instruments are part of financing costs, but with smart use you actually save money or earn more. For example, if a supplier offers you a 5% discount for advance payment, and you take a short-term loan with a 1% interest rate for that advance, you are still 4% ahead. Or, if with a bank guarantee you can get a job worth 100,000 EUR, it is worth paying a 1% guarantee fee. Always calculate the effective financial effect – this is what successful financial directors do in large companies, and the same applies to small ones.

Conclusion

Planning and being informed are key to the survival of a small business in 2026. With the challenges of high inflation and expensive money, the right moves – such as using subsidized loans, guarantee funds and grants – can reduce the burden of borrowing and encourage growth. Try to build a partnership relationship with banks: communicate regularly with your banker about needs and plans, because many support programs are not publicly advertised, but the bank may propose a solution that exists in the background.

Also, investing in digital transformation will not only bring benefits in efficiency but may also qualify you for special incentives (loans with grants, expert support). Financial discipline – timely payment of obligations, good cost management and liquidity – remains the foundation for a good credit rating and lower financing costs.

Finally, be proactive and use all available instruments: money has its price, but with smart use of banking tools you can minimize that price. Enter 2026 prepared – get informed about support programs in your area, prepare quality projects for financing, and do not hesitate to seek advice from financial experts. Small businesses are the backbone of the economy, and with proper support from banks and the state, 2026 can be a year of your growth rather than mere survival. Good luck with your business endeavors!

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"Standard Prva" LLC Bijeljina is a company registered in Bijeljina at the District Commercial Court in Bijeljina. Company’s activities are accountancy, repurchases of receivables, angel investing and other related services. Distressed debt is a part of the Group within which the company repurchases the receivables, which function and are not returned regularly.

Lawyer’s Office Stevanović is the leading lawyer’s office in the region with the seat in Bijeljina. The LO abbreviation represents Lawyer’s Office of Vesna Stevanović and Lawyer’s Office of Miloš Stevanović.

Contact for media press@advokati-stevanovic.com or via telephone 00 387 55 230 000 or 00387 55 22 4444.