Development Fund approves new loans to Serbian companies

This raises the total number of loans approved by the Development Fund in the course of this year to 247, and their value now exceeds RSD 5.37 billion.

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The loans, which can be used for investment and procurement of equipment and raw materials, are approved based on the 2015 program for entrepreneurs and legal entities, and on the program for businesses in the flood affected areas, the Serbian Ministry of Economy said in a release.

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The Fund's Management Board also approved two refinance programs for companies struggling with loan repayment, the release states, without specifying the companies in question.

The government of Serbia launched a business loan program through the Development Fund last year, in a bid to overcome the economic slowdown in early 2014.

The funds are intended for local companies and can be used for a range of activities aimed at generating growth and new jobs.

The loans offer longer repayment periods and lower interest rates, and loan applications are accepted all year round.

(Telegraf.co.uk/ Tanjug)