The European Investment Fund and Banca Intesa are extending a guarantee to help small and medium-sized enterprises (SMEs) by pumping $111.9 million more into the COSME program.
The new funds will allow the bank to support 2,200 more businesses and entrepreneurs by offering loans with reduced collateral requirements, according to a bank press release. The first round of loan funding and guarantees was put into action in December.
Banca Intesa was the first bank in the Serbian market to implement the program, which has already supported 1,300 small or medium businesses and entrepreneurs. The COSME program runs until 2020 and estimates a total budget of $2.5 billion.