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EIFČačanska banka a.d. Čačak and the European Investment Fund (EIF) concluded on 21 December 2011 a Guarantee Agreement created in the framework of CIP, providing for partly covering of the Bank's risk when lending to legal entities, entrepreneurs and start-up projects (enterpises and entrepreneurs established not more than two years ago).

The purpose of these loans is investment financing, investment in tangible and intangible assets, including innovations, technological development and acquisition of licenses, as well as working capital.

Čačanska banka a.d. Čačak will, when approving loans, facilitate approach of micro enterprises to finances, including reduced collateral requirements, longer maturities, lower interest rates and enhanced financing volume.

This financing benefits from a guarantee issued under the European Community’s Competitiveness and Innovation Framework Programme. Final beneficiaries that benefit from guaranty should take into account the guaranty when considering STATE AID.

CIP EIFs Investment is funded by the European union, through  the Competitiveness and Innovation Programme (CIP). Under the CIP there is a EUR 1.1 bn facility managed by EIF, which is split between Venture Capital and Guarantee. It covers the period 2007-2013. CIPs objectives are to generate economic growth and create more jobs as well as boost productivity, competitiveness and innovation in the EU. The Financial Instruments optimise the use of European Union funds to support SMEs access to finance.   European union

The basic elements of the loan that will be approved in this programme:

Loan amount

Up to EUR 25,000

Down payment



Maximum 5 years
Minimum 12 months

Grace period

Up to 12 months


Micro enterprises according to EU definition (less than 10 employees, up to EUR 2 million income and/or assets)


Financing fixed assets

Financing working capital

Financing start-up projects (enterprises and enterpreneurs established not more than 2 years ago)

Nominal interest rate

9.00% + 6m EURIBOR 

Front-end fee

1.00%-1.50% in a lump sum

Effective interest rate



Loans to be granted to finance investments and related working capital – security over the asset which is being acquired with the funds made available under the loan.


For loans granted to finance working capital – no additional collateral, surety or any other security interest


For loans to start-up projects – security over the asset which is being acquired with the funds made available under the loan.


Date of EIR: 02.07.2012.


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