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Small businesses (SMEs)

Financial products

At the EBRD, we have combined our extensive experience and know-how to create a range of tailor-made financing products, advisory services, business tools and policy reform interventions to support SMEs across our countries of operations.

These innovative offerings are designed to address the needs of various types of enterprises from start-ups to well-established companies, operating in different sectors and business environments with a view to creating sustainable solutions for their growth and development.

Risk Sharing Framework

Through our Risk Sharing Framework, we work in tandem with local banks and share the risks associated with lending to SMEs, facilitating their access to finance and encouraging investment in local businesses across different sectors.

By co-financing and guaranteeing partner bank loans to SMEs, the EBRD works together with local financial institutions to secure loans denominated in either local or foreign currencies, where the EBRD's share can go up to €25 million, spanning a period of up to 15 years.

SME Local Currency Programme

The SME Local Currency Programme offers eligible borrowers steady, long-term and affordable financing: accessible to SMEs in the local currencies of 15 countries of operations. We also work with local authorities to accelerate reforms, help local currency intermediation and develop local capital markets.

Our donors provide first loss guarantee, enabling the EBRD to offer market level interest rates. The pricing of a loan is subject to market tests in line with the private sector.

Direct Financing Framework for SMEs

The Direct Financing Framework for SMEs is a framework that allows the EBRD to finance SMEs directly, in particular when they require tailor-made financing. The range of available instruments is quite broad and features senior and junior loans, loans with performance related remuneration, project finance loans, as well as quasi-equity and minority equity investments. The investment amount varies from €1 million to €25 million, with an average of about €3.5 million.

The Direct Financing Framework for SMEs is available in all EBRD countries of operations and seeks to support fast-growing local companies, which are committed to improving their competitiveness and corporate governance, and provide successful examples for other local enterprises. The financing is often combined with advisory support through local consultants and/or international advisors that aims to support the adoption of best industry practices, development of new products, improving energy and resource efficiency, etc.



BG Reklam, a manufacturer of innovative product advertisements in Serbia is improving its efficiency and expanding its facilities.

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Our work with SMEs