OCDE - Financing SMEs and Entrepreneurs 2026 - Serbia de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: SERBIA © OECD 2026

Key facts on SME financing SMEs dominate the Serbian business economy, accounting for 99% of all enterprises . In 2024, SMEs employed more than 64% of the labour force and accounted for 56.9% of total gross val ue added and for 63.7% of turnover. Sector-specific data indicate that most SMEs belonged to the trade sector (20.1%), followed by the professional, scientific and innovative activities (16.2%), the manufacturing sector (13.7%), and the transportation and storage (8.0%). According to the preliminary results from the 2024 SME lending condition s survey conducted by the National Bank of Serbia in 2025, the stock of SME loans in 2024 increased by 7.3% yearon-year to EUR 9.3 billion. New bank lending to SMEs in 2024 amounted to EUR 6.4 billion (an increas e of 17.7% compared to the previous year). The share of new SME loans among total corporate loans decreased by 3.7 percentage points to 31.9% in 2024. The share of outstanding SME loans in total corporate loans decreased to 26.1% (from 27.1% in 2023). Long-term loans decreased as well and amounted to 86.4% of total SME loans. Interest rates for SME loans in/or indexed to foreign currencies stayed at 6.7% in 2024 , maintaining the same level as in 2023. However, the interest rate spread between large companies and SMEs increased to 1.7 percentage points (from 0.5 percentage points in 2024). On Serbian dinardenominated loans , interest rates were 1.0 percentage points lower compared to the previous year (8.0% vs. 9.0%) , and the spread between large companies and SME was 1.4 percentage points. The rejection rate (the percentage of SME loan applications that are rejected, c onsidering the amount of

interest rates were 1.0 percentage points lower compared to the previous year (8.0% vs. 9.0%) , and the spread between large companies and SME was 1.4 percentage points. The rejection rate (the percentage of SME loan applications that are rejected, c onsidering the amount of loans) was 9.7% in 2024 ( 19.2% in 2023), while the utilisation rate (the percentage of used SME loans among all SME loans that were approved) was 95.9% in 2024 (99.5% in 2023). At the same time, the share of loans requiring collateral (excluding bills of exchange) was 43.2% in 202 4 (41.2% in 2023). The share of NPLs in total SME loans decreased to 3.0% (compared to 3.1% in 2023), while NPLs for the whole corporate sector decreased to 1.7% in 2024 from 2.0% in 2023.

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FINANCING SMES AND ENTREPRENEURS 2026: SERBIA © OECD 2026

Table. 1. Scoreboard for Serbia Indicator Unit 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs EUR million 4.35 4.06 4.78 5.34 5.55 5.80 6.49 7.14 8.19 9.04 8.48 8.65 9.28 Outstanding business loans, total EUR million 20 460 19 154 18 724 18 677 18 362 19 150 20 847 22 394 24 622 27 273 30 251 31 920 35 600

Outstanding business loans, total EUR million 20 460 19 154 18 724 18 677 18 362 19 150 20 847 22 394 24 622 27 273 30 251 31 920 35 600 Share of SME outstanding loans % of total outstanding business loans 21.27 21.20 25.52 28.59 30.24 30.3 31.1 31.9 33.3 33.2 28.0 27.1 26.1 New business lending, total EUR million 9 043 7 093 6 765 8 461 10 130 10 966 12 339 13 629 11 424 13 944 15 012 15 143 19 897 New business lending, SMEs EUR million 2 771 2 302 2 717 3 332 4 038 4 688 5 478 6 087 4 927 5 170 5 210 5 386 6 338 Share of new SME lending % of total new lending 30.64 32.45 40.16 39.38 39.86 42.7 44.4 44.7 43.1 37.1 34.7 35.6 31.9 Outstanding short-term loans, SMEs EUR million 1 257 1 386 1 405 1 348 1 380 1 451 1 480 1 347 1 013 1 199 1 184 1 150 1 261 Outstanding long-term loans, SMEs EUR million 3 096 2 675 3 374 3 993 4 172 4 350 5 008 5 793 7 181 7 844 7 292 7 500 8 019

Outstanding long-term loans, SMEs EUR million 3 096 2 675 3 374 3 993 4 172 4 350 5 008 5 793 7 181 7 844 7 292 7 500 8 019 Share of short-term SME lending % of total SME lending 28.87 34.13 29.40 25.24 24.86 25.0 22.8 18.9 12.4 13.3 14.0 13.3 13.6 Government guaranteed loans, SMEs EUR million 569 342 750 117 13 14 15 14 357 349 206 99 78 Non-performing loans, total % of all business loans 19.2 24.5 24.6 21.71 17.22 10.41 5.05 3.17 2.82 2.64 1.94 1.97 1.65 Non-performing loans, SMEs % of all SME loans 26.1 28.0 27.1 26.69 20.16 9.91 6.93 4.66 4.62 3.57 3.88 3.11 2.98 Interest rate, SMEs % 7.6 7.5 7.0 5.62 4.35 3.28 3.17 3.14 3.06 3.04 3.93 6.68 6.68 Interest rate, large firms % 6.8 7.2 5.9 3.86 3.07 2.66 2.18 2.42 2.18 2.29 3.46 6.16 5.04 Interest rate spread Percentage points 0.8 0.3 1.0 1.76 1.28 0.62 0.99 0.72 0.88 0.75 0.46 0.52 1.71

Interest rate spread Percentage points 0.8 0.3 1.0 1.76 1.28 0.62 0.99 0.72 0.88 0.75 0.46 0.52 1.71 Collateral, SMEs % of SMEs needing collateral to obtain bank lending 53 55 53 53.79 42.70 53.85 50.69 50.64 50.53 43.33 43.42 41.21 43.19 Percentage of SME loan applications SME loan applications/ total number of SMEs

14.94 16.46 16.89 15.46

Rejection rate 1-(SME loans authorised/ requested) 32 32 25 24.52 28.18 28.32 17.23 6.52 19.27 20.49 16.77 19.24 9.71 Utilisation rate SME loans used/ authorised 86 88 86 87.86 88.05 90.58 94.97 98.25 96.08 97.00 96.47 99.50 95.86 3

FINANCING SMES AND ENTREPRENEURS 2026: SERBIA © OECD 2026

SMEs in the national economy SMEs dominate the Serbian business economy, accounting for 99.8% of all enterprises , most of them (95.5%) being companies with less than 10 employees. SMEs employed more than 64% of the labour force and accounted for 59.6% of t otal gross value added and for 63.7% of turnover. Sector-specific data indicate that most SMEs belonged to the tr ade sector (20.1%), followed by the professional, scientific and innovative activities (16.2%), the manufacturing sector (13.7%), and the transportation and storage (8.0%). Table 2. Distribution of enterprises by size in Serbia, 2024 Number and percentage Type of firm (number of

(20.1%), followed by the professional, scientific and innovative activities (16.2%), the manufacturing sector (13.7%), and the transportation and storage (8.0%). Table 2. Distribution of enterprises by size in Serbia, 2024 Number and percentage Type of firm (number of employees) Number of firms Percentage of all firms Number of employees Percentage of employment Micro (0-9) 353 112 95.5% 516 592 30.8% Small (10-49) 12 814 3.5% 260 538 15.5% Medium (50-249) 2 967 0.8% 304 054 18.1% Large 674 0.2% 596 633 35.6% Total 369 567 100.0% 1 677 817 100.0% Source: Statistical Office of the Republic of Serbia. SME lending The National Bank of Serbia conducts an annual survey on SME lending conditions among commercial banks established in Serbia. Data covers financial loans provided by these banks to SMEs as well as cross-border loans. Despite the unprecedented global energy crisis and heightened geopolitical uncertainty, preliminary results from the 2024 SME lending conditions survey conducted by the National Bank of Serbia indicate that the SME financing conditions did not deteriorate, and in some aspects even improved, as a result of the timely and effective measures adopted by the National Bank of Serbia and Serbian Government to minimize t he negative effects of this crisis. The stock of SME loans in 2024 increased by 7.3% yearon-year to EUR 9.3 billion. In 2024, new bank lending to SMEs increased to 6.4 billion EUR (5.4 billion EUR in 2023). The share of new SME loans among total corporate loans decreased to 31.9 % in 2024. Also, the share of out standing SME loans in total corporate loans decreased to 26.1%. The share of long-term loans stayed at the same level as in the

among total corporate loans decreased to 31.9 % in 2024. Also, the share of out standing SME loans in total corporate loans decreased to 26.1%. The share of long-term loans stayed at the same level as in the previous year, accounting for around 86% of total SME loans. Credit conditions Interest rates were 1.0 percentage points lower compared with the previous year (8.0% compare with 9.0%), and the spread between large companies and SME was 1.4 percentage points. The rejection rate (the percentage of SME loan applications that are rejected, c onsidering the amount of loans) was 9.7% in 2024 (19.2% in 2023), while the utilisation rate (the percentage of us ed SME loans among all SME loans that were approved) was 95.9% in 2024 (99.5% in 2023) . At the same time, the share of loans requiring collateral (excluding bills of exchange) was 43.2% in 2024 (41.2% i n 2023).4 

FINANCING SMES AND ENTREPRENEURS 2026: SERBIA © OECD 2026

Other indicators The share of NPLs in total SME loans decreased to 3.0% (compared to 3.1% in 2023). On the other si de, the NPL of the whole corporate sector decreased to 1.7% in 2024 from 2.0% in 2023. Government policy response The Serbian government recognised the development of SMEs as one of the most i mportant economic goals. In November 2023, the Strategy for the Development of Small and Medium-Size d Enterprises for the period from 2023 to 2027 (Strategy) was launched. In 2016, the Year of Entrepreneurship was declared, and after successful actions made during 2016, it was decided in 2017 that the Year of Entrepreneurship be upscaled to the Decade of Entrepreneurship. Under the Decade of Entrepreneurship programme, many government institutions, chambers of

declared, and after successful actions made during 2016, it was decided in 2017 that the Year of Entrepreneurship be upscaled to the Decade of Entrepreneurship. Under the Decade of Entrepreneurship programme, many government institutions, chambers of commerce, business associations, international organisations, donors, and NGOs are invol ved. Activities within this programme relate both to financial support (e.g., loans, subsidies, develo pment of exports, support in entering supply chains, etc.) and non-financial support (such as educati on, requalification, professional and consulting assistance, etc.). Ministry of Economy in cooperation with Development Fund implements Entreprene urship Development Program Through Financial Support for Beginners in Business and youth - Funds under this program could be used for: current maintenance of business or production premises, purchase of equipme nt (new or used, not older than five years); permanent working capital, which can partici pate a maximum of 20% in the structure of the total investment that is the subject of financing. Financing structure: gran ts from the budget, 30% of the investment value (40% in underdeveloped municipalities), and loans from the Development Fund, 70% (60% in underdeveloped municipalities). In 2023, 172 requests worth RSD 180 million of grants were approved. The Ministry of Economy, in cooperation with the Development Fund, implemented th e Entrepreneurship Encouragement Program Through Development Projects in 2023. The funds allocated by the Program were intended for: purchase, construction, extension, reconstruction, adaptation, rehabilitation, investment maintenance of production space or business space that is part of the production spa ce, or space for storage of own products, raw materials and intermediate goods; purchase of new or used production and construction equipment (not older than five years), including tools, as well as for delivery vehicles for the transport of own products and other means of transport used in the production process; working c apital, which can make up to 10% of the total investment; procurement of software and computer equipment. 6 2 requests worth RSD 301.6 million of grants were approved.

transport of own products and other means of transport used in the production process; working c apital, which can make up to 10% of the total investment; procurement of software and computer equipment. 6 2 requests worth RSD 301.6 million of grants were approved. Ministry of Economy in cooperation with Serbian Development Agency and commercial banks, implements the Support Program for Small Enterprises for the Procurement of Equipment - Entrepreneurs, micro, and small legal entities and cooperatives that meet the requirements of the Program may be entitled to financial support in the amount of up to 25% of the grant from the net value of the investment. The remaining amount of the project value is financed from loans from commercial banks and leasing companies, with the economic entity being obliged to provide a share of 5% of the net value of production equipment. In 2022, a dedicated budget of EUR 26 million was allocated, of which EUR 10 mill ion was provided from the EU pre-accession funds - IPA 19. Ministry of Economy and Serbian Development Agen cy signed a contract with the EU - Scaled up and technologically improved production capacity solutions among micro and small enterprises and entrepreneurs. In 2023, 547 requests worth RSD 1.40 billion of grants were approved. Ministry of Economy in cooperation with Development Fund implements Support Program for Women Entrepreneurs -Funds under the Program could be used from Ministry of Economy in coo peration with Development Fund implements the purchase of equipment and delivery vehicles that are used to transport 5

FINANCING SMES AND ENTREPRENEURS 2026: SERBIA © OECD 2026

own products, raw materials and other means of transport included in the production process (new or used, not older than five years);ongoing maintenance of business and/or production space; operating costs tha t could participate at most up to 20% in the structure of the total investment. In 2023 315 requests worth RSD 4898 million of grants were approved. The Program for the Promotion of Entrepreneurship and Self-employment is implemented by the Public

could participate at most up to 20% in the structure of the total investment. In 2023 315 requests worth RSD 4898 million of grants were approved. The Program for the Promotion of Entrepreneurship and Self-employment is implemented by the Public Investment Management Office in cooperation with the Development Fund of the Republic of Serbia and the professional support of KFW. The goal of the Program is to encourage the deve lopment of entrepreneurship through joint support for the establishment of new economic entities. In that way, conditions would be created for sustainable growth and employment. The total available funds for the realization of this program are RSD 300 million. Support Program to Enter the Supplier Chains of Multinational Companies –was launched in 2019 and the following groups of activities can be financed through the Program:

1. Investment in tangible assets of the Program Beneficiary, such as purchas e of high-performance production and process equipment; Purchase of equipment for advanced quality control; Purchase of autonomous robots and collaborative robots; Improvement of production facilities, etc;

2. Investment in intangible assets of the Program Beneficiaries, such as quality system certifications; Introduction of software solutions; Costs of creating a prototype or trial series of a product delivered to the MNC; Providing funds for the insurance of the SMEs from liability, etc.

3. Consulting support for quality system certification according to the requirements of industry-specific standards, Consulting support for improving business performance: Consulting support for optimisation of production and business processes, Consulting support for the introduction or improvement of corporate governance, Consulting support for the introduction of rules, procedures and reporting related to ESG factors; etc.

Every beneficiary undergoes diagnostics of business performances, to reach an agreement on intervention measures which can be co-financed. For the realization of the Program for the year 2022, a budget i n the amount of RSD 240 million has been carried out through two Public Calls. Serbia n Development Agency signed 16 grant contracts with program beneficiaries during 2023, in the amount of approx. RSD 186

amount of RSD 240 million has been carried out through two Public Calls. Serbia n Development Agency signed 16 grant contracts with program beneficiaries during 2023, in the amount of approx. RSD 186 million, and 3 contracts were signed in the beginning of 2024. By the end of 20 23, a public call for 2023 was announced, and had been open until March 2024. with total budget of RSD 270 million, for this public call. Support Program for Export PromotionThe objectives of the Program are to grow the domestic added value of the exported products, to integrate the domestic exporters in foreign value chains, to advance the quality and the complexity of the exported products, and to accelerate the sales volume of the domestic products. The program co-finances the following groups of related activities of companies related to the improvement of export potentials, in accordance with the company's application and the results of the diagnosis of export capabilities: Consulting support for export marketing activities; Exhibition at international fairs and business meetings; Entering the target market and improving the position on the same; Consult ing support for the improvement of export capabilities; Improvement of production capabilities. A budget in the amount of RSD 190 million has been allocated for the implement ation of this program in 2023, and the public call was published in December 2023. During 2024 Serbian Develo pment Agency signed 38 contracts with selected beneficiaries. Support Program for Competitiveness Development - This program will contribute to increasing the level of use of standards in production and business organization, product certification, management sy stems, as well as increasing the use of other services in the field of quality infrastructure. The available funds are approved individually to the beneficiaries, with a refund as co-financing in the amo unt of up to a certain6 

FINANCING SMES AND ENTREPRENEURS 2026: SERBIA © OECD 2026

percentage of the total amount of justified costs for each project activity. The publi c call was launched in

FINANCING SMES AND ENTREPRENEURS 2026: SERBIA © OECD 2026

percentage of the total amount of justified costs for each project activity. The publi c call was launched in December 2022 with total budget of RSD 100 million. During 2023 it is planned to s elect beneficiaries, conclude contracts with beneficiaries and refund approved grants. The Smart Start Program, implement ed by the Innovation Fund, is support program for early-stage startups to help them in their efforts to validate business ideas and demonstrate future useful ness of their technology by developing a first prototype or a minimum viable product. The program awardees will receive financial and mentorship support for execution of the first phase of market researc h, engaging in product development, establishing a business model and beginning preparation for the next ph ase of fundraising. Since 2021, through three public calls, the Innovation Fund approved support for 100 start-ups, in the total amount of EUR 4.1 million lion. In 2023, 31 start-ups received support in amount of EUR 1.1 million, and in 2024 42 start-ups in amount of EUR 2.1 million. The Mini Grants Program, implements by the Innovation Fund, is aimed to support s tart-ups during the critical phase of research and development and to allow them to grow effective business capacities through which they will launch their innovations on the market. Applicants must be mi cro or small enterprises incorporated in Serbia, majority-owned (51% or more) by Serbian residents, and not older than ten y ears at the time of application submission. The financing amount is EUR 80,000 per project, which has increased to EUR 120,000 per project from 2023, covering up to 70% of the total project budget for a maximum duration of 12 months. Since 2011, through 15 public calls, grants of EUR 25.2 million were approved for 307 innovative projects. In 2023, the support is approved for 67 start-ups, in the am ount of EUR 7.2 million.

maximum duration of 12 months. Since 2011, through 15 public calls, grants of EUR 25.2 million were approved for 307 innovative projects. In 2023, the support is approved for 67 start-ups, in the am ount of EUR 7.2 million. The Innovation Fund also implements the Matching Grants Program, intended for SMEs that need significant financial resources for the commercialisation of research and develo pment. The program aims to further develop existing innovative knowledge-based companies, encourage the es tablishment of cooperation with international partners and increase the number of technology companies. The financing amount is EUR 300 000 per project, which has increased to EUR 500 000 per project from 2023, covering up to 70% of the total project budget for a maximum duration of 18 months. Since 2012, through 12 public calls, grants of EUR 26.97 million have been approved for 92 innovative projects. In 2023, EUR 7.15 million was approved for 15 projects. The Innovation Fund implements Collaborative Grant Scheme Program, aiming to encourage SMEs and public sector research organizations to implement joint research and development projects with the idea of creating new or improving existing commercially viable products and services, such as an innovative technology with a significant impact on future development and market potential. The fin ancing amount is EUR 300 000 per project, which has increased to EUR 500 000 per project from 2023, covering up to 70% of the total project budget for a maximum duration of 18 months. Since 2017, through 8 public calls, grants of EUR 22.6 million have been approved for 77 innovative projects. In 2023, EUR 6.56 mi llion was approved for 14 projects. The Acceleration program Katapult, implements by the Innovation Fund, is intended for start-ups that are in the early stages of product development and market positioning (Ideation), as well as those with proven market traction that aim to accelerate their growth and raise additional financial resources (Scale-up). The Katapult consists of a three-month intensive training program with financial support that is available as Atin the early stages of product development and market positioning (Ideation), as well as those with proven market traction that aim to accelerate their growth and raise additional financial resources (Scale-up). The Katapult consists of a three-month intensive training program with financial support that is available as AtEntry Grant from EUR 20 000 to EUR 50 000 and a Co-Investment Grant equal to a qualifying investment of up to EUR 300 000 per start-up (less the amount of an At-Entry Grant received). A total of 81 start-ups have successfully completed the Katapult accelerator programme to date, while the accelerator programme for the fifth cohort is currently underway. The fifth cohort, selected in March 2026, consists of 9 high-potential start-ups, predominantly from Belgrade and primarily operating in the ICT sector. During the 12-week accelerator programme, the selected start-ups work intensively with more than 30 mentors to strengthen their business operations, refine growth strategies, and enhance their investment readiness through tailored mentoring and capacity-building support. In terms of inv estment attraction, 7

FINANCING SMES AND ENTREPRENEURS 2026: SERBIA © OECD 2026

46 out of 81 supported start-ups successfully secured qualified private investments tot aling EUR 18.56 million, which leveraged an additional EUR 11.4 million in co-investment grants provided by the Innovation Fund. Furthermore, 7 start-ups from the fourth cohort have applied for the CoInvestment Grant and are currently undergoing evaluation. The Innovation Fund also implements the Innovation Voucher Scheme. Innovation vouc hers are a simple financial mechanism that enables SMEs to use science-research sector services to raise the level of innovation of their products and become more competitive in the market. The maximum amount approved per innovation voucher is up to RSD 800 000, i.e., the innovation voucher covers up to 60% of the total costs of the service. One applicant can be granted several innovation vouchers in the total maximum amount of RSD 2 400 000. Since 2017, nine public calls, 1272 innovation vouchers were issue d in total

costs of the service. One applicant can be granted several innovation vouchers in the total maximum amount of RSD 2 400 000. Since 2017, nine public calls, 1272 innovation vouchers were issue d in total RSD 745.4 million. In 2023, the Innovation Fund opened the ninth public call and issued 210 innovation vouchers worth RSD 120 million. The Innovation Fund implements the Serbia Ventures Program with the aim of inv esting in newly established venture capital funds in Serbia as a limited partner and helping these funds generate a significant market impact on Serbia's innovation ecosystem. The Innovation Fund investment was granted with EUR 10 million to the two most successful applicants, as determined by the results of the first public call (2022). In 2023, the Innovation Fund launched the second public call with the aim of encouraging the establishment of venture capital funds in Serbia that will invest in biotechnology startups. Based on this public call, out of six submitted applications, the Evaluation Commission made a decision to approve funding for one application. To ultimately receive the funds within this program, the selected appli cants must be fully registered and licensed by the Republic of Serbia Securities Commission as a legal entity registered specifically for managing alternative investment funds and registering a VC fund in S erbia. It is expected to be established and start operating in 2024. In 2024, the Innovation Fund launched a new public call with the aim of supporting the establishm ent of a venture capital fund amounting to EUR 5 million for investing in high-growth potential startups in the field of artificial intelligence, through partnerships with private investors and institutions. In 2023, the Innovation Fund designed and launched the GovTech program with the aim of supporting the creation and use of innovative solutions in the public sector, to encourage the use of new technologies in solving the complex challenges that public sector faces every day. The GovTech program consi sts of two phases. In the first phase, public sector entities nominated challenges they face in their business, for which no adequate solution is available on the market. Out of the 54 challenges that were received, the Innovation

solving the complex challenges that public sector faces every day. The GovTech program consi sts of two phases. In the first phase, public sector entities nominated challenges they face in their business, for which no adequate solution is available on the market. Out of the 54 challenges that were received, the Innovation Fund selected 24 and requested SMEs and S&R organizations to submit solutions. A fter receiving 47 solution proposals, 19 were selected to be financed with RSD 137,8 million (~EU R 1.1 million). Based on the first public call in 2024, 19 solution proposals were selected, wit h a total of RSD 137.8 million (~EUR 1.1 million) in approved funding. The development and implementation of the soluti ons began on June 1,

2024. Based on the second GovTech public call (on November 20, 2025, open until January 12, 2026), the Innovation Fund approved support for 10 solutions to be developed in collaborati on with public institutions. These solutions focus on testing practical, technology-driven applic ations (based on AI, IoT, GIS, and machine learning) to improve efficiency, transparency, and service delivery .

Digital Transformation Support Program - The goal of the MSME Digital Transformation S upport Program is to create a clear infrastructure to support MSMEs in the digital transformation process. The MSME Digital Transformation Support Program for 2023 is implemented through three phases, as follows: Development of individual Expert Analysis for MSMEs by a Certified Consultant, including c ompany self-assessment; Development of a Digital Transformation Strategy for MSMEs by a Certified Consultant, for selected areas listed in the Expert Analysis; Non-refundable subsidy of the Centre for Digital Transformation up to 6,000 euros for regular digital solutions and up to EUR 12 000 for artificial intelligence solutions (implementation of a defined solution through consulting) which, in fact, equalizes the amount that the company itself is8 

FINANCING SMES AND ENTREPRENEURS 2026: SERBIA © OECD 2026

of a defined solution through consulting) which, in fact, equalizes the amount that the company itself is8 

FINANCING SMES AND ENTREPRENEURS 2026: SERBIA © OECD 2026

ready to invest in its digital transformation; Supervision of the implemented sol ution. The total budget of the Program is RSD 349 million. Development Fund Loans for Fixed Current Assets - Loans for permanent working capital are intended for economic entities classified as micro, small, medium and large legal entities, registered in the relevant register in the Republic of Serbia, which submit financial reports for the previou s two years in which no loss is stated, as follows: economic entities that are majority privately or s tate-owned, except for public enterprises; economic entities with a share of social capital of less than 40%. Development Fund Loans / Guarantees for Micro and Small Legal Entities to Maintain Cur rent LiquidityLoans for maintaining current liquidity projects are intended for economic entities classified as micro, small, medium and large legal entities, including economic entities operating in un derdeveloped and extremely underdeveloped areas. Development Fund Investment Loans - This financial support is planned to finance the purchase of office space, procurement of imported and domestic equipment (technological,