Problems of young entrepreneurs in Montenegro

Prima Association

For young entrepreneurs in Montenegro, in addition to a clear vision and sustainable ideas, for the realization of business, financial support in the form of loans is also necessary. The conditions for obtaining loans are often very demanding, although it is expected that young entrepreneurs will have benefits. The solution could be the opening of alternative funds with more flexible conditions.

The President of the Union of Young Entrepreneurs of Montenegro (UMPCG), Uros Bulatovic, believes that security funds as a condition of the Investment Development Fund (IRF) are one of the major problems in obtaining loans. Bulatovic said that young people often do not have a real estate that could guarantee for a loan and have to provide a guarantor, mainly two. The IRF provides favorable interest or does not have interest for certain loans, but we therefore have a problem with the means of securing. He added that he hopes to open some funds, which would be somewhat more flexible on this issue, because it is known that such a large number of people lose the opportunity to be financed from the IRF. Members of UMPCG are interested in changes in terms of the entrepreneurial atmosphere in Montenegro and actively participate in the amendments to the law, including in public debates and comments on the Draft Laws on Entrepreneurship and Youth. They also participated in the development of the Strategy for the Development of Micro, Small and Medium Enterprises.

Bulatovic said that young entrepreneurs were provided with certain incentives and incentive measures, such as various grants, funds and loans for which they can apply, which the Union continually informs them on their web portal. He thinks that all these programs need to be even more popularized because there are enough of it, and in order to be able to seek even more grants and increase financial support, they need to make better use of existing resources. The Union of Young Entrepreneurs of Montenegro is here to provide the feedback that is needed for the next support to be adapted to young people and made based on their needs.