City of Niš and Banca Intesa ad Beograd sign a cooperation agreement

As part of the local economic development programme of the City of Niš for 2018, released by Niš Office for local economic development and projects, the city has published an invitation to tender for banks that are interested in providing short-term loans to commercial entities from the territory of Niš. The City of Niš will subsidize the interest on the loans for procurement of working capital, expenses of procurement of machines and equipment, modernization of production processes, stabilization of production, investing in new modern equipment with the goal of developing entrepreneurship, building, reconstruction and adaptation of office space, and new hiring.

In accordance with the criteria from this tender, Commission for the allocation of funds for the realization of this programme has chosen the best bid, submitted by Banca Intesa. The City Council has accepted the Commission’s recommendation and a cooperation agreement was signed today between the City of Niš and Banca Intesa. The agreement was signed by Mayor Darko Bulatović, on behalf of the City of Niš, and by Violeta Marjanović, Regional Retail and Small business Director, on behalf of Banca Intesa.

The minimum amount of loans that will be subsidized is RSD 100,000.00 and the maximum amount will be RSD 2 million. The City of Niš will subsidize the interest until the funds are spent. The purpose of subsidizing parts of loans is to contribute to the economic growth through allowing the private sector to have easier access to loans, which are given under more favorable conditions.