Directorate for small and medium sized enterprises in cooperation with Montenegrin Commercial Bank issued new credit line within the Project »Enhancement of competitiveness of domestic enterprises«, on 12. December 2005. aimed to Montenegrin enterprises which are producing furniture. Regarding to that Directorate for small and medium sized enterprises organized press conference, moderated by director of Directorate for small and medium size enterprises Mr. Zoran Vukčević and senior adviser for communications in Directorate Ms.Dragana Bjelobrkovic.
This credit line is intended to companies which do woodprocessing activities at least two years and which precisely pay tax and have positive business results. Main goal of this credit line is enhancement of competitiveness of domestic enterprises, increasing product capacity, assortment, number of employees, better and effective use of domestic resourses.
Technical valuations in sector of woodprocessing showed that in future this sector could make annual income up to 500 million euro. Considering that woodland present 54% of overal terithory of Montenegro and woodprocesing present very important resource for total potential. Also, sector of woodprocessing could employed up to 10.000 employers, and that will significantly reduce unemployment.
Small and medium sized enterpises in this area are blind forces built without quality elaboration, sufficient capable staff, without support of great enterprises (tehnological support, commercial support, support in conception of development, cooperation support). In that reason they need technical, commercial and marketing support for development.
Credit line is open till 3. February 2006. and credit could be used only for development of enterpise. Monitoring of credit line will also be provided. Credit term is 4 years, interest rate is 7% on annual level, grace period is 6 – 12 months.
Montenegrin Commercial Bank has a final decision on issuing credits and takes the risk of refunding. Directorate for small and medium sized enterprises is dealing with complete logistic support for enterpises and will provide all information for preparing bussines plans, technology, and organizations. The analize of bussines plans will be made as well as reccomendation, to the bank, of enterprises which deserve credit approval.