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The main purpose of this tool is to provide an overview of ​the available funding sources for youth-led business ​initiatives, based on the information currently available to ​us. This tool was developed within USAID’s Youth Actively ​Create Opportunities Activity.


Note: This tool contains publicly available information and ​information from CEED Hub’s sources. This is a living tool, ​so if you have any suggestions or information for new ​funding sources, please fill in this form.

sources of funding

If you want to uncover definitions and explanations for each source of funding, click here.


If you are interested in discovering the entrepreneurial journey through the different financial stages ​and which sources of funding apply to which stage, click here.

Geometric Connected Dots

Type of Finance / ​Investment

Co-financed grants for newly ​founded commercial ​companies, startups and ​spin-offs


Co-financed grants and ​conditional loans for the ​commercialization of ​innovations


Innovation vouchers

Amount

Range

40,000 - 60,000 euros


2,000,000 denars max.


8,000 euros max. per voucher

Fund for Innovation and Technological Development

Stage of Development of the ​entity in Time of Applying

Newly founded commercial companies, startups and spin-offs


Projects in prototype phase (or appropriate phase depending ​on the type of innovative product, service, process) up to the ​pre-commercial (pre-market) phase


Small and medium enterprises (SME)

Non-financial ​Support

Mentoring


Training

Geometric Connected Dots

Type of Finance / ​Investment

Co-financing

Amount

Range

350,000 denars max.

per applicant

Ministry of Economy

CONDITIONS TO APPLY

Micro, Small and Medium Enterprises


Craftsmen


Projects for the development and promotion of ​entrepreneurship and craft

Non-financial ​Support

Specialized in-depth ​technological trainings


Consulting services


Trainings for the ​establishment of business ​angels networks

Geometric Connected Dots

Type of Finance / ​Investment

Self-employment programs ​(grants for business ​establishment)

Amount

Range

369,000 - 738,000 denars

Employment Service Agency

CONDITIONS ​TO APPLY

Unemployed persons ​who want to start their ​own business

Non-financial Support

Geometric Connected Dots

Type of Finance / ​Investment

Vouchers for business ​counseling services

Amount

Range

108,000 denars max.

Agency for Promotion of Entrepreneurship

CONDITIONS TO APPLY

Small and Medium Enterprises


Unemployed persons who want to start their own business

Non-financial ​Support

Geometric Connected Dots

Type of Finance / ​Investment

Equity share


Convertible loan

Amount

Range

5,000 - 200,000 euros

Geometric Connected Dots

Non-financial ​Support

Investment Readiness Program


Acceleration Program


Mentoring


Consultancy


Networking


Co-working space

CEED Hub (CEED Macedonia)

conditions to ​apply

Startups - innovative and ​scalable business


Teams - groups with a ​viable idea to be ​commercialized


Individuals willing to ​become entrepreneurs

Stage of Development ​of the entity in

Time of Applying

Geometric Connected Dots

Type of Finance / ​Investment

Convertible loan


Equity share

Amount

Range

30,000 - 100,000 euros

Qinshift Academy

conditions to ​apply

Tech-oriented startups

Stage of Development ​of the entity in

Time of Applying

Geometric Connected Dots

Type of Finance / ​Investment

Mixed: equity share, ​convertible loan


As EIT (European Institute of ​Innovation and Technology) ​Community RIS (Regional ​Innovation Scheme) Hub for ​North Macedonia provides ​access to EIT calls and ​grants, too 

Amount

Range

5,000 - 100,000 euros with ​equity share, access to EIT ​financing from 4,000 to ​several millions euros    

Geometric Connected Dots

Non-financial ​Support

Design and implementation ​of customized acceleration ​programs, access to market, ​capacity building, ​mentorship, scouting, ​business models ​development and business ​planning, matching demand ​and supply, talent acquisition, ​testing new solutions etc.

Business Accelerator UKIM

conditions to ​apply

Different depends for the ​calls and the period

Stage of Development ​of the entity in

Time of Applying

Financing and programs ​opportunities for all ​stages of development

Geometric Connected Dots

Type of Finance / ​Investment

Equity share

Amount

Range

Up to 30,000 euros -

for beginner startups


Up to 70,000 euros -

for startups in advanced phase

Geometric Connected Dots

Non-financial ​Support

Educational and ​mentoring support for ​the selected startups

Contact

Igor Andreev

(+389) 078 739 500


xfacc.mk


info@xfacc.mk

X Factor Accelerator

conditions to apply

Initial phase - not yet been established, ​with a developed business concept / ​business plan


Advanced stage - already established small ​and medium-sized enterprises operating ​for 1-2 years and have developed and ​tested concepts/prototypes of products ​and/or services, have entered the market ​and already have or are about to sell to the ​first customers

Stage of Development of the ​entity in Time of Applying

Geometric Connected Dots

Type of Finance / ​Investment

Equity

Amount

Range

50,000 euros +

min. 20% third-party

co-financing

Geometric Connected Dots

Non-financial ​Support

Mentorship


Consultancy


Trainings


Networking

Contact

techpark@seeu.edu.mk


+389 (0) 44 356 165


+389 (0) 44 356 167


Gogo Rafajlovski

g.rafajlovski@seeu.edu.mk

(+389) 070 789 466

700 Accelerator (SEEUTechPark)

conditions to apply

Startup legal entities, or startup teams -

The companies should be registered in the ​Central Register in accordance with the ​positive legal regulations in the Republic ​of North Macedonia and be owned by a ​person(s) and/or micro, small or medium ​enterprises, with a majority Macedonian ​ownership structure of 50,1% or more.


More details here.

Stage of Development of the ​entity in Time of Applying

Geometric Connected Dots

Type of Finance / ​Investment

Grant

Amount

Range

Up to 40,000 euros


Opportunity to apply for the ​EU4EG startup grant scheme

(up to 50,000 euros with min. ​20% co-financing)

Prespa Start-up Accelerator - PREDA PLUS Foundation

conditions to ​apply

Startups and startup teams ​from the agri and food ​technology, and sustainable ​tourism; the focus is on ​women, young people under ​40, and vulnerable groups ​that will have their economic ​activity and the new jobs ​created in the Prespa region

Non-financial Support

Non-financial assistance of calculated value of 3,500 euros ​per team composed of:


tailor-made trainings, lectures, workshops that help to ​create business model, mentoring and consulting from ​industry and domestic and international experts, ​networking with people form the startup ecosystem

Geometric Connected Dots

Type of Finance / ​Investment

All instruments


(loan, grant, convertible ​loan, equity share, mixed)

Amount

Range

50,000 - 5,000,000 euros

Prime Point Partners

Contact

Stage of Development ​of the entity in Time ​of Applying

Geometric Connected Dots

Type of Finance / ​Investment

Equity share


Convertible loan


Mixed investments

Amount

Range

5,000 - 200,000 euros

Geometric Connected Dots

Non-financial ​Support

Mentoring


Coaching

Contact

Rugjer Boshkovikj 18, Skopje


ceedhub@ceed-macedonia.org


www.ceedhub.mk


(+389) 02 3225 022

CEED Business Angels Club

(Center for Entrepreneurship and Executive Development - CEED Macedonia)

conditions to ​apply

Startups - innovative and ​scalable business

Stage of Development ​of the entity in

Time of Applying

Geometric Connected Dots

Type of Finance / ​Investment

Equity share


Convertible loan

Amount

Range

5,000 - 300,000 euros

Geometric Connected Dots

Non-financial ​Support

Expertise


Networking


Investment events


Training

Zephyr Capital Skopje

conditions to ​apply

Startups

Stage of Development ​of the entity in

Time of Applying

Geometric Connected Dots

Type of Finance / ​Investment

Equity share


Convertible loans


Mix of development loans ​and equity

Amount

Range

The individual investments ​that the members make in a ​specific deal are in the ​$25,000 to $500,000 range


The rounds have been from ​$250,000 to $2 millions

Geometric Connected Dots

Non-financial ​Support

Access to mentorship, ​partner corporates and ​venture capital

Keiretsu

conditions to ​apply

Pre-seed and seed technology ​empowered companies


Early stage and growth stage ​phases

Stage of Development ​of the entity in

Time of Applying

Go to market and expansion ​in Balkans or pre-product ​high growth companies

Geometric Connected Dots

Type of Finance / ​Investment

Direct equity and

quasi-equity (mezzanine) ​investments


Mixed - mezzanine

Amount

Range

30,000 - 80,000 euros

Geometric Connected Dots

Non-financial ​Support

Consulting -

strategic, financial, general ​management, corporate

Contact

SEAF Macedonia


(+389) 2 3091 337

(+389) 2 3079-611

office@seaf.com.mk


Tatjana Veljkovich

tanja@seaf.com.mk

MIF – Micro Investment Fund managed by SPMG Capital

conditions to ​apply

Short revenue history – ​revenue at least 30,000 euros

Stage of Development ​of the entity in

Time of Applying

Geometric Connected Dots

Type of Finance / ​Investment

Equity financing

Amount

Range

Seed investments:

up to 500,000 euros


Early to growth stage:

up to 5 million euros

500,000-1,000,000 in the ​first tranche

Geometric Connected Dots

Non-financial ​Support

Mentoring and support for ​different business ​development aspects ​(financial strategy and ​planning, budgeting, HR, go ​to market, follow on funding)

South Central Ventures

conditions to ​apply

Early and growth stage ​companies


MVP ready, initial traction of ​paying customers, at least ​5,000 – 10,000 euros in MRR

Stage of Development ​of the entity in

Time of Applying

Go to market

(predominantly some ​international market)


Scaling

Geometric Connected Dots

Type of Finance / ​Investment

Equity financing

Amount

Range

300,000 - 1,500,000 euros

Day One Capital

conditions to apply

The focus is on early stage B2B software companies

Seed and Series A ​stage companies per ​first investment round

Stage of Development ​of the entity in

Time of Applying

Geometric Connected Dots

Type of Finance / ​Investment

Combination of equity ​and debt structures

Amount

Range

Up to 1,000,000 euros FRC ​potential to lead a larger ​syndicated round with FRC ​co-investors


Privileged access to FRC ​Follow-on Program which ​gives you an opportunity to ​raise up to 3 million euros in ​direct FRC funding

Geometric Connected Dots

Contact

FRC2 GP SARL

1 Côte d'Eich,

1450 Luxembourg

VAT: LU31208046


info@filrougecapital.com

Fil Rouge Capital (FRC)

NON-FINANCIAL SUPPORT

Full access to the mentor network and their office hours


One dedicated FRC partner as a lead mentor during the program


Answers to 30 business questions

Stage of Development ​of the entity in

Time of Applying

Geometric Connected Dots

Type of Finance / ​Investment

Equity financing

Eleven Ventures

conditions ​to apply

Fintech


Healthcare


Future of work


Sustainable food

Contact

https://www.11.vc/


Campus X, Floor 1, ​1729, Sofia, Bulgaria

Stage of Development ​of the entity in

Time of Applying

Geometric Connected Dots

Type of Finance / ​Investment

Business loans


Small and medium ​enterprises’ loans

Moznosti

conditions

to apply

Business loans covering small ​businesses in the field of trade, ​production, construction, ​services, tourism, etc.


Small and medium sized ​businesses in production, trade ​and services, tourism and ​construction activities

Amount Range

For fixed assets and working capital: up to 50,000 euros

For all purposes: up to 30,000 euros

For housing and business premises: up to 50,000 euros


Short term loans for working capital: up to 50,000 euros

Long term loans for equipment ant transport assets: up to 50,000 euros

For purchase or construction of housing or business premises: up to 50,000 euros

Loan for all purposes: up to 30,000 euros

Geometric Connected Dots

Type of Finance / ​Investment

Micro business loans

Amount ​Range

Standard: 10,000 – 90,000 MKD


Premium: 60,000 – 450,000 MKD


Invest: 120,000 – 450,000 MKD

Horizonti

conditions

to apply

Owners or managers of micro ​and small businesses in the ​area of commerce, services ​and retail production


Women are beneficiaries of

the loan

Contact

https://horizonti.org.mk/en/mik​ro-biznis-zaemi/


Blvd. St. Kliment Ohridski 58B, ​ent. 2, floor 3, 1000 Skopje

Geometric Connected Dots

Type of Finance / ​Investment

Loans


Innovative, short-term working ​capital finance products to ​small and medium sized ​enterprises (SMEs)

Crimson Development Foundation (CDF)

conditions

to apply

Innovations

Early stage businesses ​including startups, small and ​medium enterprises, women, ​minorities, rural and agriculture ​businesses, and

entrepreneurs

Geometric Connected Dots

Type of Finance / ​Investment

EaSi-Busy Loan

Amount ​Range

FULM

conditions

to apply

All vulnerable persons, who ​have a micro-business and ​want to invest in it


Persons who want to start a ​new business

50,000 - 900,000 denars

Geometric Connected Dots

Type of Finance / ​Investment

Rapid Response Grants


Challenge Grants


Sustainable Growth Grants

Amount

Range

Rapid Response Grant: ​$20,000 max.


Challenge Grant:

$50,000 max.


Sustainable Growth Grant: ​$150,000 max.

Geometric Connected Dots

Non-financial ​Support

Trainings for youth, enhancing ​knowledge and skills relevant ​to high-growth economic ​opportunities, as well as soft ​and civic skills; enhancing and ​expanding youth skill-building ​programs and place interns ​within private sector ​businesses

USAID's Youth Actively Create Opportunities Activity

conditions to ​apply

Eligible applicants must be ​registered in North Macedonia ​and may include youth groups, ​youth serving organizations, the ​private sector, community ​organizations, private ​education and training ​institutions, professional or ​business associations, and Non-​Governmental Organizations

Stage of Development ​of the entity in

Time of Applying

All stages of development

Geometric Connected Dots

Type of Finance / ​Investment

Co-investing funds, expertise, and ​technology to modernize, improve ​management and build workforce skills


Increasing financing through available ​and alternative sources and improving ​investment readiness (support access to ​finance such as loans, grants, IPO, angel ​investment, crowdfunding, mergers and ​acquisitions, equity financing)

conditions to ​apply

MSM enterprises - co-financing ​investments that would result in increased ​productivity (equipment, digitalization, ​etc.) in partnership with the private sector


Consulting company or individual ​consultant that comply with the terms as ​stated in the open call

Geometric Connected Dots

Non-financial ​Support

Advocating and lobbying ​through the public-private ​dialogue platform


In partnership with a local ​organization, the activity ​addresses existing trade ​barriers and limitations to ​establish an environment ​conducive to regional ​economic trade and integration

USAID’s Partnerships for Economic Growth Activity

Amount

Range

Varies upon ​companies’ needs

Stage of Development ​of the entity in

Time of Applying

All stages of development

Geometric Connected Dots
Geometric Connected Dots

Amount

Range

7,000 USD per grant max.


(total grants to be

awarded - at least 3)

USAID’s Business Organizations Champions Activity

Type of Finance / ​Investment

Grant

conditions to ​apply

To be announced May/June 2025

Geometric Connected Dots

Start-up loan

Type of Finance / ​Investment

Up to 10,000 euros for ​companies with a history of ​operation shorter than 12 ​months


Up to 25,000 euros for ​companies with a history of ​operation between 12 and 36 ​months


Grace period up to 12 months

Amount Range

Geometric Connected Dots

Stage of Development ​of the entity in

Time of Applying

startup@sparkasse.mk


(+389) 02 15050

Contact

Sparkasse Bank

A company that has been in existence for ​less than 36 months and businesses in the ​development stage


The company has less than 10 employees


The owner of the company must be a ​citizen of the Republic of North Macedonia


A good credit history for the company and ​the owner of the company

conditions to apply

non-financial support

Educational support on the topic of business ​idea development, market and competition ​analysis, cost management, financial operations ​as well as business plan development


Mentoring support

During a period of 12 months, the mentor will ​advise the loan beneficiaries on the ​development of their operations and will help ​them set and follow their goals for the growth ​and development of the company

Geometric Connected Dots

Type of Finance / ​Investment

Investment Loans


Loans for Current Assets


OverDraft Loan


Green Loan


BizzUP – package for micro ​companies


Package in cooperation with ​the Fund for Innovation and ​Technological Development

Geometric Connected Dots

Silk Road Bank

conditions to apply

Equipment acquisition, construction of buildings or financing of special projects are matters that most ​frequently require funds with a tenor longer than one year. The tenor will be determined in accordance ​with the projected future income and also with the time needed for the completion of the project. The ​Bank, depending on the project's needs, may issue a grace period, in which the company is not obligated ​to pay the capital amount, but only the interest. Investment loans may be in MKD and EUR


The loans may be used for acquiring raw materials, products for sale, export preparation, liquidity etc. The ​working assets loans may be in MKD and EUR


The product overdraft is intended for corporate clients (existing clients of the Bank), which have requests ​for financing short term working capital, liquidity requests etc.


Consumer loan for legal entities - financing of projects for using renewable energy sources, improvement ​of energy efficiency and saving of electricity (for procurement and installation)


Vulnerable persons and micro-enterprises

Amount Range

The amount depends on the collateral value, on customer's ​needs and whether he is eligible


The amount depends on the client's needs, its credit ​worthiness and the value of the collateral


The overdraft limit is connected with the corporate customer ​account and provides: limit up to 3,000,000 MKD, renewal of ​the overdraft, monthly payment of the interest (for the used ​part of the limit), amount of overdraft - 120,000 - 3,000,000 ​MKD


10,000 – 500,000 euros

For clients in the InnovFin Guarantee Scheme - 25,000 - ​1,000,000 euros


Microcredit i.e. loans of up to 25,000 euros

Geometric Connected Dots

Type of Finance / ​Investment

Youth in business guarantee scheme


Loan (with included guarantee scheme ​from the European Bank for ​Reconstruction and Development)

conditions to ​apply

Investments in working capital or fixed ​assets


Company should have at least one ​published financial statement


Micro, small and medium enterprises ​with max 249 employees, up to 50 ​million euros revenues and up to 43 ​million euros assets

Geometric Connected Dots

Non-financial ​Support

Guarantee scheme

(no collateral required)


Participation in workshops


Dedicated Business Client ​Adviser

ProCredit Bank

Amount

Range

5,000 - 500,000 euros

Stage of Development ​of the entity in

Time of Applying

Minimum 12 months of ​operation


Phase of scaling, ​commercialization,

stable growth

Geometric Connected Dots

Type of Finance / ​Investment

Start-up loan

Amount ​Range

Up to 50,000 euros

(total credit exposure per ​individual customer)

Halk Bank

conditions

to apply

Newly established companies/ ​self-soybean acting or ​companies established at the ​latest one year before the date ​of application for the loan

Geometric Connected Dots
Geometric Connected Dots

Amount Range

10,000 euros minimum


3,500,000 euros maximum

conditions to apply

Potential beneficiaries may be the companies in private ownership, ​registered in the Republic of North Macedonia.


For detailed requirements please see loan conditions on the website ​www.mbdp.com.mk

Contact

Development Bank of North Macedonia

Type of Finance / Investment

Investment loan for SMEs loan (including the green transition) ​from EIB 7


Investment loan for SMEs from EIB 6


Investment loan for SMEs from EIB 5


Investment loan for SMEs from DBNM funds


Primary agricultural production loan, Agricultural loans - ACDF


Agricultural products processing loan, Agricultural loans - ACDF


Loan for export of primary agricultural products and primary ​agricultural processed products, Agricultural loans - ACDF


Earmarked agricultural production loan, Agricultural loans - CF


Earmarked agricultural products processing loan, Agricultural ​loans - CF


Loan earmarked for export of primary agricultural products and ​primary agricultural processed products, Agricultural loans - CF


Financing energy efficiency and renewable energy sources – EE ​& RES


Loans for digitization and digital transformation


Loans to support women's entrepreneurship from AFD


Loans for green investments from AFD


Loans for digitization from AFD

Geometric Connected Dots
Geometric Connected Dots

glossary

stage of development of entity in time of applying

Ideation


During this stage, the entrepreneur comes up with a business idea and outlines the concept.

Go-to-market


An action plan that specifies how a company will reach target customers and introduce its products or ​services.

Scaling


The process of rapidly growing and expanding a business, typically in terms of revenue, customer base, and ​employee headcount.

Commercialization


Includes production, distribution, marketing, sales, and other key functions.

Stable growth


Focuses on the existing business and market. It is a business strategy where the company focuses on ​maintaining a current position that is already working well for it.

Business mentoring


A relationship where an experienced person guides the entrepreneur in running and improving their ​business. The business mentor offers advice, guidance and support to help the entrepreneur run and ​improve their business. Mentoring can involve in-person meetings or online discussions. It can also involve a ​mix of both. The choice depends on what works best for both parties.

Early-stage


Refers to the initial phase of a startup, typically characterized by product development and market ​validation. It is the early phase of a startup's journey where the focus is primarily on building the product or ​service and finding the right market fit.

Pre-seed stage


This type of funding is often the earliest stage of startup funding, coming before seed funding and other ​stages. During this stage, investors provide startups with capital to begin developing products in exchange ​for equity. This stage may come after even earlier funding stages, such as bootstrapping with a business ​owner’s personal funds or initial angel investment rounds. Pre-seed funding essentially involves investing in ​an idea, as products typically aren’t developed yet, and businesses may have nothing beyond a prototype.

Tech Background Purple of Waves

This Access to Finance tool was developed within USAID’s Youth Actively Create Opportunities Activity, implemented by ​Improving Economies for Stronger Communities (IESC) in partnership with the Center for Entrepreneurship and Executive ​Development (CEED) Hub Skopje and Youth Educational Forum (YEF), and is made possible by the support of the ​American people through the United States Agency for International Development (USAID).


The contents of this tool are the sole responsibility of CEED Hub Skopje and do not necessarily reflect the views of USAID ​or the United States Government.