LOOKING FOR FUNDS TO
TURN YOUR IDEA INTO A REALITY?
Unlock all options you can use in this access to finance tool!
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
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)
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
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
Pre-employment counseling
Mentorships for unemployed persons from the vulnerable categories
Trainings
Internships
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
Type of Finance / Investment
Equity share
Convertible loan
Amount
Range
5,000 - 200,000 euros
Non-financial Support
Investment Readiness Program
Acceleration Program
Mentoring
Consultancy
Networking
Co-working space
Contact
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
Type of Finance / Investment
Convertible loan
Equity share
Amount
Range
30,000 - 100,000 euros
Non-financial Support
Acceleration Program
Mentorship
Qinshift Academy
conditions to apply
Tech-oriented startups
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
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.
Contact
Nikola Ognenovski
(+389) 070 200 503
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
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
Non-financial Support
Educational and mentoring support for the selected startups
Contact
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
Type of Finance / Investment
Equity
Amount
Range
50,000 euros +
min. 20% third-party
co-financing
Contact
+389 (0) 44 356 165
+389 (0) 44 356 167
Gogo Rafajlovski
(+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
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
Type of Finance / Investment
All instruments
(loan, grant, convertible loan, equity share, mixed)
Amount
Range
50,000 - 5,000,000 euros
Prime Point Partners
Stage of Development of the entity in Time of Applying
Type of Finance / Investment
Equity share
Convertible loan
Mixed investments
Amount
Range
5,000 - 200,000 euros
CEED Business Angels Club
(Center for Entrepreneurship and Executive Development - CEED Macedonia)
conditions to apply
Startups - innovative and scalable business
Type of Finance / Investment
Equity share
Convertible loan
Amount
Range
5,000 - 300,000 euros
Non-financial Support
Expertise
Networking
Investment events
Training
Zephyr Capital Skopje
conditions to apply
Startups
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
Contact
Ardian Hoxa, Kosovo and SEE, Igor Madzov, North Macedonia
Keiretsu
conditions to apply
Stage of Development of the entity in
Time of Applying
Go to market and expansion in Balkans or pre-product high growth companies
VENTURE FUNDS
Type of Finance / Investment
Direct equity and
quasi-equity (mezzanine) investments
Mixed - mezzanine
Amount
Range
30,000 - 80,000 euros
Non-financial Support
Consulting -
strategic, financial, general management, corporate
Contact
SEAF Macedonia
(+389) 2 3091 337
(+389) 2 3079-611
Tatjana Veljkovich
Click here to explore other venture funds
MIF – Micro Investment Fund managed by SPMG Capital
conditions to apply
Short revenue history – revenue at least 30,000 euros
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
Non-financial Support
Mentoring and support for different business development aspects (financial strategy and planning, budgeting, HR, go to market, follow on funding)
Click here to explore other venture funds
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
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
Stage of Development of the entity in
Time of Applying
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
Click here to explore other venture funds
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
Click here to explore other venture funds
Eleven Ventures
conditions to apply
Fintech
Healthcare
Future of work
Sustainable food
Stage of Development of the entity in
Time of Applying
MICROFINANCIAL INSTITUTIONs
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
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/mikro-biznis-zaemi/
Blvd. St. Kliment Ohridski 58B, ent. 2, floor 3, 1000 Skopje
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
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
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.
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
Contact
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
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
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
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
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
Stage of Development of the entity in
Time of Applying
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
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
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
Contact
(+389) 2 3251 900
https://silkroadbank.com.mk/Loans?Type=2&Cat=InvestmentLoans &SubCat=InvestmentLoans
https://silkroadbank.com.mk/Loans?Type=2&Cat=CurrentAssets &SubCat=CurrentAssets
https://silkroadbank.com.mk/Loans?Type=2&Cat=OverDraft&SubCat =OverDraft
https://silkroadbank.com.mk/Loans?Type=2&Cat=GreenLoanLegal &SubCat=GreenLoanLegal
https://silkroadbank.com.mk/LoansLine?Type=2&Cat=LoansLine &SubCat=EASL
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
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
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
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
https://www.mbdp.com.mk/en/Home/PrebaruvacNaKreditiPoNamena
(+389) 02 3115 844
(+389) 02 3114 840 on 121, 124, 127
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
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.
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.