SKOPJE (North Macedonia), July 1 (SeeNews) – North Macedonia’s Fund for Innovation and Technology Development (FITR) said on Thursday it signed a memorandum of cooperation with Skopje-based Sparkasse Banka Makedonija to facilitate local startups’ access to funding.
Sparkasse Banka Makedonija will provide packages of financial, educational and mentoring support to startups that will apply for FITR grants, the fund said in a statement.
Startups operating for less than a year are eligible for 10,000 euro ($11,800) loans, while firms operating for up to three years can apply for loans of 25,000 euro.
Earlier this year, FITR signed similar cooperation agreements with local Procredit Bank, Silk Road Bank, NLB Banka and UNI Banka.
The government established FITR in 2013 with the aim to encourage innovation by providing additional funding sources to companies.
($ = 0.8419 euro)