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Croatia to finance small, medium-level entrepreneurs

Xinhua, April 8, 2015 Adjust font size:

Croatian Entrepreneurship and Trade Ministry said on Tuesday the government planned to finance small and medium-level entrepreneurs 147 million euros (159.1 million U.S. dollars) from the European Regional Development Fund.

Out of the total sum, 100 million euros will be allocated for building up production capacities, while 47 million euros will be given for investment in equipment, the ministry said.

Ministry expects the money to stimulate investments of around 1.7 billion kuna (241.7 million dollars) from entrepreneurs themselves, needed for co-financing the projects.

According to EU and Croatian standards, small entrepreneurs are those with up to 50 employees and annual turnover of up to 10 million euros, while mid-level entrepreneurs are those with up to 250 employees and annual turnover of up to 50 million euro. (1 euro = 1.08 U.S. dollars, 1 U.S. dollar = 7.03 Croatian kuna) Enditem