EURO 250 million programme for energy efficiency of entrepreneurs launched by HBOR

04 June 2024

The Croatian Bank for Reconstruction and Development (HBOR) and the Ministry of Regional Development and EU Funds of the Republic of Croatia (MRRFEU) signed the Finance Agreement for the implementation of the financial instrument "Loans for Energy Efficiency of Entrepreneurs". The EUR 250 million instrument will enable entrepreneurs in various industries to access loans at favourable interest rates and with the possibility of partial write-off of the loan principal. The goal is to encourage energy efficiency and business sustainability, thereby providing new support to the Croatian economy. Loans will be available to entrepreneurs in the first half of 2025.

The signing of the Finance Agreement for the implementation of the financial instrument "Loans for Energy Efficiency of Entrepreneurs" opens a new chapter in supporting entrepreneurs under the 2021-2027 Competitiveness and Cohesion programme.

This Agreement enables the placement of approximately EUR 250 million in loans intended for business entities operating in the manufacturing industry and in the commercial and service sectors. The purpose is to support entrepreneurs, regardless of their legal form, size or ownership structure, who have registered the performance of the activities in the respective sectors at least one year before submitting the loan application.

"HBOR intends to empower entrepreneurs in their efforts to achieve energy efficiency and sustainable development. We believe that this initiative will encourage the implementation of innovative solutions that will not only improve the competitiveness of our entrepreneurs, but also contribute to the preservation of the environment and the long-term sustainability of our economy," said Hrvoje Čuvalo, President of the Management Board of HBOR.

"Support to entrepreneurs for investments in energy efficiency is essential for achieving the goals of green transition. With this innovative financial instrument, we will encourage a new investment cycle for entrepreneurs, which will bring us closer to achieving these goals and at the same time contributing to reducing costs and increasing the competitiveness of entrepreneurs in Croatia," said Minister Šime Erlić.

The financial instrument will be implemented through commercial banks that will be selected by the Croatian Bank for Reconstruction and Development through a public procurement procedure. In this way, approximately EUR 125 million of banks' private capital will be provided. Loans of up to EUR 3,000,000.00 will be available to entrepreneurs at favourable interest rates, since a part of the loan will be interest-free thanks to the funds of the European Structural and Investment Funds.

The key feature of this financial instrument is the possibility of partial write-off of the loan principal up to 50 percent with previously determined criteria related to energy savings and/or measures of renewable energy sources. Exemption from paying the loan application processing fee and the commitment fee is an added value.

These loans represent a favourable and available source of finance for achieving energy savings, which will further increase the competitiveness of entrepreneurs from eligible sectors. New opportunities for business improvement are created that contribute to building a sustainable economy.

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