Lavender Industry Blooms in the Western Balkans
USAID CATALYZE Helps Agricultural Producers Access Capital to Grow their Business
The USAID CATALYZE Engines of Growth (EoG) Activity in the Western Balkans works with specialized financial consulting companies and individuals to mobilize capital to SMEs. In addition to helping SMEs obtain appropriate financing, these consultants play a crucial role in helping SMEs with financial analysis, business plans, and formulating business growth strategies.
In Bosnia and Herzegovina, USAID CATALYZE partners with PLANTPROM, an agricultural cooperative with more than 100 lavender producers. PLANTPROM reached out to CATALYZE for assistance in business development and in accessing co-financing opportunities in the region.
“In a short time, PLANTPROM has grown into a large cooperative, which is already recognized by producers and suppliers as a credible partner. Thanks to the cooperation with CATALYZE EoG, we have applied for specialized international agri-funds and received financial support for co-financing start-up packages for our suppliers, including seeds, plant protection, fertilizer, and irrigation systems,” said Aminela Juklo, a PLANTPROM co-founder.
In the Western Balkans, banks are slow to provide financing to new businesses. Specialized financial consulting support is critical for SMEs to access financing. CATALYZE EoG is helping PLANTPROM identify the most suitable financing for their business needs and navigate the application process.
“Through USAID CATALYZE Engines of Growth I reached out to PLANTPROM to promote and assist on different means of access to finance. Together we selected the best possible funding program which PLANTPROM could use to support the growth of small agricultural producers in this region. Because of this support, at least 130 farmers will be involved in PLANTPROM’s cooperative network, with a pre-agreed price, secured sales, and support,” said Katica Poljo, a business consultant partnering with CATALYZE EoG to support SMEs in accesssing credit.
Working with CATALZYE has helped PLANTPROM to develop a strategic plan, determine raw materials costs, and set production expectations.
Learn more about USAID CATALYZE Engines of Growth in the West Balkans here.
About CATALYZE
USAID CATALYZE, implemented by Palladium, is an 8-year program designed to mobilize $2 billion in private capital for development impact, especially in underserved social sectors and frontier markets across the globe. CATALYZE supports blended finance solutions working with local and international businesses and investors to explore and find commercially-viable opportunities and approaches to creating jobs, developing sustainable social services, tightening and rationalizing supply chains, and advancing inclusive growth. We work across 28 countries in Asia, Africa, Europe, Latin America, and the Caribbean, with 190 partners, including financial institutions, business advisory service providers, anchor firms, and job trainers.
