Unlocking New Funding Avenues for Women Entrepreneurs in the Western Balkans
Belgrade, Serbia — The Association for Support of Women-Led Businesses, “Business on High Heels” (Serbian: Biznis na Štiklama), with support from the regional project USAID CATALYZE Engines of Growth Western Balkans Activity (EoG), recently hosted a series of one-day workshops for women-owned small and medium-sized enterprises (W-SMEs) on alternative financing. The workshops equipped the women entrepreneurs with skills and knowledge on how to explore diverse financing options beyond conventional methods, which have often posed barriers to W-SMEs in the Western Balkans, limiting their growth and potential. Access to alternative financing enables W-SMEs to invest in innovation and improve their competitiveness, driving overall industry advancement.
The first workshop, held in Novi Sad, welcomed female entrepreneurs from across the Vojvodina region, while the second workshop in Kragujevac drew participants from central Serbia. In total, 33 W-SMEs attended both events to enhance their financial literacy and discover new funding opportunities. Participants, including owners of small businesses at various stages of development and aspiring entrepreneurs, delved into a range of topics, from basic financial literacy to advanced financing strategies such as factoring, crowd financing, and venture capital. These sessions also included success stories from small businesses that have leveraged these tools for growth and innovation to inspire other women to pursue alternative financing to start and grow their businesses.
Financial experts Marija Vukosavljević, Ana Mladenović, Vladimir Pavlović, and Uros Camilovic provided practical advice on how to use these financing strategies effectively and attendees were encouraged to apply their newfound knowledge to navigate the complexities of business financing.
Participants expressed their gratitude for the workshop, highlighting the value of learning about tools they were previously unaware of, such as factoring and crowdinvesting. Daliborka Ignjatić, owner of a real-estate company in Novi Sad, said, “Any support and education on alternative finance options for female entrepreneurs is always more than welcome. We need more workshops such as this one so that we can improve our financial literacy.”
Andrijana Radojčić, an entrepreneur currently in the process of opening a lab flooring production company, added, “The investment I need to start my business is quite demanding — I need to invest in production machinery, certificates, and many other things. Crowdinvesting could be a good option for me. It’s good to gather in such workshops to learn about different types of loans and financing.”
Educating women on diverse financing options can lead to greater financial inclusion, fostering a more inclusive financial ecosystem. As these businesses expand, they contribute to the local and regional economy through job creation and increased economic activity.
“Biznis na Štiklama,” renowned for its ongoing support of women entrepreneurs, plans to continue this initiative with a series of workshops on similar topics. For the past eight years, the association has been a cornerstone for women in business, offering events and networking opportunities across Serbia.
The USAID CATALYZE Engines of Growth Activity aims to enhance SME resiliency, growth, and job creation in the Western Balkans by improving access to and utilization of appropriate finance. The EoG Activity engages market actors and other stakeholders to co-design and identify key opportunities to improve SMEs’ access and utilization of appropriate financial products and services. Another important objective of the project is promoting women’s economic empowerment and women-led businesses’ access to finance. These workshops mark a significant step towards achieving these goals, empowering women entrepreneurs to drive economic growth and innovation in the region.
