The Law on the Promotion of Small Business Development in the Sarajevo Canton has been passed by the Representatives of the Assembly of the Sarajevo Canton (SC) on today's fifth working session. The Law prescribes systematic planning and provision of funds and the implementation of measures and activities of small business development. The proposal of this Law was previously enacted by the Government of the Sarajevo Canton (after a public debate). The Ministry of the Economy stressed that passing this Law presents a necessary prerequisite and incentive in the use of the EU funds, the IPA and the Horizon 2020 funds.
The incentive measures provided in the new law are granting loans to small businesses under favorable conditions, subsidizing the interest on the loans taken, supporting the development of centers for entrepreneurship, business incubators, clusters and technology parks and small business zones.
According to the proposal of this Law, the funds of 0.5% to 2% of the annual budget of the Sarajevo Canton - in the previous year, will be at the disposal in order to increase employment, quality and competitiveness of small businesses, increase exports and boost the preservation of traditional crafts.
The Amendment of the Economic and Social Council of the Sarajevo Canton (which was supported and proposed by Mirsad Pindžo, Member of the Cantonal Parliament) is incorporated in this Law. The Government of the Sarajevo Canton, at this session, adopted it as its Amendment, amending Article 8, paragraph 2 in the way that "development of small businesses follows through changes in the following indicators: number of employees in small businesses, the volume of production in small businesses, the number of subjects of small business, total and specific categories referred to paragraph 1 of this Article, the value of exports of subjects of small business, investment in research and development, and use of new technologies and innovation, participation of subjects of small business in the use of EU funds, according to the number and value of projects and the number of traditional and old crafts and the importance of production in traditional and old crafts."