During a recent session of the Council for the Funding of Project Proposals, 24 project applications were selected as part of the first call for the Embrace Small Project Fund (SPF), according to an announcement from the Chamber of Commerce of Montenegro.

This initiative is funded through a collaboration among micro and small businesses in the border regions of Croatia, Bosnia and Herzegovina, and Montenegro, under the Interreg VI IPA Croatia – Bosnia and Herzegovina – Montenegro 2021-2027 program.

Nineteen companies from Montenegro are actively participating in this project, including notable names such as Inska, Montenegro Adventures, Alicorn, Modrone, Mediterra, and EVC Montenegro.

Additionally, Montenegrin firms like Upbeat Hub, Finagate, Brain Code, Statpro, Remid Vis, Partner Media, Trony Network, Zip, Interiors – SNV, Vizin Travel, Infrastructure, Mas Code, and Sinibia are also involved as project partners.

Initially, the call had a budget of three million euros. However, due to the high number of quality applications received, the project user (Small Project Fund Beneficiary) Hamag-Bicro chose to increase the allocation to 4.1 million euros.

Out of the 62 small project applications received, funding was approved for 24, totaling 4.81 million euros, including 4.09 million euros sourced from EU funds. Among these approved small projects, 18 feature three partners, with 19 projects including a partner from Montenegro and 22 involving a partner from Bosnia and Herzegovina.

The next call under the Embrace SPF project is scheduled to be published in the middle of next year.