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SMEs from IME supported sectors can use the P4P instrument to access financial support amid challenges caused by COVID-19 (Coronavirus)

Access to immediate financial injection is vital right now for the sectors hit by the COVID-19 developments. One of the sectors that the Increasing Market Employability Programme is directly supporting is the sector where the looming economic impact was immediately obvious – the (adventure) tourism and travel. Worldwide, as well as in North Macedonia, governments and (non)financial institutions are considering various measures to save the ailing tourism industry from collapsing.

Most recently, the Development Bank of North Macedonia (MBDP), as part of the measures for supporting the Macedonian economy, has announced a new credit line for the small and medium enterprises (SMEs) in the most affected sectors. SMEs from the tourism industry are eligible to apply.

The Increasing Market Employability Programme (IME) would like to invite SMEs from the adventure tourism sector interested in applying for the MBDP credit line, to consider using our Pay-for-Performance (P4P) instrument for the application process. The P4P instrument helps businesses to connect with individual consultants and consultancy companies and join forces in preparing the applications for access to funding. The technical support provided by the experienced consultants can ideally support businesses for a smoother and faster application process.

The P4P program is a user-pay system. Businesses are required to partially pay for the services of the consultant once the application for funding is approved, and IME covers the costs to certain limits. To use the P4P instrument, businesses need to utilize support by some of the consultants and consultancy companies that IME collaborates with – full list available HERE. We encourage companies to reach out directly to the consultants and discuss possibilities for collaboration.

Moreover, the P4P instrument is not limited only to this current MBDP call. It is available to businesses from the three target sectors that IME is supporting: adventure tourism, sustainable agriculture, and ICT, interested in applying for any funding from financial or non-financial institutions. The access to funding can range from commercial bank loans or grants from (bilateral) donor agencies, as well as for technical assistance to obtain market-demanded standards for certification.

For all additional information on how the P4P instrument works, please contact IME Business Services Lead, Tanja Gjeorgievska, at: tanja.georgievska@thepalladiumgroup.org.mk