Status on 4 November 2026, based on HBOR’s announcement of 28 October 2026 and European Investment Bank data.
HBOR, the Croatian Bank for Reconstruction and Development, and the European Investment Bank (EIB) signed a EUR 300 million agreement in Zagreb on 28 October 2026 to finance micro, small and medium-sized enterprises. It is the first tranche of a EUR 500 million package. The money is intended for new investment, business modernisation, the adoption of new technologies and the creation and preservation of jobs. Businesses will be able to apply for loans directly to HBOR or through commercial banks, and at least 30% of the funds will go to projects supporting climate goals, energy efficiency and environmental protection. The interest rate, the repayment period and the date from which applications will be accepted have not yet been published.
Summary
- HBOR and the EIB signed the EUR 300 million agreement in Zagreb on 28 October 2026, ahead of the conference Places to Stay, Regions to Grow: Investing in Croatia. It is the first tranche of a EUR 500 million package.
- The funds are intended for micro, small and medium-sized enterprises, meaning companies with fewer than 250 employees.
- Businesses will be able to apply directly to HBOR or through commercial banks.
- At least 30% of the amount, at least EUR 90 million of the first tranche, is earmarked for projects supporting climate goals, energy efficiency and environmental protection.
- The interest rate, repayment period, grace period and the start of applications have not yet been published. Existing HBOR programmes are described in our guide HBOR loans for entrepreneurs 2026.
Sources: 4, listed at the end · How we check our information · Report an error
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What HBOR and the EIB signed
The EUR 300 million loan agreement is the first part of a EUR 500 million package that the EIB is providing to HBOR to finance micro, small and medium-sized enterprises. HBOR describes it as the largest financing framework the two institutions have agreed so far for this segment of the economy. The agreement was signed in Zagreb ahead of the conference Places to Stay, Regions to Grow: Investing in Croatia, organised by the EIB Group and the European Commission Representation in Croatia.
Hrvoje Čuvalo, President of the HBOR Management Board, said it was particularly important that at least 30 percent of the funds would go to green projects. EIB Vice-President Marko Primorac said the cooperation with HBOR makes it easier for entrepreneurs to carry out their investment plans.
In the EIB project register, the operation is listed as HBOR Croatia Loan for SMEs, an intermediated loan for multiple final beneficiaries with a dedicated window for climate action and environmental sustainability. The EIB states that the project contributes fully to economic and social cohesion.
HBOR and the EIB have worked together for 25 years. Over that period they have signed 31 agreements worth almost EUR 4.5 billion in total.
Who the money is for
The funds are intended for micro, small and medium-sized enterprises in Croatia, meaning companies with fewer than 250 employees. They will finance new investment, business modernisation, the adoption of new technologies, stronger competitiveness and the creation and preservation of jobs. This is long-term investment financing.
The announcements do not single out sectors or regions and do not mention larger companies. The exact list of eligible borrowers and investments will be known once HBOR publishes the terms.
How businesses will be able to apply
Applications do not go to the EIB. The EIB lends to HBOR, and HBOR passes the money on to businesses in two ways.
- Direct HBOR loans. The application is submitted to HBOR.
- Loans through commercial banks. The application is submitted to a bank taking part in the programme.
HBOR will set out in the terms which channel applies to which amount or purpose.
The funds arrive at a time of rising interest rates. The European Central Bank raised its deposit rate in June and September 2026 and kept it at 2.5% on 29 October. Markets expect another increase in December, and euro area inflation rose to 4.0% in October according to Eurostat’s flash estimate. When bank loans become more expensive, long-term sources such as EIB funds can lower the total cost of an investment. You can compare an HBOR loan with a bank loan for your amount and term in our HBOR loan calculator.
What the 30% for green projects means
At least 30% of the amount, at least EUR 90 million of the first tranche, is earmarked for projects that contribute to climate goals, energy efficiency and environmental protection. Such investments could include a solar power plant for own consumption, a heat pump, replacing machines with more energy-efficient ones, renovating a production building or reducing waste in production.
How HBOR will assess the green component will be clear from the terms. From experience with other programmes, it helps to have an energy audit or a calculation of energy savings and emission reductions ready in advance. The EIB also requires final beneficiaries to comply with national and EU environmental and social legislation. For energy efficiency investments there is already a dedicated HBOR energy efficiency loan.
What is not yet known
- The interest rate and whether it is fixed or variable.
- The minimum and maximum loan amount.
- The repayment period and the length of the grace period.
- The share of the investment the loan can cover.
- Which commercial banks take part.
- When applications open.
- Whether the funds will go into existing HBOR programmes or a new programme.
We will update this article once HBOR publishes the terms.
How to prepare now
- Describe the investment: what you are buying or building, how much it costs and when it starts. For equipment, collect quotes or pro forma invoices.
- Prepare financial statements for the last two years and a cash flow projection for the whole repayment period.
- Check your status as a micro, small or medium-sized enterprise, including linked and partner enterprises, because eligibility for these funds depends on it.
- If the investment has a green component, calculate the energy savings or emission reductions and, where possible, commission an energy audit.
- Think about collateral, for example a pledge on equipment or property, and the option of a guarantee.
- Compare the cost of an HBOR loan and a bank loan in our HBOR loan calculator.
HBOR loans you can use now
Until the terms for the EIB funds are published, an investment can be financed through existing HBOR programmes. We describe their conditions, interest rates and principal write-offs in these guides.
- HBOR loans for entrepreneurs 2026, an overview of all programmes
- HBOR loan for production modernisation
- HBOR energy efficiency loan
- HBOR loans for processing agricultural products, applications from 28 October 2026
- HAMAG-BICRO loans and HBOR loans 2026, a comparison of all programmes
- How Croatian SMEs are financed
Frequently asked questions
How much money have HBOR and the EIB made available to businesses?
The agreement signed on 28 October 2026 is worth EUR 300 million and is the first tranche of a EUR 500 million package. At least 30% of the funds is earmarked for projects supporting climate goals, energy efficiency and environmental protection.
Who can apply for a loan from the EIB funds?
Micro, small and medium-sized enterprises in Croatia, meaning companies with fewer than 250 employees. HBOR has not yet published the detailed eligibility conditions.
Is the application submitted to the European Investment Bank?
No. The EIB lends to HBOR, and businesses apply either to HBOR for a direct loan or to a commercial bank taking part in the programme.
What are the interest rate and the repayment period?
The interest rate, repayment period and grace period have not yet been published. HBOR has announced favourable terms for long-term financing. We will update this article once the terms are known.
When can applications be submitted?
The date from which applications will be accepted has not yet been published. In the meantime, investments can be financed through existing HBOR programmes, described in our guide HBOR loans for entrepreneurs 2026.
What counts as a green project?
According to HBOR and the EIB, these are projects that contribute to climate goals, energy efficiency and environmental protection. HBOR will set out the exact criteria in the terms.
About the author
Matija Vlahovski, MSc in Economics
Co-founder and director of Omnia Solutions. He has more than 13 years of experience in business financing, mostly with HAMAG-BICRO loans, HBOR loans, investment studies and tax incentives. He has taken part in preparing and implementing more than 130 projects, through which clients were awarded more than EUR 20 million in grants and more than EUR 2 million in tax incentives. Before consulting, he worked at Privredna banka Zagreb, preparing loan proposals for small and medium-sized enterprises. He holds a HANFA licence.
Sources
- HBOR, HBOR and the EIB sign a EUR 300 million agreement to finance Croatian entrepreneurs (28 October 2026, in Croatian)
- European Investment Bank, HBOR Croatia Loan for SMEs, project register, reference 20260019
- The Brussels Times, EU-backed €300m loan to transform Croatian SMEs with climate-first focus (28 October 2026)
- Euronews, Eurozone inflation hits 4%: Which countries saw prices jump the most? (4 November 2026)
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