{"id":2181,"date":"2026-06-25T09:10:00","date_gmt":"2026-06-25T07:10:00","guid":{"rendered":"https:\/\/omniasolutions.hr\/how-croatian-smes-are-financed-loans-own-funds-support\/"},"modified":"2026-11-02T22:31:34","modified_gmt":"2026-11-02T21:31:34","slug":"how-croatian-smes-are-financed-loans-own-funds-support","status":"publish","type":"post","link":"https:\/\/omniasolutions.hr\/en\/how-croatian-smes-are-financed-loans-own-funds-support\/","title":{"rendered":"How Croatian SMEs are financed: 73% of investment from own funds, with loans and public support in numbers"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Croatian firms finance their investment mostly with their own money. According to the European Investment Bank Investment Survey (EIBIS 2025), 78% of investment value in the last financial year came from own funds and 21% from external sources, against 66 and 25% in the EU. Small and medium-sized enterprises (SMEs) finance 73% of their investment from own funds. 43% of investing firms use external finance, almost as many as in the EU, but they rely less on banks (68% against 79%). 12% of Croatian SMEs use grants and subsidised loans, against 7% in the EU. The share of finance-constrained firms is 7.8%, slightly above the EU average of 6.1%.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The analysis draws on sources published by June 2026. These are the EIB Investment Survey 2025, the 2025 Survey on the access to finance of enterprises (SAFE) by the European Commission and the European Central Bank, the Commission\u2019s SME Performance Review and the annual reports of HBOR for 2025 and HAMAG-BICRO for 2023. It shows how much firms invest from their own money, how they compare with neighbouring member states, how hard it is to obtain credit and how much public sources cover.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">In brief<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Croatia has 258,507 SMEs, 99.8% of all enterprises. They employ 72.1% of the business sector workforce and generate 64.0% of value added (estimates for 2025).<\/li>\n\n\n\n<li>Own funds cover 78% of investment by Croatian firms, the highest share among 11 Central and Eastern European member states. For SMEs the share is 73%, for large firms 84%.<\/li>\n\n\n\n<li>Of the firms that use external finance, 68% use bank finance, against 79% in the EU. 6% are dissatisfied with the cost of finance, against 15% in the EU.<\/li>\n\n\n\n<li>7.8% of firms are finance-constrained. The Croatian share has been above the EU average every year since 2019 and peaked in 2021 (11.4%). Construction has the hardest time (12.4%).<\/li>\n\n\n\n<li>12% of Croatian SMEs use grants or subsidised loans, and 19% of investing firms received public support for investment, both above the EU average.<\/li>\n\n\n\n<li>In 2025 HBOR supported 1,654 projects with almost EUR 1.8 billion. It approved EUR 798 million to the private sector, 51% of it for 1,015 placements to SMEs.<\/li>\n<\/ul>\n\n\n\n<p class=\"omnia-provjera\" style=\"font-size:14px;line-height:1.5;color:#5b6470;margin:8px 0 28px;padding:10px 14px;background:#f4f7fa;border-radius:10px\">Sources: 8, listed at the end \u00b7 <a href=\"https:\/\/omniasolutions.hr\/en\/how-we-check-our-information\/\">How we check our information<\/a> \u00b7 <a href=\"mailto:info@omniasolutions.hr?subject=Error%20in%20article&amp;body=https%3A%2F%2Fomniasolutions.hr%2Fen%2Fhow-croatian-smes-are-financed-loans-own-funds-support%2F\">Report an error<\/a><\/p>\n\n\n\n<style>\n.vz{background:#f6f8fb;border:1px solid #d9e1ea;border-radius:18px;padding:22px 22px 18px;margin:30px 0;color:#002245;position:relative;font-size:15px;line-height:1.45}\n.vz *{box-sizing:border-box}\n.vz [hidden]{display:none !important}\n.vz p{margin:0 0 8px !important;color:#002245 !important}\n.vz .vz-k{font-size:12px 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rgba(0,34,69,.25)}\n.vz-tip[hidden]{display:none}\n.vz details{margin-top:10px;font-size:13.5px}\n.vz details summary{cursor:pointer;color:#4a5d75}\n.vz table{border-collapse:collapse;width:100%;margin-top:8px;font-size:13px;background:#fff}\n.vz th,.vz td{border:1px solid #d9e1ea;padding:4px 7px;text-align:left}\n.vz td.n{text-align:right;font-variant-numeric:tabular-nums}\n.vz .vz-scroll{max-height:320px;overflow:auto}\n.vz-chart{position:relative;width:100%;min-height:240px;touch-action:pan-y}\n.vz-chart svg{display:block;width:100%;height:auto;overflow:visible}\n.vz-chart text{font-family:inherit}\n.vz-stat{display:flex;flex-wrap:wrap;gap:10px;margin:0 0 12px}\n.vz-stat span{background:#fff;border:1px solid #d9e1ea;border-radius:10px;padding:6px 10px;font-size:13.5px;color:#002245}\n.vz-stat b{font-variant-numeric:tabular-nums}\n.vz-calc label{display:block;font-weight:700;font-size:14px;margin:0 0 6px;color:#002245}\n.vz-calc input[type=range]{width:100%;accent-color:#d9572b;margin:4px 0 12px}\n.vz-out-grid{display:grid;grid-template-columns:repeat(auto-fit,minmax(170px,1fr));gap:12px;margin-top:4px}\n.vz-out-grid div{background:#fff;border:1px solid #d9e1ea;border-radius:14px;padding:12px 14px}\n.vz-out-grid b{display:block;font-size:22px;font-weight:800;line-height:1.2;font-variant-numeric:tabular-nums;color:#002245}\n.vz-out-grid small{display:block;font-size:13px;color:#4a5d75;margin-top:3px}\n@media (max-width:640px){.vz{padding:18px 14px 14px}.vz-bar .vz-v{min-width:62px;font-size:12.5px}.vz-tile .vz-n{font-size:20px}.vz-row{grid-template-columns:minmax(84px,34%) 1fr;gap:8px}.vz-row .vz-rl{font-size:12.5px}}\n<\/style>\n<figure class=\"vz\" id=\"msp-brojke\" data-lang=\"en\">\n<p class=\"vz-k\">Key figures<\/p>\n<p class=\"vz-t\">How Croatian firms finance investment<\/p>\n<div class=\"vz-tiles\">\n<div class=\"vz-tile vz-hr\"><span class=\"vz-n\">73%<\/span><span class=\"vz-l\">of SME investment financed from own funds, large firms 84%, all firms 78% (EU 66%)<\/span><\/div>\n<div class=\"vz-tile vz-hr\"><span class=\"vz-n\">21%<\/span><span class=\"vz-l\">of investment from external sources such as loans, leasing and grants, EU average 25%<\/span><\/div>\n<div class=\"vz-tile vz-hr\"><span class=\"vz-n\">7.8%<\/span><span class=\"vz-l\">of firms are finance-constrained, EU average 6.1%<\/span><\/div>\n<div class=\"vz-tile vz-hr\"><span class=\"vz-n\">12%<\/span><span class=\"vz-l\">of SMEs used grants or subsidised loans, EU 7% (SAFE 2025)<\/span><\/div>\n<div class=\"vz-tile\"><span class=\"vz-n\">EUR 1.8 bn<\/span><span class=\"vz-l\">HBOR supported 1,654 projects in 2025 and approved 1,015 placements to SMEs<\/span><\/div>\n<div class=\"vz-tile\"><span class=\"vz-n\">0.4% and 0.8%<\/span><span class=\"vz-l\">interest rates on HBOR direct loans to SMEs from the National Recovery and Resilience Plan (214 loans, EUR 64 million)<\/span><\/div>\n<\/div>\n<p class=\"vz-src\">Source: European Investment Bank, EIB Investment Survey 2025 (Croatia and Central, Eastern and South-Eastern Europe); European Commission and ECB, SAFE 2025; HBOR, Annual Report 2025.<\/p>\n<div class=\"vz-tip\" hidden><\/div>\n<\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">How much investment firms finance with their own money<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Croatia has 258,507 small and medium-sized enterprises. According to the Commission\u2019s SME Performance Review (SME Fact Sheet 2026, estimates for 2025), they make up 99.8% of enterprises, employ 986,475 people or 72.1% of the business sector workforce and generate EUR 33.4 billion or 64.0% of value added. Most are micro enterprises (241,076), and 2,352 are medium-sized. The EIB Investment Survey, carried out in Croatia every year, gives the most precise picture of how these firms finance investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the 2025 survey 89% of Croatian firms invested in the last financial year, above the EU average of 86%. 78% of that investment was financed from own funds, meaning retained earnings and cash from operations, and 21% from external sources such as bank loans, leasing, grants and bonds. In the EU the split is 66 to 25%, with intra-group funding making up the rest. A year earlier the Croatian split was 72 to 27%, so reliance on own money has increased.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SMEs depend more on external money than large firms. They finance 26% of investment externally, large firms 16%, and 46% of investing SMEs use external finance, against 39% of large firms. By sector, manufacturing invests most from own money (82%) and construction most from external sources (29%). Of the firms using external finance, 68% use bank finance, against 79% in the EU.<\/p>\n\n\n\n<style>\n.vz{background:#f6f8fb;border:1px solid #d9e1ea;border-radius:18px;padding:22px 22px 18px;margin:30px 0;color:#002245;position:relative;font-size:15px;line-height:1.45}\n.vz *{box-sizing:border-box}\n.vz [hidden]{display:none !important}\n.vz p{margin:0 0 8px !important;color:#002245 !important}\n.vz .vz-k{font-size:12px !important;font-weight:700;letter-spacing:1.5px;text-transform:uppercase;color:#4a5d75 !important;margin-bottom:4px !important}\n.vz .vz-t{font-size:19px !important;font-weight:800;line-height:1.3 !important;margin-bottom:12px !important}\n.vz .vz-src{font-size:12.5px !important;color:#4a5d75 !important;margin:12px 0 0 !important}\n.vz .vz-note{font-size:13.5px !important;color:#4a5d75 !important}\n.vz-tiles{display:grid;grid-template-columns:repeat(auto-fit,minmax(210px,1fr));gap:12px}\n.vz-tile{background:#fff;border:1px solid #d9e1ea;border-radius:14px;padding:14px 14px 12px}\n.vz-tile .vz-n{font-size:23px;font-weight:800;line-height:1.15;color:#002245;display:block;white-space:nowrap}\n.vz-tile .vz-l{font-size:13px;color:#4a5d75;display:block;margin-top:4px}\n.vz-tile.vz-hr{border-color:#d9572b;box-shadow:inset 4px 0 0 #d9572b}\n.vz-legend{display:flex;flex-wrap:wrap;gap:14px;margin:0 0 12px;font-size:13.5px;color:#4a5d75}\n.vz-legend span{display:inline-flex;align-items:center;gap:6px}\n.vz-legend i{display:inline-block;width:12px;height:12px;border-radius:3px}\n.vz-legend i.vz-c{border-radius:50%}\n.vz-legend i.vz-o{background:transparent !important;border:2px dashed #4a5d75}\n.vz-legend i.vz-l{width:16px;height:0;border-top:2px dashed #4a5d75;border-radius:0}\n.vz-ctrl{display:flex;flex-wrap:wrap;gap:8px;margin:0 0 14px}\n.vz-ctrl button{border:1px solid #d9e1ea;background:#fff;color:#002245;border-radius:999px;padding:6px 14px;font-size:13.5px;cursor:pointer;font-weight:600;line-height:1.3}\n.vz-ctrl 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text{font-family:inherit}\n.vz-stat{display:flex;flex-wrap:wrap;gap:10px;margin:0 0 12px}\n.vz-stat span{background:#fff;border:1px solid #d9e1ea;border-radius:10px;padding:6px 10px;font-size:13.5px;color:#002245}\n.vz-stat b{font-variant-numeric:tabular-nums}\n.vz-calc label{display:block;font-weight:700;font-size:14px;margin:0 0 6px;color:#002245}\n.vz-calc input[type=range]{width:100%;accent-color:#d9572b;margin:4px 0 12px}\n.vz-out-grid{display:grid;grid-template-columns:repeat(auto-fit,minmax(170px,1fr));gap:12px;margin-top:4px}\n.vz-out-grid div{background:#fff;border:1px solid #d9e1ea;border-radius:14px;padding:12px 14px}\n.vz-out-grid b{display:block;font-size:22px;font-weight:800;line-height:1.2;font-variant-numeric:tabular-nums;color:#002245}\n.vz-out-grid small{display:block;font-size:13px;color:#4a5d75;margin-top:3px}\n@media (max-width:640px){.vz{padding:18px 14px 14px}.vz-bar .vz-v{min-width:62px;font-size:12.5px}.vz-tile .vz-n{font-size:20px}.vz-row{grid-template-columns:minmax(84px,34%) 1fr;gap:8px}.vz-row .vz-rl{font-size:12.5px}}\n<\/style>\n<figure class=\"vz\" id=\"msp-izvori\" data-lang=\"en\">\n<p class=\"vz-k\">Interactive chart<\/p>\n<p class=\"vz-t\">Sources of investment finance: Croatia and the EU, SMEs and large firms<\/p>\n<div class=\"vz-ctrl\" role=\"group\" aria-label=\"Sources of investment finance: Croatia and the EU, SMEs and large firms\"><button type=\"button\" data-m=\"0\" aria-pressed=\"true\">Croatia and the EU<\/button><button type=\"button\" data-m=\"1\" aria-pressed=\"false\">SMEs and large firms in Croatia<\/button><\/div>\n<div class=\"vz-legend\"><span><i style=\"background:#d9572b\"><\/i>Croatia, all firms<\/span><span><i style=\"background:#2563b0\"><\/i>EU average<\/span><span><i style=\"background:#1a9e72\"><\/i>SMEs in Croatia<\/span><span><i style=\"background:#8a9bb0\"><\/i>Large firms in Croatia<\/span><\/div>\n<div class=\"vz-rows vz-g\" data-g=\"0\">\n<div class=\"vz-row\"><p class=\"vz-rl\">Own funds, % of investment<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Croatia, Own funds, % of investment: 78%\" aria-label=\"Croatia, Own funds, % of investment: 78%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:78.0%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">78%<\/span><\/div><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"EU average, Own funds, % of investment: 66%\" aria-label=\"EU average, Own funds, % of investment: 66%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:66.0%;background:#2563b0\"><\/div><\/div><span class=\"vz-v\">66%<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">External sources, % of investment<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Croatia, External sources, % of investment: 21%\" aria-label=\"Croatia, External sources, % of investment: 21%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:21.0%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">21%<\/span><\/div><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"EU average, External sources, % of investment: 25%\" aria-label=\"EU average, External sources, % of investment: 25%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:25.0%;background:#2563b0\"><\/div><\/div><span class=\"vz-v\">25%<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">Firms using external finance<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Croatia, Firms using external finance: 43%\" aria-label=\"Croatia, Firms using external finance: 43%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:43.0%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">43%<\/span><\/div><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"EU average, Firms using external finance: 42%\" aria-label=\"EU average, Firms using external finance: 42%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:42.0%;background:#2563b0\"><\/div><\/div><span class=\"vz-v\">42%<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">Bank finance among users of external finance<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Croatia, Bank finance among users of external finance: 68%\" aria-label=\"Croatia, Bank finance among users of external finance: 68%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:68.0%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">68%<\/span><\/div><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"EU average, Bank finance among users of external finance: 79%\" aria-label=\"EU average, Bank finance among users of external finance: 79%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:79.0%;background:#2563b0\"><\/div><\/div><span class=\"vz-v\">79%<\/span><\/div><\/div>\n<\/div>\n<div class=\"vz-rows vz-g\" data-g=\"1\" hidden>\n<div class=\"vz-row\"><p class=\"vz-rl\">Own funds, % of investment<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"SMEs, Own funds, % of investment: 73%\" aria-label=\"SMEs, Own funds, % of investment: 73%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:73.0%;background:#1a9e72\"><\/div><\/div><span class=\"vz-v\">73%<\/span><\/div><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Large firms, Own funds, % of investment: 84%\" aria-label=\"Large firms, Own funds, % of investment: 84%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:84.0%;background:#8a9bb0\"><\/div><\/div><span class=\"vz-v\">84%<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">External sources, % of investment<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"SMEs, External sources, % of investment: 26%\" aria-label=\"SMEs, External sources, % of investment: 26%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:26.0%;background:#1a9e72\"><\/div><\/div><span class=\"vz-v\">26%<\/span><\/div><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Large firms, External sources, % of investment: 16%\" aria-label=\"Large firms, External sources, % of investment: 16%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:16.0%;background:#8a9bb0\"><\/div><\/div><span class=\"vz-v\">16%<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">Firms using external finance<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"SMEs, Firms using external finance: 46%\" aria-label=\"SMEs, Firms using external finance: 46%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:46.0%;background:#1a9e72\"><\/div><\/div><span class=\"vz-v\">46%<\/span><\/div><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Large firms, Firms using external finance: 39%\" aria-label=\"Large firms, Firms using external finance: 39%\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:39.0%;background:#8a9bb0\"><\/div><\/div><span class=\"vz-v\">39%<\/span><\/div><\/div>\n<\/div>\n<p class=\"vz-note vz-enote\" style=\"margin-top:12px !important\" data-n0=\"Share of investment value in the last financial year, survey of 2025. The remainder to 100% is intra-group funding. The share of firms using external finance refers to firms that invested, bank finance to those that used external finance.\" data-n1=\"Croatian SMEs finance 26% of investment from external sources, large firms 16%. 46% of investing SMEs and 39% of large firms use external finance.\">Share of investment value in the last financial year, survey of 2025. The remainder to 100% is intra-group funding. The share of firms using external finance refers to firms that invested, bank finance to those that used external finance.<\/p>\n<details><summary>Show the data in a table<\/summary><div class=\"vz-scroll\"><table><thead><tr><th>Indicator<\/th><th>Croatia<\/th><th>EU average<\/th><th>Croatia, SMEs<\/th><th>Croatia, large firms<\/th><\/tr><\/thead><tbody><tr><td>Own funds, % of investment<\/td><td class=\"n\">78%<\/td><td class=\"n\">66%<\/td><td class=\"n\">73%<\/td><td class=\"n\">84%<\/td><\/tr><tr><td>External sources, % of investment<\/td><td class=\"n\">21%<\/td><td class=\"n\">25%<\/td><td class=\"n\">26%<\/td><td class=\"n\">16%<\/td><\/tr><tr><td>Firms using external finance<\/td><td class=\"n\">43%<\/td><td class=\"n\">42%<\/td><td class=\"n\">46%<\/td><td class=\"n\">39%<\/td><\/tr><tr><td>Bank finance among users of external finance<\/td><td class=\"n\">68%<\/td><td class=\"n\">79%<\/td><td class=\"n\">\u2013<\/td><td class=\"n\">\u2013<\/td><\/tr><\/tbody><\/table><\/div><\/details>\n<p class=\"vz-src\">Source: European Investment Bank, EIB Investment Survey 2025, Croatia overview (December 2025). Values read from the report charts and checked against the figures in its text.<\/p>\n<div class=\"vz-tip\" hidden><\/div>\n<\/figure>\n<script>\n(function(){\n  var fig = document.getElementById(\"msp-izvori\");\n  if (!fig) { return; }\n  function tipInit(fig) {\n    var tip = fig.querySelector(\".vz-tip\");\n    function show(el) {\n      tip.textContent = el.getAttribute(\"data-tip\");\n      tip.hidden = false;\n      var fr = fig.getBoundingClientRect();\n      var r = el.getBoundingClientRect();\n      var x = r.left - fr.left + 10;\n      var maxX = fig.clientWidth - tip.offsetWidth - 8;\n      if (x > maxX) { x = maxX; }\n      if (x < 8) { x = 8; }\n      tip.style.left = x + \"px\";\n      tip.style.top = (r.top - fr.top - tip.offsetHeight - 6) + \"px\";\n    }\n    function hide() { tip.hidden = true; }\n    fig.querySelectorAll(\"[data-tip]\").forEach(function(el) {\n      el.addEventListener(\"mouseenter\", function() { show(el); });\n      el.addEventListener(\"mouseleave\", hide);\n      el.addEventListener(\"focus\", function() { show(el); });\n      el.addEventListener(\"blur\", hide);\n      el.addEventListener(\"click\", function() { if (tip.hidden) { show(el); } else { hide(); } });\n    });\n  }\n  tipInit(fig);\n  var btns = fig.querySelectorAll(\".vz-ctrl button\");\n  var gs = fig.querySelectorAll(\".vz-rows\");\n  var note = fig.querySelector(\".vz-enote\");\n  btns.forEach(function(b) {\n    b.addEventListener(\"click\", function() {\n      var m = b.getAttribute(\"data-m\");\n      btns.forEach(function(x) { x.setAttribute(\"aria-pressed\", x === b ? \"true\" : \"false\"); });\n      gs.forEach(function(g) { g.hidden = g.getAttribute(\"data-g\") !== m; });\n      note.textContent = note.getAttribute(\"data-n\" + m);\n    });\n  });\n})();\n<\/script>\n\n\n\n<h2 class=\"wp-block-heading\">How Croatia compares with Central and Eastern Europe<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Conservative financing is common across Central and Eastern Europe and strongest in Croatia. Among 11 Central and Eastern European member states, Croatian firms have the highest share of own funds in investment (78%), ahead of Latvia and Estonia (75% each). The regional average is 71% and the EU average 66%. Slovak (37%), Czech (29%) and Bulgarian firms (28%) invest most from external sources, Estonian firms least (17%). Croatia ranks eighth of 11 with 21%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The share of firms using any external source tells a different story. In Croatia it is 43%, the same as in Slovenia, Lithuania and Romania and almost the EU average (42%). Croatian firms therefore turn to loans and grants almost as often as others, but use them to finance a smaller part of their investment. This points to smaller loans, or to larger investments being postponed until enough own money has been accumulated.<\/p>\n\n\n\n<style>\n.vz{background:#f6f8fb;border:1px solid #d9e1ea;border-radius:18px;padding:22px 22px 18px;margin:30px 0;color:#002245;position:relative;font-size:15px;line-height:1.45}\n.vz *{box-sizing:border-box}\n.vz [hidden]{display:none !important}\n.vz p{margin:0 0 8px !important;color:#002245 !important}\n.vz .vz-k{font-size:12px !important;font-weight:700;letter-spacing:1.5px;text-transform:uppercase;color:#4a5d75 !important;margin-bottom:4px !important}\n.vz .vz-t{font-size:19px !important;font-weight:800;line-height:1.3 !important;margin-bottom:12px !important}\n.vz .vz-src{font-size:12.5px !important;color:#4a5d75 !important;margin:12px 0 0 !important}\n.vz .vz-note{font-size:13.5px !important;color:#4a5d75 !important}\n.vz-tiles{display:grid;grid-template-columns:repeat(auto-fit,minmax(210px,1fr));gap:12px}\n.vz-tile{background:#fff;border:1px solid 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.vz-n{font-size:20px}.vz-row{grid-template-columns:minmax(84px,34%) 1fr;gap:8px}.vz-row .vz-rl{font-size:12.5px}}\n<\/style>\n<figure class=\"vz\" id=\"msp-cesee\" data-lang=\"en\">\n<p class=\"vz-k\">Interactive chart<\/p>\n<p class=\"vz-t\">Central and Eastern Europe: how much investment firms fund themselves<\/p>\n<div class=\"vz-ctrl\" role=\"group\" aria-label=\"Central and Eastern Europe: how much investment firms fund themselves\"><button type=\"button\" data-m=\"0\" aria-pressed=\"true\">Own funds, % of investment<\/button><button type=\"button\" data-m=\"1\" aria-pressed=\"false\">External sources, % of investment<\/button><button type=\"button\" data-m=\"2\" aria-pressed=\"false\">Firms using external finance<\/button><\/div>\n<div class=\"vz-legend\"><span><i style=\"background:#2563b0\"><\/i>Central and Eastern European member states<\/span><span><i style=\"background:#d9572b\"><\/i>Croatia<\/span><span><i class=\"vz-o\"><\/i>Averages<\/span><span class=\"vz-reflab\"><i class=\"vz-l\"><\/i>EU average level<\/span><\/div>\n<div class=\"vz-rows\">\n<div class=\"vz-row vz-hr\" data-v0=\"78\" data-x0=\"78%\" data-p0=\"Croatia: 78% of investment from own funds (rank 1)\" data-v1=\"21\" data-x1=\"21%\" data-p1=\"Croatia: 21% of investment from external sources (rank 8)\" data-v2=\"43\" data-x2=\"43%\" data-p2=\"Croatia: 43% of investing firms use external finance (rank 5)\"><p class=\"vz-rl\">Croatia<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Croatia: 78% of investment from own funds (rank 1)\" aria-label=\"Croatia: 78% of investment from own funds (rank 1)\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:78.0%;background:#d9572b\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">78%<\/span><\/div><\/div>\n<div class=\"vz-row\" data-v0=\"75\" data-x0=\"75%\" data-p0=\"Latvia: 75% of investment from own funds (rank 2)\" data-v1=\"23\" data-x1=\"23%\" data-p1=\"Latvia: 23% of investment from external sources (rank 5)\" data-v2=\"45\" data-x2=\"45%\" data-p2=\"Latvia: 45% of investing firms use external finance (rank 4)\"><p class=\"vz-rl\">Latvia<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Latvia: 75% of investment from own funds (rank 2)\" aria-label=\"Latvia: 75% of investment from own funds (rank 2)\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:75.0%;background:#2563b0\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">75%<\/span><\/div><\/div>\n<div class=\"vz-row\" data-v0=\"75\" data-x0=\"75%\" data-p0=\"Estonia: 75% of investment from own funds (rank 2)\" data-v1=\"17\" data-x1=\"17%\" data-p1=\"Estonia: 17% of investment from external sources (rank 11)\" data-v2=\"29\" data-x2=\"29%\" data-p2=\"Estonia: 29% of investing firms use external finance (rank 11)\"><p class=\"vz-rl\">Estonia<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Estonia: 75% of investment from own funds (rank 2)\" aria-label=\"Estonia: 75% of investment from own funds (rank 2)\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:75.0%;background:#2563b0\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">75%<\/span><\/div><\/div>\n<div class=\"vz-row\" data-v0=\"74\" data-x0=\"74%\" data-p0=\"Poland: 74% of investment from own funds (rank 4)\" data-v1=\"22\" data-x1=\"22%\" data-p1=\"Poland: 22% of investment from external sources (rank 6)\" data-v2=\"42\" data-x2=\"42%\" data-p2=\"Poland: 42% of investing firms use external finance (rank 9)\"><p class=\"vz-rl\">Poland<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Poland: 74% of investment from own funds (rank 4)\" aria-label=\"Poland: 74% of investment from own funds (rank 4)\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:74.0%;background:#2563b0\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">74%<\/span><\/div><\/div>\n<div class=\"vz-row\" data-v0=\"73\" data-x0=\"73%\" data-p0=\"Lithuania: 73% of investment from own funds (rank 5)\" data-v1=\"20\" data-x1=\"20%\" data-p1=\"Lithuania: 20% of investment from external sources (rank 9)\" data-v2=\"43\" data-x2=\"43%\" data-p2=\"Lithuania: 43% of investing firms use external finance (rank 5)\"><p class=\"vz-rl\">Lithuania<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Lithuania: 73% of investment from own funds (rank 5)\" aria-label=\"Lithuania: 73% of investment from own funds (rank 5)\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:73.0%;background:#2563b0\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">73%<\/span><\/div><\/div>\n<div class=\"vz-row\" data-v0=\"73\" data-x0=\"73%\" data-p0=\"Hungary: 73% of investment from own funds (rank 5)\" data-v1=\"20\" data-x1=\"20%\" data-p1=\"Hungary: 20% of investment from external sources (rank 9)\" data-v2=\"38\" data-x2=\"38%\" data-p2=\"Hungary: 38% of investing firms use external finance (rank 10)\"><p class=\"vz-rl\">Hungary<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Hungary: 73% of investment from own funds (rank 5)\" aria-label=\"Hungary: 73% of investment from own funds (rank 5)\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:73.0%;background:#2563b0\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">73%<\/span><\/div><\/div>\n<div class=\"vz-row\" data-v0=\"71\" data-x0=\"71%\" data-p0=\"Romania: 71% of investment from own funds (rank 7)\" data-v1=\"24\" data-x1=\"24%\" data-p1=\"Romania: 24% of investment from external sources (rank 4)\" data-v2=\"43\" data-x2=\"43%\" data-p2=\"Romania: 43% of investing firms use external finance (rank 5)\"><p class=\"vz-rl\">Romania<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Romania: 71% of investment from own funds (rank 7)\" aria-label=\"Romania: 71% of investment from own funds (rank 7)\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:71.0%;background:#2563b0\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">71%<\/span><\/div><\/div>\n<div class=\"vz-row vz-agg\" data-v0=\"71\" data-x0=\"71%\" data-p0=\"CESEE average: 71% of investment from own funds\" data-v1=\"24\" data-x1=\"24%\" data-p1=\"CESEE average: 24% of investment from external sources\" data-v2=\"44\" data-x2=\"44%\" data-p2=\"CESEE average: 44% of investing firms use external finance\"><p class=\"vz-rl\">CESEE average<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"CESEE average: 71% of investment from own funds\" aria-label=\"CESEE average: 71% of investment from own funds\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:71.0%;background:#2563b0\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">71%<\/span><\/div><\/div>\n<div class=\"vz-row\" data-v0=\"69\" data-x0=\"69%\" data-p0=\"Slovenia: 69% of investment from own funds (rank 8)\" data-v1=\"22\" data-x1=\"22%\" data-p1=\"Slovenia: 22% of investment from external sources (rank 6)\" data-v2=\"43\" data-x2=\"43%\" data-p2=\"Slovenia: 43% of investing firms use external finance (rank 5)\"><p class=\"vz-rl\">Slovenia<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Slovenia: 69% of investment from own funds (rank 8)\" aria-label=\"Slovenia: 69% of investment from own funds (rank 8)\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:69.0%;background:#2563b0\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">69%<\/span><\/div><\/div>\n<div class=\"vz-row\" data-v0=\"68\" data-x0=\"68%\" data-p0=\"Bulgaria: 68% of investment from own funds (rank 9)\" data-v1=\"28\" data-x1=\"28%\" data-p1=\"Bulgaria: 28% of investment from external sources (rank 3)\" data-v2=\"46\" data-x2=\"46%\" data-p2=\"Bulgaria: 46% of investing firms use external finance (rank 3)\"><p class=\"vz-rl\">Bulgaria<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Bulgaria: 68% of investment from own funds (rank 9)\" aria-label=\"Bulgaria: 68% of investment from own funds (rank 9)\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:68.0%;background:#2563b0\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">68%<\/span><\/div><\/div>\n<div class=\"vz-row vz-agg\" data-v0=\"66\" data-x0=\"66%\" data-p0=\"EU average: 66% of investment from own funds\" data-v1=\"25\" data-x1=\"25%\" data-p1=\"EU average: 25% of investment from external sources\" data-v2=\"42\" data-x2=\"42%\" data-p2=\"EU average: 42% of investing firms use external finance\"><p class=\"vz-rl\">EU average<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"EU average: 66% of investment from own funds\" aria-label=\"EU average: 66% of investment from own funds\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:66.0%;background:#2563b0\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">66%<\/span><\/div><\/div>\n<div class=\"vz-row\" data-v0=\"65\" data-x0=\"65%\" data-p0=\"Czechia: 65% of investment from own funds (rank 10)\" data-v1=\"29\" data-x1=\"29%\" data-p1=\"Czechia: 29% of investment from external sources (rank 2)\" data-v2=\"50\" data-x2=\"50%\" data-p2=\"Czechia: 50% of investing firms use external finance (rank 2)\"><p class=\"vz-rl\">Czechia<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Czechia: 65% of investment from own funds (rank 10)\" aria-label=\"Czechia: 65% of investment from own funds (rank 10)\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:65.0%;background:#2563b0\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">65%<\/span><\/div><\/div>\n<div class=\"vz-row\" data-v0=\"57\" data-x0=\"57%\" data-p0=\"Slovakia: 57% of investment from own funds (rank 11)\" data-v1=\"37\" data-x1=\"37%\" data-p1=\"Slovakia: 37% of investment from external sources (rank 1)\" data-v2=\"63\" data-x2=\"63%\" data-p2=\"Slovakia: 63% of investing firms use external finance (rank 1)\"><p class=\"vz-rl\">Slovakia<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Slovakia: 57% of investment from own funds (rank 11)\" aria-label=\"Slovakia: 57% of investment from own funds (rank 11)\"><div class=\"vz-track\"><div class=\"vz-fill\" style=\"width:57.0%;background:#2563b0\"><\/div><div class=\"vz-ref\" style=\"left:66.0%;\"><\/div><\/div><span class=\"vz-v\">57%<\/span><\/div><\/div>\n<\/div>\n<p class=\"vz-note vz-cnote\" style=\"margin-top:12px !important\" data-n0=\"With 78%, Croatian firms have the highest share of own funds in investment among the 11 Central and Eastern European member states. The EU average is 66% and the regional average 71%.\" data-n1=\"Croatia finances 21% of investment from external sources, the eighth share of 11. Slovak firms use the most external money (37%) and Estonian firms the least (17%).\" data-n2=\"The share of firms using any external source is 43% in Croatia, almost the same as in the EU (42%). It is highest in Slovakia (63%) and lowest in Estonia (29%).\">With 78%, Croatian firms have the highest share of own funds in investment among the 11 Central and Eastern European member states. The EU average is 66% and the regional average 71%.<\/p>\n<details><summary>Show the data in a table<\/summary><div class=\"vz-scroll\"><table><thead><tr><th>Country<\/th><th>Own funds, % of investment<\/th><th>External sources, % of investment<\/th><th>Firms using external finance<\/th><\/tr><\/thead><tbody><tr><td>Croatia<\/td><td class=\"n\">78%<\/td><td class=\"n\">21%<\/td><td class=\"n\">43%<\/td><\/tr><tr><td>Latvia<\/td><td class=\"n\">75%<\/td><td class=\"n\">23%<\/td><td class=\"n\">45%<\/td><\/tr><tr><td>Estonia<\/td><td class=\"n\">75%<\/td><td class=\"n\">17%<\/td><td class=\"n\">29%<\/td><\/tr><tr><td>Poland<\/td><td class=\"n\">74%<\/td><td class=\"n\">22%<\/td><td class=\"n\">42%<\/td><\/tr><tr><td>Lithuania<\/td><td class=\"n\">73%<\/td><td class=\"n\">20%<\/td><td class=\"n\">43%<\/td><\/tr><tr><td>Hungary<\/td><td class=\"n\">73%<\/td><td class=\"n\">20%<\/td><td class=\"n\">38%<\/td><\/tr><tr><td>Romania<\/td><td class=\"n\">71%<\/td><td class=\"n\">24%<\/td><td class=\"n\">43%<\/td><\/tr><tr><td>CESEE average<\/td><td class=\"n\">71%<\/td><td class=\"n\">24%<\/td><td class=\"n\">44%<\/td><\/tr><tr><td>Slovenia<\/td><td class=\"n\">69%<\/td><td class=\"n\">22%<\/td><td class=\"n\">43%<\/td><\/tr><tr><td>Bulgaria<\/td><td class=\"n\">68%<\/td><td class=\"n\">28%<\/td><td class=\"n\">46%<\/td><\/tr><tr><td>EU average<\/td><td class=\"n\">66%<\/td><td class=\"n\">25%<\/td><td class=\"n\">42%<\/td><\/tr><tr><td>Czechia<\/td><td class=\"n\">65%<\/td><td class=\"n\">29%<\/td><td class=\"n\">50%<\/td><\/tr><tr><td>Slovakia<\/td><td class=\"n\">57%<\/td><td class=\"n\">37%<\/td><td class=\"n\">63%<\/td><\/tr><\/tbody><\/table><\/div><\/details>\n<p class=\"vz-src\">Source: European Investment Bank, EIB Investment Survey 2025, overview for Central, Eastern and South-Eastern Europe (January 2026). Ranking: Omnia Solutions.<\/p>\n<div class=\"vz-tip\" hidden><\/div>\n<\/figure>\n<script>\n(function(){\n  var fig = document.getElementById(\"msp-cesee\");\n  if (!fig) { return; }\n  function tipInit(fig) {\n    var tip = fig.querySelector(\".vz-tip\");\n    function show(el) {\n      tip.textContent = el.getAttribute(\"data-tip\");\n      tip.hidden = false;\n      var fr = fig.getBoundingClientRect();\n      var r = el.getBoundingClientRect();\n      var x = r.left - fr.left + 10;\n      var maxX = fig.clientWidth - tip.offsetWidth - 8;\n      if (x > maxX) { x = maxX; }\n      if (x < 8) { x = 8; }\n      tip.style.left = x + \"px\";\n      tip.style.top = (r.top - fr.top - tip.offsetHeight - 6) + \"px\";\n    }\n    function hide() { tip.hidden = true; }\n    fig.querySelectorAll(\"[data-tip]\").forEach(function(el) {\n      el.addEventListener(\"mouseenter\", function() { show(el); });\n      el.addEventListener(\"mouseleave\", hide);\n      el.addEventListener(\"focus\", function() { show(el); });\n      el.addEventListener(\"blur\", hide);\n      el.addEventListener(\"click\", function() { if (tip.hidden) { show(el); } else { hide(); } });\n    });\n  }\n  tipInit(fig);\n  var CFG = {\"max\":[100,40,70],\"ref\":[66,25,42]};\n  var rows = fig.querySelector(\".vz-rows\");\n  var btns = fig.querySelectorAll(\".vz-ctrl button\");\n  var note = fig.querySelector(\".vz-cnote\");\n  var reflab = fig.querySelector(\".vz-reflab\");\n  function apply(m) {\n    var list = Array.prototype.slice.call(rows.children);\n    list.forEach(function(r) {\n      var v = parseFloat(r.getAttribute(\"data-v\" + m));\n      var bar = r.querySelector(\".vz-bar\");\n      r.querySelector(\".vz-fill\").style.width = (Math.max(0, v) \/ CFG.max[m] * 100).toFixed(2) + \"%\";\n      r.querySelector(\".vz-v\").textContent = r.getAttribute(\"data-x\" + m);\n      bar.setAttribute(\"data-tip\", r.getAttribute(\"data-p\" + m));\n      bar.setAttribute(\"aria-label\", r.getAttribute(\"data-p\" + m));\n      var ref = r.querySelector(\".vz-ref\");\n      if (ref) {\n        if (CFG.ref[m] === null) { ref.style.display = \"none\"; }\n        else { ref.style.display = \"\"; ref.style.left = (CFG.ref[m] \/ CFG.max[m] * 100).toFixed(2) + \"%\"; }\n      }\n    });\n    list.sort(function(p, q) { return parseFloat(q.getAttribute(\"data-v\" + m)) - parseFloat(p.getAttribute(\"data-v\" + m)); });\n    list.forEach(function(r) { rows.appendChild(r); });\n    note.textContent = note.getAttribute(\"data-n\" + m);\n    if (reflab) { reflab.style.display = CFG.ref[m] === null ? \"none\" : \"\"; }\n  }\n  btns.forEach(function(b) {\n    b.addEventListener(\"click\", function() {\n      btns.forEach(function(x) { x.setAttribute(\"aria-pressed\", x === b ? \"true\" : \"false\"); });\n      apply(parseInt(b.getAttribute(\"data-m\"), 10));\n    });\n  });\n})();\n<\/script>\n\n\n\n<h2 class=\"wp-block-heading\">How hard is it to get credit<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The EIB measures access to finance by the share of finance-constrained firms, meaning firms that received less than they asked for, were rejected, or did not apply because finance was too expensive or they were discouraged. In Croatia 7.8% of firms are finance-constrained, in the EU 6.1% and in Central and Eastern Europe 9.3%. The Croatian share has been above the EU average every year since 2019, peaking at 11.4% in 2021. The gap narrowed from 6.7 points in 2021 to 1.7 points in 2025. Construction (12.4%) and infrastructure (9.7%) have the hardest time.<\/p>\n\n\n\n<style>\n.vz{background:#f6f8fb;border:1px solid #d9e1ea;border-radius:18px;padding:22px 22px 18px;margin:30px 0;color:#002245;position:relative;font-size:15px;line-height:1.45}\n.vz *{box-sizing:border-box}\n.vz [hidden]{display:none !important}\n.vz p{margin:0 0 8px !important;color:#002245 !important}\n.vz .vz-k{font-size:12px !important;font-weight:700;letter-spacing:1.5px;text-transform:uppercase;color:#4a5d75 !important;margin-bottom:4px !important}\n.vz .vz-t{font-size:19px !important;font-weight:800;line-height:1.3 !important;margin-bottom:12px !important}\n.vz .vz-src{font-size:12.5px !important;color:#4a5d75 !important;margin:12px 0 0 !important}\n.vz .vz-note{font-size:13.5px !important;color:#4a5d75 !important}\n.vz-tiles{display:grid;grid-template-columns:repeat(auto-fit,minmax(210px,1fr));gap:12px}\n.vz-tile{background:#fff;border:1px solid #d9e1ea;border-radius:14px;padding:14px 14px 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.vz-n{font-size:20px}.vz-row{grid-template-columns:minmax(84px,34%) 1fr;gap:8px}.vz-row .vz-rl{font-size:12.5px}}\n<\/style>\n<figure class=\"vz\" id=\"msp-ograniceni\" data-lang=\"en\">\n<p class=\"vz-k\">Interactive chart<\/p>\n<p class=\"vz-t\">Finance-constrained firms since 2019<\/p>\n<div class=\"vz-legend\"><span><i style=\"background:#d9572b\"><\/i>Croatia<\/span><span><i style=\"background:#2563b0\"><\/i>EU average<\/span><\/div>\n<div class=\"vz-chart\" data-cfg=\"{&quot;x&quot;:[&quot;2019&quot;,&quot;2020&quot;,&quot;2021&quot;,&quot;2022&quot;,&quot;2023&quot;,&quot;2024&quot;,&quot;2025&quot;],&quot;s&quot;:[{&quot;n&quot;:&quot;Croatia&quot;,&quot;sn&quot;:&quot;HR&quot;,&quot;c&quot;:&quot;#d9572b&quot;,&quot;v&quot;:[7.8,6.7,11.4,10.3,10.7,7.6,7.8],&quot;d&quot;:0},{&quot;n&quot;:&quot;EU average&quot;,&quot;sn&quot;:&quot;EU&quot;,&quot;c&quot;:&quot;#2563b0&quot;,&quot;v&quot;:[4.9,5.6,4.7,6.2,5.9,6.7,6.1],&quot;d&quot;:0}],&quot;ymin&quot;:0,&quot;ymax&quot;:12,&quot;ystep&quot;:2,&quot;unit&quot;:&quot;%&quot;,&quot;dec&quot;:1,&quot;ydec&quot;:0,&quot;ref&quot;:null,&quot;reflab&quot;:&quot;&quot;}\" role=\"img\" aria-label=\"Line chart. The share of finance-constrained firms in Croatia was 7.8% in 2019, peaked at 11.4% in 2021 and was 7.8% in 2025. In the EU it ranged between 4.7 and 6.7% over the same period and stood at 6.1% in 2025.\"><\/div>\n<details><summary>Show the data in a table<\/summary><div class=\"vz-scroll\"><table><thead><tr><th>Survey year<\/th><th>Croatia<\/th><th>EU average<\/th><\/tr><\/thead><tbody><tr><td>2019<\/td><td class=\"n\">7.8%<\/td><td class=\"n\">4.9%<\/td><\/tr><tr><td>2020<\/td><td class=\"n\">6.7%<\/td><td class=\"n\">5.6%<\/td><\/tr><tr><td>2021<\/td><td class=\"n\">11.4%<\/td><td class=\"n\">4.7%<\/td><\/tr><tr><td>2022<\/td><td class=\"n\">10.3%<\/td><td class=\"n\">6.2%<\/td><\/tr><tr><td>2023<\/td><td class=\"n\">10.7%<\/td><td class=\"n\">5.9%<\/td><\/tr><tr><td>2024<\/td><td class=\"n\">7.6%<\/td><td class=\"n\">6.7%<\/td><\/tr><tr><td>2025<\/td><td class=\"n\">7.8%<\/td><td class=\"n\">6.1%<\/td><\/tr><\/tbody><\/table><\/div><\/details>\n<p class=\"vz-note\" style=\"margin-top:12px !important\">Finance-constrained firms received less than they asked for, were rejected, or did not apply because finance was too expensive or they were discouraged. The year is the survey year. Hover over or tap the chart.<\/p>\n<p class=\"vz-src\">Source: European Investment Bank, EIB Investment Survey 2025, Croatia overview, 2025 edition time series; the EU series is confirmed in the overview for Central, Eastern and South-Eastern Europe.<\/p>\n<div class=\"vz-tip\" hidden><\/div>\n<\/figure>\n<script>\n(function(){\n  var fig = document.getElementById(\"msp-ograniceni\");\n  if (!fig) { return; }\n  function tipInit(fig) {\n    var tip = fig.querySelector(\".vz-tip\");\n    function show(el) {\n      tip.textContent = el.getAttribute(\"data-tip\");\n      tip.hidden = false;\n      var fr = fig.getBoundingClientRect();\n      var r = el.getBoundingClientRect();\n      var x = r.left - fr.left + 10;\n      var maxX = fig.clientWidth - tip.offsetWidth - 8;\n      if (x > maxX) { x = maxX; }\n      if (x < 8) { x = 8; }\n      tip.style.left = x + \"px\";\n      tip.style.top = (r.top - fr.top - tip.offsetHeight - 6) + \"px\";\n    }\n    function hide() { tip.hidden = true; }\n    fig.querySelectorAll(\"[data-tip]\").forEach(function(el) {\n      el.addEventListener(\"mouseenter\", function() { show(el); });\n      el.addEventListener(\"mouseleave\", hide);\n      el.addEventListener(\"focus\", function() { show(el); });\n      el.addEventListener(\"blur\", hide);\n      el.addEventListener(\"click\", function() { if (tip.hidden) { show(el); } else { hide(); } });\n    });\n  }\n  tipInit(fig);\n  var NS = \"http:\/\/www.w3.org\/2000\/svg\";\n  function el(name, attrs, parent) {\n    var e = document.createElementNS(NS, name);\n    for (var k in attrs) { if (attrs.hasOwnProperty(k)) { e.setAttribute(k, attrs[k]); } }\n    if (parent) { parent.appendChild(e); }\n    return e;\n  }\n  function txt(parent, x, y, s, attrs) {\n    var a = attrs || {};\n    a.x = x; a.y = y;\n    if (!a[\"font-size\"]) { a[\"font-size\"] = 12; }\n    if (!a.fill) { a.fill = \"#4a5d75\"; }\n    var t = el(\"text\", a, parent);\n    t.textContent = s;\n    return t;\n  }\n  var LANG = fig.getAttribute(\"data-lang\");\n  var TH = LANG === \"hr\" ? \".\" : \",\";\n  var DC = LANG === \"hr\" ? \",\" : \".\";\n  function fmt(v, dec) {\n    var s = Number(v).toFixed(dec);\n    var p = s.split(\".\");\n    var i = p[0].replace(\/\\B(?=(\\d{3})+(?!\\d))\/g, TH);\n    if (dec > 0) { return i + DC + p[1]; }\n    return i;\n  }\n  var tip = fig.querySelector(\".vz-tip\");\n  function tipAt(x, y, s) {\n    tip.textContent = s;\n    tip.hidden = false;\n    var maxX = fig.clientWidth - tip.offsetWidth - 8;\n    var tx = x + 14;\n    if (tx > maxX) { tx = x - tip.offsetWidth - 14; }\n    if (tx < 8) { tx = 8; }\n    var ty = y - tip.offsetHeight - 10;\n    if (ty < 4) { ty = y + 16; }\n    tip.style.left = tx + \"px\";\n    tip.style.top = ty + \"px\";\n  }\n  function tipHide() { tip.hidden = true; }\n  var box = fig.querySelector(\".vz-chart\");\n  var cfg = JSON.parse(box.getAttribute(\"data-cfg\"));\n  function draw() {\n    while (box.firstChild) { box.removeChild(box.firstChild); }\n    var W = Math.max(280, box.clientWidth);\n    var narrow = W < 520;\n    var H = narrow ? 260 : 310;\n    var m = {l: 46, r: narrow ? 56 : 136, t: 12, b: 30};\n    var iw = W - m.l - m.r, ih = H - m.t - m.b;\n    var svg = el(\"svg\", {viewBox: \"0 0 \" + W + \" \" + H, width: W, height: H}, box);\n    var n = cfg.x.length;\n    function X(i) { return m.l + (n === 1 ? iw \/ 2 : i * iw \/ (n - 1)); }\n    function Y(v) { return m.t + ih - (v - cfg.ymin) \/ (cfg.ymax - cfg.ymin) * ih; }\n    for (var g = cfg.ymin; g <= cfg.ymax + 1e-9; g += cfg.ystep) {\n      el(\"line\", {x1: m.l, x2: m.l + iw, y1: Y(g), y2: Y(g), stroke: \"#d9e1ea\", \"stroke-width\": 1}, svg);\n      txt(svg, m.l - 6, Y(g) + 4, fmt(g, cfg.ydec), {\"text-anchor\": \"end\", \"font-size\": 11});\n    }\n    var step = narrow ? 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According to the ECB\u2019s quarterly euro area survey of April 2026, a net 24% of SMEs reported higher interest rates on bank loans, up from 13% in the previous round, and 17% of SMEs applied for a bank loan. These figures cover the euro area as a whole, because Croatia is not shown separately in the quarterly rounds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The 2025 SAFE survey, which covers all member states, also shows why Croatian SMEs do not apply for credit lines. Only 21% cite sufficient own funds, the lowest share in the EU, where it is 41%. Fear of rejection is almost absent (1% or less), and 52% give other reasons, the highest share in the EU. The analytical report does not give a rejection rate for Croatia, and the Croatian sample of 160 firms is too small for a reliable estimate. In the EU, 70% of SMEs that applied for a credit line obtained the full amount and 7% were rejected.<\/p>\n\n\n\n<style>\n.vz{background:#f6f8fb;border:1px solid #d9e1ea;border-radius:18px;padding:22px 22px 18px;margin:30px 0;color:#002245;position:relative;font-size:15px;line-height:1.45}\n.vz *{box-sizing:border-box}\n.vz [hidden]{display:none !important}\n.vz p{margin:0 0 8px !important;color:#002245 !important}\n.vz .vz-k{font-size:12px !important;font-weight:700;letter-spacing:1.5px;text-transform:uppercase;color:#4a5d75 !important;margin-bottom:4px !important}\n.vz .vz-t{font-size:19px !important;font-weight:800;line-height:1.3 !important;margin-bottom:12px !important}\n.vz .vz-src{font-size:12.5px !important;color:#4a5d75 !important;margin:12px 0 0 !important}\n.vz .vz-note{font-size:13.5px !important;color:#4a5d75 !important}\n.vz-tiles{display:grid;grid-template-columns:repeat(auto-fit,minmax(210px,1fr));gap:12px}\n.vz-tile{background:#fff;border:1px solid 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.vz-n{font-size:20px}.vz-row{grid-template-columns:minmax(84px,34%) 1fr;gap:8px}.vz-row .vz-rl{font-size:12.5px}}\n<\/style>\n<figure class=\"vz\" id=\"msp-razlike\" data-lang=\"en\">\n<style>.vz .vz-zero{position:absolute;top:-3px;bottom:-3px;border-left:1.5px solid #4a5d75;z-index:1}.vz .vz-fill.vz-neg{border-radius:4px 0 0 4px}<\/style>\n<p class=\"vz-k\">Interactive chart<\/p>\n<p class=\"vz-t\">Croatia compared with the EU: difference in percentage points<\/p>\n<div class=\"vz-ctrl\" role=\"group\" aria-label=\"Croatia compared with the EU: difference in percentage points\"><button type=\"button\" data-m=\"0\" aria-pressed=\"true\">Investment and credit (EIBIS, all firms)<\/button><button type=\"button\" data-m=\"1\" aria-pressed=\"false\">SME financing sources (SAFE)<\/button><\/div>\n<div class=\"vz-rows\" data-g=\"0\">\n<div class=\"vz-row\"><p class=\"vz-rl\">Finance-constrained<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Finance-constrained: Croatia 7.8%, EU 6.1%, difference +1.7 points\" aria-label=\"Finance-constrained: Croatia 7.8%, EU 6.1%, difference +1.7 points\"><div class=\"vz-track\"><div class=\"vz-zero\" style=\"left:70.00%\"><\/div><div class=\"vz-fill\" style=\"left:70.00%;width:8.50%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">+1.7<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">Use external finance<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Use external finance: Croatia 43%, EU 42%, difference +1 points\" aria-label=\"Use external finance: Croatia 43%, EU 42%, difference +1 points\"><div class=\"vz-track\"><div class=\"vz-zero\" style=\"left:70.00%\"><\/div><div class=\"vz-fill\" style=\"left:70.00%;width:5.00%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">+1<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">External share of investment<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"External share of investment: Croatia 21%, EU 25%, difference \u22124 points\" aria-label=\"External share of investment: Croatia 21%, EU 25%, difference \u22124 points\"><div class=\"vz-track\"><div class=\"vz-zero\" style=\"left:70.00%\"><\/div><div class=\"vz-fill vz-neg\" style=\"left:50.00%;width:20.00%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">\u22124<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">Bank finance among users of external finance<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Bank finance among users of external finance: Croatia 68%, EU 79%, difference \u221211 points\" aria-label=\"Bank finance among users of external finance: Croatia 68%, EU 79%, difference \u221211 points\"><div class=\"vz-track\"><div class=\"vz-zero\" style=\"left:70.00%\"><\/div><div class=\"vz-fill vz-neg\" style=\"left:15.00%;width:55.00%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">\u221211<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">Dissatisfied with the cost of finance<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Dissatisfied with the cost of finance: Croatia 6%, EU 15%, difference \u22129 points\" aria-label=\"Dissatisfied with the cost of finance: Croatia 6%, EU 15%, difference \u22129 points\"><div class=\"vz-track\"><div class=\"vz-zero\" style=\"left:70.00%\"><\/div><div class=\"vz-fill vz-neg\" style=\"left:25.00%;width:45.00%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">\u22129<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">Received public support for investment<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Received public support for investment: Croatia 19%, EU 16%, difference +3 points\" aria-label=\"Received public support for investment: Croatia 19%, EU 16%, difference +3 points\"><div class=\"vz-track\"><div class=\"vz-zero\" style=\"left:70.00%\"><\/div><div class=\"vz-fill\" style=\"left:70.00%;width:15.00%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">+3<\/span><\/div><\/div>\n<\/div>\n<div class=\"vz-rows\" data-g=\"1\" hidden>\n<div class=\"vz-row\"><p class=\"vz-rl\">Used grants or subsidised loans<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Used grants or subsidised loans: Croatia 12%, EU 7%, difference +5 points\" aria-label=\"Used grants or subsidised loans: Croatia 12%, EU 7%, difference +5 points\"><div class=\"vz-track\"><div class=\"vz-zero\" style=\"left:55.00%\"><\/div><div class=\"vz-fill\" style=\"left:55.00%;width:12.50%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">+5<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">Used retained earnings or sale of assets<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Used retained earnings or sale of assets: Croatia 24%, EU 15%, difference +9 points\" aria-label=\"Used retained earnings or sale of assets: Croatia 24%, EU 15%, difference +9 points\"><div class=\"vz-track\"><div class=\"vz-zero\" style=\"left:55.00%\"><\/div><div class=\"vz-fill\" style=\"left:55.00%;width:22.50%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">+9<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">Trade credit not relevant<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Trade credit not relevant: Croatia 84%, EU 69%, difference +15 points\" aria-label=\"Trade credit not relevant: Croatia 84%, EU 69%, difference +15 points\"><div class=\"vz-track\"><div class=\"vz-zero\" style=\"left:55.00%\"><\/div><div class=\"vz-fill\" style=\"left:55.00%;width:37.50%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">+15<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">Equity not relevant<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Equity not relevant: Croatia 69%, EU 85%, difference \u221216 points\" aria-label=\"Equity not relevant: Croatia 69%, EU 85%, difference \u221216 points\"><div class=\"vz-track\"><div class=\"vz-zero\" style=\"left:55.00%\"><\/div><div class=\"vz-fill vz-neg\" style=\"left:15.00%;width:40.00%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">\u221216<\/span><\/div><\/div>\n<div class=\"vz-row\"><p class=\"vz-rl\">Do not apply for a credit line because own funds suffice<\/p><div class=\"vz-bar\" tabindex=\"0\" data-tip=\"Do not apply for a credit line because own funds suffice: Croatia 21%, EU 41%, difference \u221220 points\" aria-label=\"Do not apply for a credit line because own funds suffice: Croatia 21%, EU 41%, difference \u221220 points\"><div class=\"vz-track\"><div class=\"vz-zero\" style=\"left:55.00%\"><\/div><div class=\"vz-fill vz-neg\" style=\"left:5.00%;width:50.00%;background:#d9572b\"><\/div><\/div><span class=\"vz-v\">\u221220<\/span><\/div><\/div>\n<\/div>\n<p class=\"vz-note vz-enote\" style=\"margin-top:12px !important\" data-n0=\"A positive value means the share is higher in Croatia than in the EU. Croatian firms rely less on banks (68% against 79%) and are less often dissatisfied with the cost of finance (6% against 15%), but the share of finance-constrained firms is higher (7.8% against 6.1%).\" data-n1=\"Share of SMEs, SAFE survey of September 2025. Croatian SMEs use grants (12% against 7%) and retained earnings (24% against 15%) more often, and fewer consider equity irrelevant (69% against 85%). The Croatian sample (160 firms) is small, so the differences are indicative.\">A positive value means the share is higher in Croatia than in the EU. Croatian firms rely less on banks (68% against 79%) and are less often dissatisfied with the cost of finance (6% against 15%), but the share of finance-constrained firms is higher (7.8% against 6.1%).<\/p>\n<details><summary>Show the data in a table<\/summary><div class=\"vz-scroll\"><table><thead><tr><th>Indicator<\/th><th>Croatia<\/th><th>EU average<\/th><th>Difference, points<\/th><\/tr><\/thead><tbody><tr><td>Finance-constrained<\/td><td class=\"n\">7.8%<\/td><td class=\"n\">6.1%<\/td><td class=\"n\">+1.7<\/td><\/tr><tr><td>Use external finance<\/td><td class=\"n\">43%<\/td><td class=\"n\">42%<\/td><td class=\"n\">+1<\/td><\/tr><tr><td>External share of investment<\/td><td class=\"n\">21%<\/td><td class=\"n\">25%<\/td><td class=\"n\">\u22124<\/td><\/tr><tr><td>Bank finance among users of external finance<\/td><td class=\"n\">68%<\/td><td class=\"n\">79%<\/td><td class=\"n\">\u221211<\/td><\/tr><tr><td>Dissatisfied with the cost of finance<\/td><td class=\"n\">6%<\/td><td class=\"n\">15%<\/td><td class=\"n\">\u22129<\/td><\/tr><tr><td>Received public support for investment<\/td><td class=\"n\">19%<\/td><td class=\"n\">16%<\/td><td class=\"n\">+3<\/td><\/tr><tr><td>Used grants or subsidised loans<\/td><td class=\"n\">12%<\/td><td class=\"n\">7%<\/td><td class=\"n\">+5<\/td><\/tr><tr><td>Used retained earnings or sale of assets<\/td><td class=\"n\">24%<\/td><td class=\"n\">15%<\/td><td class=\"n\">+9<\/td><\/tr><tr><td>Trade credit not relevant<\/td><td class=\"n\">84%<\/td><td class=\"n\">69%<\/td><td class=\"n\">+15<\/td><\/tr><tr><td>Equity not relevant<\/td><td class=\"n\">69%<\/td><td class=\"n\">85%<\/td><td class=\"n\">\u221216<\/td><\/tr><tr><td>Do not apply for a credit line because own funds suffice<\/td><td class=\"n\">21%<\/td><td class=\"n\">41%<\/td><td class=\"n\">\u221220<\/td><\/tr><\/tbody><\/table><\/div><\/details>\n<p class=\"vz-src\">Sources: European Investment Bank, EIB Investment Survey 2025, Croatia overview; European Commission and ECB, Survey on the access to finance of enterprises (SAFE) 2025, analytical report. Calculation: Omnia Solutions.<\/p>\n<div class=\"vz-tip\" hidden><\/div>\n<\/figure>\n<script>\n(function(){\n  var fig = document.getElementById(\"msp-razlike\");\n  if (!fig) { return; }\n  function tipInit(fig) {\n    var tip = fig.querySelector(\".vz-tip\");\n    function show(el) {\n      tip.textContent = el.getAttribute(\"data-tip\");\n      tip.hidden = false;\n      var fr = fig.getBoundingClientRect();\n      var r = el.getBoundingClientRect();\n      var x = r.left - fr.left + 10;\n      var maxX = fig.clientWidth - tip.offsetWidth - 8;\n      if (x > maxX) { x = maxX; }\n      if (x < 8) { x = 8; }\n      tip.style.left = x + \"px\";\n      tip.style.top = (r.top - fr.top - tip.offsetHeight - 6) + \"px\";\n    }\n    function hide() { tip.hidden = true; }\n    fig.querySelectorAll(\"[data-tip]\").forEach(function(el) {\n      el.addEventListener(\"mouseenter\", function() { show(el); });\n      el.addEventListener(\"mouseleave\", hide);\n      el.addEventListener(\"focus\", function() { show(el); });\n      el.addEventListener(\"blur\", hide);\n      el.addEventListener(\"click\", function() { if (tip.hidden) { show(el); } else { hide(); } });\n    });\n  }\n  tipInit(fig);\n  var btns = fig.querySelectorAll(\".vz-ctrl button\");\n  var gs = fig.querySelectorAll(\".vz-rows\");\n  var note = fig.querySelector(\".vz-enote\");\n  btns.forEach(function(b) {\n    b.addEventListener(\"click\", function() {\n      var m = b.getAttribute(\"data-m\");\n      btns.forEach(function(x) { x.setAttribute(\"aria-pressed\", x === b ? \"true\" : \"false\"); });\n      gs.forEach(function(g) { g.hidden = g.getAttribute(\"data-g\") !== m; });\n      note.textContent = note.getAttribute(\"data-n\" + m);\n    });\n  });\n})();\n<\/script>\n\n\n\n<h2 class=\"wp-block-heading\">How much grants and public loans cover<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Croatian SMEs use public money more than average. According to SAFE, 12% of SMEs used grants or subsidised bank loans, against 7% in the EU, which together with Hungary (13%) is among the highest shares in the Union. According to the EIB survey, 19% of investing Croatian firms received public support for financing investment, against 16% in the EU. 24% of SMEs used retained earnings or sale of assets, against 15% in the EU. Equity is not relevant for 69% of SMEs, against 85% in the EU, one of the lowest shares in the Union.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">HBOR is the largest public financier. According to its 2025 annual report, submitted to the Croatian Parliament in June 2026, HBOR supported 1,654 projects with almost EUR 1.8 billion, with 78% of lending going to investment. It approved EUR 798 million to the private sector for investment and working capital, and 51% of that amount, about EUR 407 million, went to 1,015 placements to SMEs. Direct loans to SMEs from the National Recovery and Resilience Plan carry interest rates of 0.4 and 0.8%, and the report lists 214 such loans worth EUR 64 million. Interest was subsidised on 285 loans worth EUR 724.5 million since implementation began. Blended programmes with EU funds allow up to 50% of the principal to be written off.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">HAMAG-BICRO works with smaller amounts, through loans and guarantees for bank loans. According to its latest available annual report, for 2023, it approved 193 individual guarantees from the ESI Funds worth EUR 101.4 million, 1,121 ESI Fund loans worth EUR 23.9 million, 438 rural development loans worth EUR 30.5 million and 329 loans from the National Recovery and Resilience Plan worth EUR 22.9 million. Across all its guarantee programmes HAMAG-BICRO has issued EUR 931.5 million in guarantees, and from the start of its operations to the end of 2023 it paid out EUR 75.1 million, about 8%. Against 258,507 SMEs, HBOR\u2019s 1,015 placements in 2025 reach less than half a percent of firms, so bank finance remains the main external source.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What this means for businesses<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Financing with own money keeps debt low but drains liquidity. If a project costs more than a year\u2019s cash flow, it is worth comparing the total cost of an HBOR loan and a bank loan. Our <a href=\"https:\/\/omniasolutions.hr\/en\/hbor-loan-calculator-hbor-vs-bank\/\">HBOR loan calculator<\/a> does this.<\/li>\n\n\n\n<li>HBOR programmes, their rates and conditions are described in our guide <a href=\"https:\/\/omniasolutions.hr\/en\/hbor-loans-for-entrepreneurs-2026\/\">HBOR loans for entrepreneurs 2026<\/a>. For programmes with EU funds, check the criteria for the <a href=\"https:\/\/omniasolutions.hr\/en\/capital-rebate-hbor-loan-principal-write-off\/\">capital rebate, a write-off of part of the principal<\/a> in advance, because they determine how much of the principal can be written off.<\/li>\n\n\n\n<li>For smaller amounts and for firms without enough collateral, HAMAG-BICRO offers loans and guarantees. See our guide <a href=\"https:\/\/omniasolutions.hr\/en\/hamag-bicro-loans-2026\/\">HAMAG-BICRO loans 2026<\/a>, the article on <a href=\"https:\/\/omniasolutions.hr\/en\/hamag-bicro-micro-loans-growth-inclusion-2026\/\">micro loans for growth and inclusion<\/a> and a real-life comparison of HAMAG-BICRO, HBOR and a bank in <a href=\"https:\/\/omniasolutions.hr\/en\/hamag-loan-experience-hbor-bank-comparison\/\">HAMAG loan experience<\/a>.<\/li>\n\n\n\n<li>Grants reduce the part of an investment that has to be financed with a loan or own money. The basics are in our guide <a href=\"https:\/\/omniasolutions.hr\/en\/eu-grants-businesses-croatia-2026\/\">EU grants for businesses in Croatia 2026<\/a>, and we compared state aid in Croatia and the EU in a <a href=\"https:\/\/omniasolutions.hr\/en\/state-aid-croatia-vs-eu\/\">separate analysis<\/a>.<\/li>\n\n\n\n<li>A combination of sources is often the cheapest. A grant reduces the amount to be financed, a favourable loan covers the rest and own funds remain available for working capital. Applications and deadlines need to be sequenced, because some programmes do not allow the investment to start before the application is submitted.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Methodology: data on sources of investment finance, use of external finance, bank finance, dissatisfaction with cost and finance constraints come from the EIB Investment Survey 2025 (Croatia overview, December 2025, and overview for Central, Eastern and South-Eastern Europe, January 2026). Some values were read from the report charts and checked against the figures given in the report text. Data on the use of grants, retained earnings, trade credit and equity and on reasons for not applying refer to SMEs and come from the SAFE 2025 analytical report (survey carried out from 27 August to 3 October 2025). The Croatian sample in that survey is small, so the differences are indicative. The number of SMEs comes from the SME Performance Review, SME Fact Sheet 2026 for Croatia (estimates for 2025), and the HBOR and HAMAG-BICRO figures from their annual reports. Loan rejection rates and interest rates for Croatia were not available in a verifiable form and are not shown. All differences and shares were recalculated and checked.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently asked questions<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">How do Croatian SMEs finance investment?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Mostly with their own money. According to the 2025 EIB survey, SMEs finance 73% of investment value from own funds and 26% from external sources such as loans, leasing and grants. For all Croatian firms the split is 78 to 21%, in the EU 66 to 25%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Is it harder to get credit in Croatia than in the EU?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Somewhat. 7.8% of Croatian firms are finance-constrained, against 6.1% in the EU, and the gap has narrowed from 6.7 to 1.7 points since 2021. Only 6% of Croatian firms are dissatisfied with the cost of finance, against 15% in the EU.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How many SMEs use grants and subsidised loans?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">According to the 2025 SAFE survey, 12% of Croatian SMEs, against 7% in the EU. According to the EIB survey, 19% of investing Croatian firms received public support for investment, against 16% in the EU.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How much does HBOR lend to small and medium-sized enterprises?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In 2025 HBOR approved EUR 798 million to the private sector, of which 51%, about EUR 407 million, went to 1,015 placements to SMEs. In total it supported 1,654 projects with almost EUR 1.8 billion.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What is the difference between HBOR and HAMAG-BICRO?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">HBOR is a development bank that lends directly and in cooperation with commercial banks, mostly for investment and exports. HAMAG-BICRO is an agency that provides loans and guarantees for bank loans, helping firms without enough collateral. In 2023 it approved 193 individual guarantees from the ESI Funds worth EUR 101.4 million.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why do Croatian firms invest so much from their own money?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The EIB survey shows that 43% of investing firms use external finance (loans, leasing and grants), almost as many as in the EU (42%), but finance a smaller part of their investment with them. This points to smaller loans and to larger investments being postponed until own money has been accumulated. Fear of rejection as a reason for not applying for a credit line is cited by 1% of SMEs or fewer.<\/p>\n\n\n\n<div class=\"omnia-autor\" style=\"display:flex;gap:20px;align-items:flex-start;background:#f4f7fa;border-left:5px solid #9ED36A;border-radius:0 18px 18px 0;padding:22px 24px;margin:40px 0\"><img decoding=\"async\" src=\"https:\/\/omniasolutions.hr\/wp\/wp-content\/uploads\/2026\/10\/matija-vlahovski-omnia-solutions-150x150.webp\" alt=\"Matija Vlahovski, Omnia Solutions\" width=\"96\" height=\"96\" loading=\"lazy\" style=\"width:96px;height:96px;border-radius:50%;object-fit:cover;flex:0 0 96px\"><div><p style=\"margin:0 0 4px;font-size:13px;font-weight:700;letter-spacing:2px;text-transform:uppercase;color:#5b6470\">About the author<\/p><p style=\"margin:0 0 8px;font-size:20px;font-weight:700;color:#002245\"><a href=\"https:\/\/omniasolutions.hr\/en\/author\/mvlahovski\/\" style=\"color:#002245;text-decoration:none\">Matija Vlahovski, MSc in Economics<\/a><\/p><p style=\"margin:0 0 10px;line-height:1.55\">Co-founder and director of Omnia Solutions. He has more than ten years of experience in business financing, mostly with HAMAG-BICRO loans, HBOR loans, investment studies and tax incentives. He has taken part in more than 90 projects, through which clients were awarded more than EUR 12 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.<\/p><p style=\"margin:0;font-size:15px\"><a href=\"https:\/\/www.linkedin.com\/in\/matija-vlahovski-247632110\/\" rel=\"noopener\" target=\"_blank\">LinkedIn<\/a> \u00b7 <a href=\"tel:+385977969679\">+385 97 7969 679<\/a> \u00b7 <a href=\"mailto:info@omniasolutions.hr\">info@omniasolutions.hr<\/a><\/p><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Sources<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.eib.org\/files\/publications\/20250218-091225-econ-eibis-2025-croatia-en.pdf\">European Investment Bank, EIB Investment Survey 2025, Croatia overview<\/a> and <a href=\"https:\/\/www.eib.org\/en\/press\/all\/2025-497-croatian-firms-invest-strongly-trade-intensively-and-advance-on-gender-equality-but-face-rising-uncertainty-and-climate-risks\">press release (9 December 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.eib.org\/files\/publications\/20250218-130126-econ-eibis-2025-cesee-en.pdf\">European Investment Bank, EIB Investment Survey 2025, overview for Central, Eastern and South-Eastern Europe (January 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/single-market-economy.ec.europa.eu\/access-finance\/data-and-surveys-safe_en\">European Commission and ECB, Survey on the access to finance of enterprises (SAFE) 2025<\/a>, analytical report (2026)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.ecb.europa.eu\/stats\/ecb_surveys\/safe\/html\/ecb.safe202604.en.html\">European Central Bank, SAFE for the first quarter of 2026 (27 April 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/single-market-economy.ec.europa.eu\/document\/download\/b0a30c3f-547a-4335-80c0-bac055968fbd_en?filename=Croatia%20-%20SME%20Fact%20Sheet%202026.pdf\">European Commission, SME Performance Review, 2026 SME Country Fact Sheet Croatia (June 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sabor.hr\/sites\/default\/files\/uploads\/sabor\/2026-06-03\/130602\/IZVJ_HBOR_2025..pdf\">HBOR, Annual Report for 2025 (Croatian Parliament, June 2026, in Croatian)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/sabor.hr\/sites\/default\/files\/uploads\/sabor\/2024-10-10\/131803\/GOD_IZVJ_HAMAG_BICRO_2023.pdf\">HAMAG-BICRO, Annual Report for 2023 (Croatian Parliament, in Croatian)<\/a><\/li>\n<\/ul>\n\n\n\n<style>\n.pz-cta{background:#002245;color:#fff;border-radius:22px;padding:28px 28px 30px;margin:36px 0;box-shadow:0 14px 40px rgba(0,34,69,.16)}\n.pz-cta p{color:#E3EAF3 !important;margin:0 0 12px !important;line-height:1.55}\n.pz-k{font-size:13px !important;font-weight:700;letter-spacing:2px;text-transform:uppercase;color:#ccff91 !important}\n.pz-t{font-size:24px !important;line-height:1.25 !important;font-weight:800;color:#fff !important}\n.pz-cta p.pz-k{color:#ccff91 !important}\n.pz-cta p.pz-t{color:#fff !important}\n.pz-btns{display:flex;flex-wrap:wrap;gap:12px;margin-top:18px}\n.pz-cta a.pz-b1{display:inline-block;background:#ccff91;color:#002245 !important;text-decoration:none !important;font-weight:700;padding:13px 22px;border-radius:999px}\n.pz-cta a.pz-b2{display:inline-block;border:2px solid #ccff91;color:#ccff91 !important;text-decoration:none !important;font-weight:700;padding:11px 20px;border-radius:999px}\n@media (max-width:640px){.pz-cta{padding:22px 18px 24px}}\n<\/style>\n<div class=\"pz-cta\" id=\"pz-kraj\">\n<p class=\"pz-k\">Planning an investment and looking for the best source?<\/p>\n<p class=\"pz-t\">Let us compare HBOR, HAMAG-BICRO, a bank and grants for your project<\/p>\n<p>We will review your investment plan, calculate the total cost of financing by source and check which grants and programmes fit your project. The lending decision is made by the bank, HBOR or HAMAG-BICRO. The introductory call is free.<\/p>\n<div class=\"pz-btns\"><a class=\"pz-b1\" href=\"mailto:info@omniasolutions.hr?subject=Enquiry%3A%20investment%20financing\">Send us an email<\/a><a class=\"pz-b2\" href=\"tel:+385977969679\">Call Matija +385 97 7969 679<\/a><\/div>\n<\/div>\n\n\n\n<script type=\"application\/ld+json\">\n{\n \"@context\": \"https:\/\/schema.org\",\n \"@graph\": [\n  {\n   \"@type\": \"FAQPage\",\n   \"@id\": \"https:\/\/omniasolutions.hr\/en\/how-croatian-smes-are-financed-loans-own-funds-support\/#faq\",\n   \"inLanguage\": \"en\",\n   \"mainEntity\": [\n    {\n     \"@type\": \"Question\",\n     \"name\": \"How do Croatian SMEs finance investment?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Mostly with their own money. 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How much they rely on banks, grants, HBOR and HAMAG-BICRO, compared with the EU.<\/p>\n","protected":false},"author":6,"featured_media":2179,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-2181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Croatian SMEs are financed: loans, own funds, support<\/title>\n<meta name=\"description\" content=\"Croatian SMEs fund 73% of investment from own resources, against an EU average of 66%. 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