The National Agency for Development of Small and Medium Business (NARMSP) should have a budget of about SKK 650 million in 2003. Of this, SKK 200 million should come from the state budget and SKK 150 million from the PHARE program. The agency prepared three new grant schemes for this year, aimed at support of industry, tourism, technological investments and innovations, said NARMSP director general Juraj Majtan.

„In 2002, we had SKK 984 million to fund our program, of which SKK 511 million was allocated from the PHARE program, SKK 357 million from the state budget and SKK 116 million from other sources,“ stated Mr. Majtan. Among the most important agency activities last year Mr. Majtan mentioned the establishment of a website for small and medium business; implementation of a grant scheme for businessmen’s organizations within which it implemented 15 projects amounting to EUR 400,000; and a grant scheme to provide consulting services to small and medium-sized businessmen financed through PHARE. The agency provided 49 loans amounting to SKK 166.5 million through revolving funds and 244 micro-loans totaling SKK 95 million. The agency invested SKK 25.2 million through a start-up capital fund.

Almost 330,000 small and medium-sized businesses operated in Slovakia in 2002. Of this, 60,000 were corporate entities and the remainder was made up of tradesmen and self-employed professional, stated Mr. Majtan. The proportion of small and medium-sized business in the GDP and employment has significantly grown in the last couple of years. It currently amounts to 60 percent and 59.6 percent respectively.

NARMSP is an Economy Ministry implementation agency to develop small and medium business. Its role is to create equal conditions for entrepreneurs, regardless of size and legal form for firms.