The Slovene Enterprise Fund (Slovenski podjetniški sklad, SPS) is a public fund that helps small and medium-sized enterprises get money on better terms than banks offer. For business owners it is interesting mainly because of its low interest rates, loans without approval fees and non-repayable funds for young companies. Below is what the fund offers, who can apply, when calls are open and how much you can save compared with a bank loan.
What the fund offers
The fund has no standing offer like a bank. It distributes financing through calls that open for a set period and until the funds run out. The types of support are similar every year:
| Type | What it is | For whom |
|---|---|---|
| Liquidity and investment loans (P7L) | A €15,000 to €100,000 loan at a low fixed rate | Micro, small and medium-sized enterprises |
| Microloans (P7) | A €5,000 to €25,000 loan for working capital and smaller investments | Micro and small enterprises |
| Guarantees (P1) | The fund guarantees 60 or 80% of a bank loan and helps you get a lower rate | SMEs with an investment or working-capital need |
| Start-up grants (P2, P2R) | Non-repayable funds for young innovative companies | Companies younger than 14 months |
| Vouchers | Co-financing of specific services, such as certificates, patents and ownership transfer | SMEs |
| Equity | Equity financing for fast-growing companies | Start-ups and growing companies |
Loans and microloans are repaid in monthly instalments, while start-up grants and vouchers are non-repayable funds that do not have to be returned if the conditions are met.
Liquidity and small investment loans (P7L)
This is the most interesting call for most existing companies. The P7L 2026 call closed on 15 October 2026, but the fund publishes it every year, so the terms below are a good guide to the next round. The terms of the P7L 2026 call:
- Amount: €15,000 to €100,000.
- Interest rate: fixed, 2.30% a year.
- Costs: no loan approval or administration fees.
- Term: 2 to 5 years for loans up to €50,000, 2 to 7 years for larger ones.
- Grace period: 1 to 6 months, when you pay only interest, in some cases up to 24 months.
- Collateral: up to €50,000, 8 blank promissory notes; above that, also a personal guarantee.
- Purpose: working capital, improving liquidity and smaller investments; eligible costs from 1 August 2026 to 30 November 2027.
- Who can apply: micro, small and medium-sized enterprises founded before 1 January 2025, with at least one full-time employee, a credit rating of at least SB7 and at least 6 months of operation under the same tax number.
The loan is de minimis aid, which means it counts towards the total state aid a company may receive over three years. Each company can get one loan from the call.
Example: a €50,000 loan over 5 years
| Enterprise Fund P7L | Bank loan, example 6% | |
|---|---|---|
| Monthly instalment | €883 | €967 |
| Total interest | €2,978 | €7,998 |
| Approval fees | €0 | depends on the bank |
On this amount the difference in interest is more than €5,000. You can check how the instalment changes with the amount and term in the loan calculator, and to compare the full cost with a bank offer use the APR calculator, which also takes approval and administration fees into account.
Strict conditions: what to be ready for
The low interest rate comes at a price in the conditions, which are often stricter than at a bank. These rules apply to the P7L 2026 call, and other fund loans are similar:
- Owner’s personal guarantee. For loans above €50,000, at least one owner of the company must join the contract as a joint and several guarantor. The owner is therefore liable for the company’s loan with their own assets, a major difference from a loan backed only by the company.
- Guarantors’ real estate. The total unencumbered value of all guarantors’ real estate must be at least equal to the loan amount. Any mortgages are deducted from the value. The owner must join even without any property, in which case further guarantors, for example family members, must join too.
- Promissory notes. The company and each guarantor hand over eight blank signed promissory notes each. They are returned only once all obligations are repaid and all checks are closed.
- Drawn for its purpose, in one go. The loan is drawn in a single amount no later than 45 days after approval; after that it can no longer be drawn. It may only be spent on the eligible costs stated in the application, and changing the purpose needs the fund’s written consent.
- Reporting and checks. Within 10 days of spending the money you must report on its use through the ePortal and attach evidence. If the fund finds the money was not used for its purpose, it raises the interest rate to 8% a year, and if you do not put it right within six months it can call in the loan and demand immediate repayment.
- Conditions for the company. Besides size and credit rating, the company must show a closed financing plan, and all fund loans together must not exceed 30% of the previous year’s net sales. A sole trader can apply only if they keep double-entry books and file annual reports with AJPES, so sole traders on flat-rate taxation cannot get this loan.
- No second chance in the process. An incomplete application can be completed within three working days at most, and the application form and credit rating cannot be submitted later. You get a decision within 45 days of the deadline, or up to 90 days if there are many applications, and there is no appeal against it, only an administrative dispute in court.
Before you apply, think about whether you as the owner are prepared to guarantee with your own assets, and prepare all the documents in advance.
Guarantees for bank loans
With a guarantee you take the loan from a bank and the fund guarantees 60 or 80% of the amount to the bank. The bank therefore asks for less collateral, and the loan is usually cheaper because the rate is linked to 6-month EURIBOR with a lower margin. The fund charges no approval or administration fees for the guarantee.
Guarantees are meant for larger amounts than the fund’s own loans: up to €1,250,000 for investments over up to 10 years, and for working capital up to €100,000 for micro and small enterprises or up to €200,000 for medium-sized ones, over up to 5 years. In 2026 the guarantee calls were published in March and April.
Microloans
Microloans are smaller loans of €5,000 to €25,000 over 18 months to 5 years, for micro and small enterprises. They suit buying equipment or stock, or bridging a short period of weaker liquidity. In 2026 the calls were published in January and May.
Start-up grants for young companies
For companies younger than 14 months, the fund offers non-repayable start-up grants. The P2 programme is for innovative start-ups and has offered up to €72,000 in recent calls, while P2R is for companies in border problem areas, up to €30,000. Working with a mentor and three years of monitoring are required. In 2026 both calls were published in February.
Vouchers
Vouchers are smaller non-repayable funds for specific services. The fund covers 60% of eligible costs, from €300 to €9,999.99 per voucher. Among others, there are vouchers for patents, designs and trademarks, ownership transfer, changing a company’s legal form, preparing EU project applications, life cycle assessment (LCA) of products, obtaining certificates and preparing a sustainability report. Vouchers are open continuously until the funds run out.
Which programme to choose?
| Your situation | Where to look |
|---|---|
| The company has been trading for several years and needs up to €100,000 for working capital or equipment | Liquidity loans (P7L), when the call is open |
| You need a smaller amount, up to €25,000 | Microloans (P7) |
| You are planning a larger investment, for example in premises or machinery | A bank loan with a fund guarantee (P1) |
| The company is younger than 14 months and has an innovative product | Start-up grants (P2 or P2R) |
| You need a certificate, trademark protection or are preparing a business transfer | The relevant voucher |
| You need money now and no call is open | A bank loan or overdraft, and prepare in advance for the next call |
The same rule applies to every programme: first check the conditions on company size, age and credit rating, because an application that does not meet them is rejected at the outset.
Calls open now (checked 16 October 2026)
| Call | Type | Deadline |
|---|---|---|
| Vouchers V2, V4, V5, V6, V7, V8 and VESG | Non-repayable | 31 March 2028 or until funds run out |
| V10 - voucher for obtaining certificates | Non-repayable | new applications suspended since 18 September 2026 |
No loan call is open at the moment. Liquidity loans (P7L 2026, deadline 15 October 2026), guarantees, microloans and start-up grants for 2026 have already been published and are closed. The fund publishes a plan of calls each year, so you can start preparing an application before a call opens. Always check the current terms on the Slovene Enterprise Fund website (in Slovenian).
The fund or a bank?
The fund is almost always cheaper, but it has some limits worth knowing:
- Calls are time-limited. If you need money now and no call is open, a bank is the option.
- Conditions are stricter. Besides employees, a credit rating and company age, they often require the owner’s personal guarantee backed by real estate and strict use for the stated purpose with reporting, as described above.
- The process takes time. Several weeks can pass between applying and approval.
- De minimis aid is capped. If the company has already received a lot of state aid in the last three years, there is less room.
A bank is faster and more flexible on the amount and purpose, but dearer. It often makes sense to combine both: take a loan with a fund guarantee for an investment and use a bank overdraft or liquidity loan for day-to-day needs. How different types of loan differ and why they have different rates is explained in the article on types of loans, and what to watch for in fees in the article on hidden loan costs. If you are thinking of buying a vehicle or equipment for the business, also see the leasing vs loan comparison.
How to apply
- Check on the fund’s website whether a call is open and read the call documentation.
- Check that the company meets the conditions, in particular size, age, number of employees and credit rating.
- Prepare details of the purpose, eligible costs and the company’s financial position.
- Submit the application online through the fund’s ePortal. The fund can help with technical questions about submitting.
- After approval you sign the contract and provide the collateral, for example promissory notes.
This article is for information only and is not financial advice. Conditions change between calls, so always check the fund’s call documentation before you decide.
