The municipality of Budva is investing €280,000 to foster growth in women-led businesses, young entrepreneurs, and the crafts sector as part of its strategy to diversify an economy primarily reliant on tourism and real estate. This initiative includes a budget of €150,000 specifically for women-owned enterprises and €130,000 designated for crafts and youth entrepreneurship.
Under this funding scheme, women can apply for grants of up to €30,000 for each approved business idea. In contrast, the programme aimed at youth and crafts offers financial assistance of up to €26,000. These funds can be allocated toward purchasing equipment, tools, materials, specialized training, and promotional activities.
While this funding programme is relatively modest compared to Budva’s larger tourism and real estate sectors, it seeks to target segments such as microbusinesses, self-employment opportunities, local services, and small-scale production. This focus is particularly significant given that many emerging businesses face challenges in obtaining traditional bank financing due to a lack of collateral or established income streams.
The municipal grants are designed to provide essential startup capital for ventures that might otherwise remain informal or fail to launch entirely. The allocation for crafts and youth initiatives also reflects an increase from the €100,000 budgeted in 2025 for similar programmes, indicating a growing commitment by the municipality to support small enterprises.
Eligible beneficiaries include a wide range of professionals such as artisans, repair service providers, small manufacturers, creative firms, and other locally owned businesses. The long-term economic impact of these grants will largely depend on their ability to foster sustainable companies rather than temporary self-employment solutions.
To ensure the success of these initiatives, it is crucial that recipients have access to resources such as accounting services, digital marketing expertise, e-commerce platforms, and mentoring opportunities that can help them thrive beyond the initial funding period.
This funding initiative also has the potential to create a secondary market for business advisors, trainers, equipment suppliers, and professional service providers who will assist grant beneficiaries. Applications for the crafts and youth programme will close on October 6th, while the women’s entrepreneurship programme will remain open until October 21st.
Through this approach, Budva aims to diversify its economic landscape by investing in smaller locally owned businesses rather than solely relying on large external investments. This strategy could help expand the local economy beyond the seasonal fluctuations typical of tourism.
