N. Macedonia's FITR to back startups, spinoffs with 2 mln euro in grants

The fund will support companies established in the last three years by covering some 90% of their total project costs, or up to 40,000 euro, the government said in a statement on Wednesday.

Additionally, companies established three to six years ago are eligible for funding equal to 85% of the total cost of their projects, or up to 60,000 euro.

Candidates can apply for funding until June 12.

Selected applicants can also benefit from affordable loans and other services from local NLB Banka and Silk Road Bank, the government added.

Earlier this year, FITR signed agreements with the two banks to facilitate access to companies that will be backed by the fund.

FITR was established in 2013 with the aim to encourage innovation by providing additional funding sources to companies.

($ = 0.8241 euro)