The Kosovo Credit Guarantee Fund (KCGF) is an independent and self-sustainable institution that shares risk with Financial Institutions through credit guarantees for loans to micro, small and medium enterprises (MSMEs).
To support the private sector by expanding MSMEs’ access to finance and fostering employment, local production, exports and underserved sectors.
KCGF was established by the Government of the Republic of Kosovo through the Ministry of Trade and Industry, in cooperation with the United States Agency for International Development (USAID) and the German Development Bank KfW. These institutions are also donors to KCGF’s initial capital.
Swedish International Development Cooperation Agency – Sida (as a counter-guarantor); World Bank; European Investment Bank – EIB; European Investment Fund – EIF (as a counter-guarantor); U.S. International Development Finance Corporation – DFC; and Millennium Foundation Kosovo – MFK (technical assistance).
Banka Ekonomike, Banka Kombëtare Tregtare, Banka për Biznes, NLB Banka, ProCredit Bank Kosovo, PriBank, Raiffeisen Bank Kosovo, TEB, Raiffeisen Leasing Kosovo, FINCA, KEP, KRK and AFK.
No. KCGF is a guarantee institution and does not issue loans or grants.
It is an instrument for sharing credit risk between KCGF and Financial Institutions for an eligible MSME loan.
It covers only the guaranteed portion of the principal. It does not cover interest, fees, expenses or other obligations incurred by the lender.
No. The coverage percentage varies by guarantee window.
No. The borrower remains responsible for repaying the loan in full.
KCGF does not set a minimum collateral requirement, but the Financial Institution may require collateral in accordance with its own policies and credit assessment.
Yes. The same loan may benefit from KCGF and another guarantee instrument, provided that the total amount covered by all guarantees does not exceed the permitted guarantee limit under the relevant KCGF window.
Yes, provided that the total exposure of the business or group of related parties remains within the limits of the relevant window.
A micro, small or medium enterprise registered with the Kosovo Business Registration Agency (KBRA) and employing fewer than 250 people.
MSMEs and farmers that, although they meet the Financial Institution’s basic lending criteria, may not have sufficient access to finance because of the Financial Institution’s policy requirements and risk management criteria.
Yes, if they are registered with KBRA and meet the eligibility criteria; farmers may qualify with a Farm Identification Number (FIN).
Yes. The Start-Up Window is specifically dedicated to newly established businesses with up to 12 months of experience from the date of registration.
Loans in economic sectors that are not prohibited by law or by KCGF’s policies or exclusion list are covered.
No. Loans for private purposes do not qualify; only loans for business purposes may qualify.
These parameters vary by window. Please refer to the individual window pages.
The MSME does not apply directly for a guarantee; it applies for a loan at a Registered Financial Institution. The Financial Institution conducts its standard credit analysis and, if the criteria are met, places the loan under the KCGF guarantee.
The Financial Institution, in accordance with its own policies. A KCGF guarantee does not mean automatic approval.
The Standard Window is KCGF’s comprehensive guarantee scheme supporting micro, small and medium enterprises (MSMEs) in the eligible sectors of Kosovo’s economy.
The Agro Window is KCGF’s guarantee scheme designed to support farmers, agribusinesses and micro, small and medium enterprises operating in the agriculture sector. It covers the value chain from primary production to food processing.
The GROW Window is KCGF’s guarantee scheme designed to support MSMEs investing in energy efficiency and renewable energy. It aims to facilitate access to finance for investments that reduce energy consumption and support businesses in adopting more sustainable practices.
The Export Window is KCGF’s guarantee scheme designed to support MSMEs with export activity or export potential. It aims to facilitate access to finance for businesses seeking to increase exports, expand production and compete in international markets.
An exporting business is an enterprise engaged in export activity, meaning that it sells or provides its products or services in markets outside Kosovo, regardless of the share of exports in its annual turnover.
Yes. The Export Window may also support businesses that have not yet started exporting but intend to begin export activity through the guaranteed loan.
The Women in Business Window is KCGF’s guarantee scheme designed to improve access to finance for enterprises owned, co-owned or managed by women. It aims to create more opportunities for women-led businesses to develop and to strengthen women’s participation in the economy.
A women-owned business is an enterprise in which at least one woman is an owner or co-owner. A business may also benefit from the Window when a woman holds an executive position, even if she is not an owner or co-owner.
The Start-Up Window is KCGF’s guarantee scheme designed to support new enterprises in the early stages of development. It aims to facilitate access to finance for businesses with up to 12 months of experience from the date of registration.
No. Under the Start-Up Window criteria, the new business must not have been created as an expansion of an existing business. It must also not be the result of a merger of existing businesses.
The Diaspora Investment Window is KCGF’s guarantee scheme designed to mobilize the diaspora’s capital, knowledge and experience for investments in Kosovo. It aims to facilitate access to finance for diaspora investors who establish or develop businesses in Kosovo.
A diaspora investor is a person who was born in Kosovo, or has or has had Kosovo citizenship, but has emigrated and lived outside Kosovo for more than 36 months.
The business must have a direct connection with the diaspora investor through the investor’s ownership interest of at least 30%. The investment must contribute to the establishment, development or expansion of the business in Kosovo.
Yes. The Window may also support existing businesses established by members of the diaspora, provided that they are no more than 36 months old.
For business investments: working capital, fixed assets including machinery, equipment and technology, business expansion and other lawful capital investments.
Depending on the window: loans, lines of credit, overdrafts, financial leasing, bank guarantees and letters of credit.