Bank lending to Serbian entrepreneurs continued to grow faster than credit to legal entities, with outstanding entrepreneur loans reaching approximately €846 million. The portfolio increased 13.6% year on year in August, compared with 12.3% growth in lending to legal entities. Entrepreneur borrowing has also increased steadily during 2026, rising from approximately €796 million at the end of 2025 to around €846 million in August.
Although the segment remains considerably smaller than the approximately €20.6 billion loan portfolio of legal entities, its faster growth indicates increased use of bank financing by smaller businesses and sole entrepreneurs.
Entrepreneur credit expands through 2026
The increase in entrepreneur lending has continued alongside broader growth in Serbia’s business-credit market. The stronger percentage expansion among entrepreneurs means that the increase in bank borrowing is extending beyond larger corporate borrowers to smaller businesses. The available figures show that entrepreneur lending has added approximately €50 million since the end of 2025, taking the outstanding portfolio to its August level.
Default ratio remains below previous-year level
Credit-quality indicators have also changed during the period of increased borrowing. The entrepreneur default ratio stood at 3.4% in August, compared with 4.1% a year earlier. The ratio was slightly higher than the 3.3% recorded in July. The combination of increased lending and a lower year-on-year default ratio accompanies the expansion of financing available to smaller businesses. Entrepreneur loans remain modest relative to Serbia’s corporate credit portfolio, but their faster growth shows that smaller firms are participating in the broader expansion of business borrowing.
