Fund for development of Montenegro invested 2,2 million DM in 19 smaller and medium private firms, physical persons and entrepreneurs last year, announced Dragan Lajovic, executive director of this institution. "Realization of these projects, 12 of which relies to small and medium firms, provided conditions for employing of about 160 workers", said Lajovic adding that the total value of these projects was over 7,8 million DM. Fund financed about 29% of them. He said that number of projects credited by the Fund last year was smaller then in the former period due to reduced influx of money obtained from privatization of firms. "Beginning from 1995, when it was established, Fund has invested over 52 million DM in employment of over five thousand workers. It was paid off 104 credits of over 270 financed projects and for 131 of them paying off is in progress while for the remaining projects paying off has not still started", said Lajovic and he added that percentage of their paying off is approximately 80%. According to him, Fund can finance at most half of the planned value of the project and as far as the obtained credit is concerned a firm can spend only 30% for equipment and turnover means. He explained that money was approved through business banks and user paid it off during three years with possibility of postponing the paying off for 12 months. Period of paying off and initiation of paying back the credit depended, as he stated, on the working and they would be lower for the projects form sphere of services. "Juristic persons that want to obtain credits from Fund for development and by which they plan to finance business plan will pay annual interest rate of 5% up to 12% depending on working. Entrepreneurs and physical persons will pay 4% up to 10%. Business bank that approves the credit or guarantees the payment takes 1,5% of this amount", explained Lajovic. HE said that credit was approved on the basis of the planned profit, bonity of a submitter and his ability on paying back the credit as well as on the references of owners and management team of the firm. "As far as obtaining the credit is concerned what is also important is quality of the own participation and mortgage, number of workers that are to be employed, period of paying back and originality of the idea form business plan", stated Lajoivc. He added that the Fund was also financing acquisition of mechanization and the basic means for the individual agricultural producers and for this kind of goods credit it has so far set aside about half million DM.