Learning that inspires: Organized free training for young entrepreneurs

European Bank for Reconstruction and Development (EBRD), Association of accommodation providers and Alter Modus, within programme Youth in Business, organized free training entitled “Digital Marketing and registration for young entrepreneurs in tourism industry”.

The training was organized in premises of Chamber of Commerce of Montenegro and it was dedicated to young entrepreneurs up to 35 dealing in renting accommodation, as well as to those at the beginning of their business journey in tourism industry or those inheriting and being ready to take over family business.

The training was held by Anđela Đokić, consultant, tourist company owner and educator, Branka Džoganović, direcotor of Association of accommodation providers and Andrija Brajković, representative of Oblak rješenja (Eng. Cloud solutions) which facilitates process of electronic taxation and registration of guests for over 400 natural persons and legal entities.

The training participants had a unique opportunity to get information about new trends, tools and strategies in digital marketing, but also to develop their skills, exchange business experiences and broaden the network of contacts.

This initiative had great significance for development of young entrepreneurs in tourism industry and showed commitment of the institutions to support new generations of entrepreneurs.


In November 2022, the European Bank for Reconstruction and Development (EBRD) in cooperation with Alter Modus, launched the Youth in Business Programme in Montenegro. The Youth in Business Programme provides micro, small and medium-sized enterprises and entrepreneurs majority-owned or managed by people under the age of 35 with access to the necessary knowledge, skills, financing and other key resources essential to overcome challenges and reach full potential. Alter Modus was the first and only financial institution in Montenegro which approves loans within the YiB Programme. For development of entrepreneurs among the youth it is of essential importance to give incentive – not only in material sense but through education, mentorship and networking as well. Combining financial and nonfinancial resources young entrepreneurs get opportunity to achieve their business ambitions and contribute to economic development of the community. The financial support for the YiB Programme, in form of funds for technical cooperation, was ensured by Sweden through Swedish International Development Cooperation Agency; by Italy through the Central European Initiative and Luxembourg through EBRD fund for impact on small enterprises.

New brochure “Domestic from Nikšić”

In ethnic ambiance of family business “Cornelian”, MFI Alter Modus and Tourist organization of Nikšić presented new brochure “Domestic from Nikšić”. The brochure presents 15 renowned producers from the area of Nikšić municipality.

“By supporting these hard-working people and their products we empower local community and Montenegrin economy as well, which is in accordance with the strategic goals of our company. One more our joint project is worth mentioning – Fair of Local Projects, which celebrated its Jubilee last year and gathered over 200 local exhibitors”, Velibor Nikolić, Manager of Alter Modus branch in Nikšić, said.

From TO Nikšić they also share satisfaction with the collaboration and the results made.

“Considering the wealth and variety of offer of entrepreneurs from territory of Nikšić municipality, it could be expected that the brochure could be re-issued. Our goal is to have the domestic products, i.e., gastronomic offer from our villages, from our rural areas, in the foreground when it comes to the tourist offer of our municipality. I truly believe that the offer is something authentic and unique. We have very good experience from the tourism fair in Belgrade which took place last weekend, where we had one entire day dedicated to domestic products and the number of visitors and their reactions are clear indicator what our gastronomic offer is like and in which direction we should go when it comes to businesses of our entrepreneurs”, Mitar Barać, director of TO Nikšić emphasized.

Brochure in e-form can be downloaded HERE.

Signed Cooperation Agreement on Project ŽIG “Women’s Business”

MFI Alter Modus and Secretariat for Competitiveness signed Cooperation Agreement on project ŽIG (Eng. trademark) ”Women’s Business”. Two crucial goals of the project are proper targeting or recognizing women’s businesses whose main feature is not only having ownership function in formal and legal terms, but managerial function in essence, and simplified access to financial and non-financial incentives for women entrepreneurs. This way, state- and privately-owned institutions will have ensured system of identifying women’s businesses upon assignment of both financial and non-financial support to women.

The Chief Executive Officer of Alter Modus, Ana Kentera, said that in collaboration with Secretariat for Competitiveness and BI Communication additional help would be provided to all women in Montenegro willing to start a new business or to enhance the existing one, to get informed of business opportunities and possibilities for financial and non-financial support – which is in accordance with the company’s strategic goals.

Since its beginnings, Alter Modus has offered programmes which support women’s entrepreneurship and due to these programmes share of women in loan portfolio of the company is on average 47%. ”I believe that through the joint collaboration on the project ŽIG ”Women’s Business” we will make favourable conditions for women entrepreneurs and enable them to reach their full potential, for the benefit of entire community. When applying for credit support, our company will not request additional documentation from the commercial entities who are officially beneficiaries of ŽIG ”Women’s Business” nor will we perform any additional check,” Kentera pointed out.

The condition for obtaining the trademark ŽIG ”Women’s Business” is to meet the criteria defined by the international document MEST IWA 34 whose key segments refer to the questions such as if the enterprise is managed by women, if it is owned by women, if they have full control over the enterprise and if the “women’s” enterprise is independent.

New Alter Modus’ Branch Office Opened in Plav

Micro-credit financial institution Alter Modus opened door of its new branch office in Plav at the address, Medunska, 1.

Team of professionals is available to existing and new customers willing to provide all the necessary information about terms of crediting, on weekdays, from Monday to Friday, between 8 a.m. and 4 p.m.

Jelena Stojanović, manager of the branch in Plav said that with opening the new branch office, financial support to the citizens of the northern region but also the local economy would be additionally enhanced.

”From the very first day the door of our branch in Plav is open for all of you. We are here to respond to your needs, in a swift, simple and manner adapted to you, and to help with reaching your personal and business goals. We will do everything to support the quality business ideas of both micro and small enterprises and independent entrepreneurs, and by doing so to accelerate further development of entrepreneurship in Plav. We will be your support for meeting financial needs concerning initiating, development of and maintaining business, but also for improvement of life quality” Stojanović said.

Circle of Support for Entrepreneurs from Montenegro

On Friday, November 24, 2023, the European Bank for Reconstruction and Development (EBRD) and Micro-credit Financial Institution Alter Modus organized brunch with media and representatives of Chamber of Economy of Montenegro, Union of Young Entrepreneurs, associations of entrepreneurs and youth organizations to present Youth in Business Programme and its achievements.

Andreina Marsella, Ambassador of the Republic of Italy to Montenegro, pointed out that Italy invested in the Programme through the Ministry of Exterior Affairs and Central European Initiative. Empowering the youth in the society, strengthening entrepreneurship and creating new opportunities for young people is, as she said, one of the key European priorities.

Ana Kentera, the Chief Executive Officer of MFI Alter Modus, emphasized that Alter Modus was the first and only financial institution in Montenegro which approves loans within the YiB Programme. “Primarily, I would like to express gratitude to our strategic partner, the European Bank for Reconstruction and Development (EBRD) for recognizing Alter Modus’ commitment to young entrepreneurs. Through the joint Youth in Business Programme, we have supported 549 business stories with over 1.8 million EUR, by that enabling development and improvement of exceptional business ventures. This kind of support did not only include the financial segment, but education as well, mentorship and networking, where I would point out excellent collaboration with Union of Young Entrepreneurs and company Balance2Business. It is proved that combination of financial and non-financial resources enables young entrepreneurs to realize business ambitions”, Kentera said.

Remon Zakaria, Head of the European Bank for Reconstruction and Development (EBRD) Office in Montenegro, stated that the EBRD’s YiB Programme helped small and medium enterprises, majority-owned or managed by young people up to 35, to get access to the necessary knowledge, skills, financing and other key resources essential to overcome challenges and reach their full potential, in the countries of operation. It is anticipated that this EBRD programme will ensure the financial institutions in the region of Western Balkans financing of up to EUR 100 million over the next five years.

“Alter Modus excellently fits the YiB Programme which is promoted by the EBRD in the Western Balkans, and therefore it was a natural choice to be the first institution and the EBRD’s partner for support to young entrepreneurs in Montenegro”, Zakaria emphasized.

GGF grows energy efficiency market in Montenegro with additional EUR 1.5 million loan to Alter Modus

  • Investment to increase access to energy efficiency (EE) lending for entrepreneurs in Montenegro
  • Annual primary energy savings of approximately 5,800 MWh expected and CO2

Luxembourg and Podgorica, August 02, 2019 – The Green for Growth Fund (GGF) has provided a senior loan of EUR 1.5 million to the microfinance institution Alter Modus. This transaction further broadens and diversifies the fund’s geographic and operational scope with financing for Montenegro’s growing energy efficiency (EE) market. The new investment will support the microfinance institution in further expanding its EE lending operations in a responsible manner.

Alter Modus is the leading microfinance institution in Montenegro, serving more than 22,000 clients through a network of 15 branches covering all regions of the country. The new loan will allow Alter Modus to continue on‐lending to its existing clients for energy and emission reduction measures at residences and businesses, mostly for improving buildings’ thermal performance through roof and wall insulation as well as replacement of windows and doors. Along with the loan, the GGF is providing Alter Modus with technical assistance to increase the institution’s expertise in EE lending.

GGF Chairman Olaf Zymelka stated: “The GGF is delighted to expand its partnership with Alter Modus, an institution that is strongly committed to providing green financing to achieve positive social and environmental impact. After the first GGF funding amounting to roughly EUR 3.1 million was well utilized, we are convinced of further success with this second investment.”

Alter Modus CEO, Ana Kentera stated: “The potential for investing in energy efficiency projects in Montenegro is growing year by year. By sensitizing the public on the benefits of energy and emission reduction measures, we are hoping to develop the sector in Montenegro. In this way, we affirm our position as a socially responsible institution that has recognized the importance of energy efficiency in raising the quality of life in Montenegro.”


The GGF helps reduce the use of energy and resources and prevent CO2 emissions. It pursues this goal by providing dedicated financing to businesses and households across 19 markets in the Southeast Europe Region including Turkey, the European Neighborhood Region-East, and the Middle East and North Africa. By using a blended finance structure and working through local partner institutions, the GGF is able to raise awareness and implement green finance activities. The fund combines its financial offering with tailored technical assistance that helps build capacity and which brings energy efficiency measures, renewable energy, and improved resource management toward the mainstream. In addition, by managing the environmental and social (E&S) risks associated with its investments, the fund sets standards for its partners and supports them to enhance their own E&S management systems, as required.

The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian Development Bank (OeEB). The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, and the German ethical bank GLS. The GGF is advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.

For more information see www.ggf.lu and follow us on Twitter @GreenGrowthFund


MFI Alter Modus Ltd. is the largest micro-credit financial institution in Montenegro, specialized in loans to entrepreneurs for investments in growing their businesses as well as to households for home acquisition and/or improvement. Founded with the strategic objective to be the first choice of micro and small businesses throughout Montenegro for financing their needs. Alter Modus successfully engaged in providing microcredit services for more than 19 years in Montenegro, has its head office located in Podgorica and operates through 18 branches/sub-brunches/part-time offices across the country, serving at the moment over 20,000 clients.


Media contact GGF

Merle Römer

Manager, Marketing & Communications

Phone: +49 (0)69 271 035-171

E-mail: [email protected]


Media contact ALTER MODUS

Snežana Božović

Phone: +382(67) 621 896

E-mail: [email protected]



Collaboration: Ramond and Alter Modus

Due to partnership programme, Alter Modus and Ramond Furniture Nikšić are able to offer their clients and customers opportunity to refresh their homes with new furniture.
Delivery on territory of Montenegro, payment in instalment, without interest or fee.

Non-working days during holidays

Please be informed that during the forthcoming holidays, Alter Modus’ offices will be closed down on 26th and 27th April and 1st and 2nd May.
We wish you happy holidays!

Collaboration: Tehnomax and Alter Modus

If you have decided to purchase new audio/video equipment, household appliances, or if you are seeking for professional catering equipment, you may visit stores of Tehnomax throughout Montenegro and take advantage of shopping in instalments without interest or fee, in collaboration with Alter Modus!

Prize Contest “For Successful Season”

Take part in the prize contest “For Successful Season” organized by Alter Modus in collaboration with Agrocentar! If your shopping exceeds 5 € at Agrocentar’s retail stores in Zabjelo, Zlatica and Golubovci, until 23 May, please indicate your personal data, on the back of the cash receipt, and throw the receipt in the box in the store. You will have chance to win a prize. We are giving away 10 vouchers in value of 50 € each, for shopping in Agrocentar’s stores. Winners drawing is scheduled for 24 May 2019 at 12 pm, at the Agrocentar’s facility in Zabjelo. For Rules of the Prize Contest please refer to the following link http://bit.ly/2H9kxxC

Good Luck!