Raise up the Standards Fund

Raise Up The Standards Fund will enhance the capacity of small and medium-sized enterprises of high-growth, exports and enterprises ready to export from the wood, metal and textile sectors (at least 20 companies from the Central Bosnia Canton – SBK).

Expected results

• At least 20 companies of Central Bosnia Canton will receive quality standards, increase their market links and sales. (Based on the results of the previous fund managed by the REZ Agency, sales can be expected to increase by 10% and increase exports by at least 5% in the target companies).
• With such an increase in sales, an increase in employment is also expected (at least 20 new jobs established in the companies, project beneficiaries).
• In at least two beneficiary companies, women will be directors or owners.

Achieved results

• Project “Raise up the Standards Fund” has achieved the main goal and assists companies to introduce quality management systems and necessary product/service certifications in demand by target markets such as EU standards and/or other relevant standards except standards of the Russian Federation.
• The Fund improved the capacity of 17 high-growth, exporting, and export-ready small and medium enterprises from the wood, metal, and textile sectors in the Central Bosnia Canton (CBC).
• Major achievement was the establishment of a permanent fund to support companies in obtaining necessary safety and quality certification by the Ministry of Economy of the Central Bosnia Canton. The Fund will continue to support SMEs in order to improve product quality and use of new technology related to quality management and certification. This would thus allow companies to maintain current business on BiH market and expend their business on the EU markets without restrictions. Such adjustments will lead to export and employment increase in the future.
• In addition to the standard ISO 9001 quality certification, many companies have implemented technical and demanding standards such as ISO/TS 16949, ISO 3834, EN 1090 and the CE mark. These companies have already realized significant benefits such as improved status with EU customers, enter new markets and increase the price of the final product.
• Company Reports that were submitted to USAID WHAM about the business results achieved in 2019 show that the companies that have supported in project “Raise up the Standards Fund” created 117 new jobs (37% of women and 62% of young), increased sale for 2 million BAM and there was an increase in export of more than 3 milion BAM through 61 new contracts  in 2019.
• In addition, cooperation has been developed with business associations and entrepreneurs from Central Bosnia Canton, Department of Economics at the local levels, consulting companies and certification bodies, as well as over 50 companies that were visited as potential participants in the project.
• There is a great demand among companies to receive support for the implementation of standards and certification. Many products that are exported to the EU require quality standards. However, a large number of companies in the MBC still not taken concrete steps to obtain the necessary certificates and quality standards which are effective means of entry to the EU market and increasing exports from Bosnia and Herzegovina.