The Croatian Financial Services Supervisory Agency approved the registration of the Zagreb Stock Exchange's Progress Market as an SME growth market, making Progress among the few SME growth markets in Europe
Progress Market is a multilateral trading facility for the realization of small and medium enterprises investment plans. SME’s can either raise new capital or decide to try technical listing, in order to simplify ownership transfer.
Capital markets for small and medium enterprises are strongly supported by the European Union legislative, encouraging European exchanges to form and promote markets as a.g. Progress. European Union finds that platforms like Progress are a desirable model for SME financing. The less restrictive legal framework facilitates access to capital required for growth and development. The Zagreb Stock Exchange is an active participant in discussions with EU bodies in terms of encouraging small and medium-sized enterprises to enter the capital market, as well as encouraging legislative amendments for SME growth markets.
In 2018, the first issuer entered Progress market, followed by another issuer this year and several other companies shown interest. In addition, Progress market ended 2018 with 21 authorised advisors - 13 for Croatian and 8 for the Slovenian market. Role of authorised advisors is to lead companies-candidates through a pre-listing process and to support issuer in the fulfillment of their obligations after entering Progress market.
The Progress Market is part of the development-oriented strategy of the Zagreb Stock Exchange, with a goal to create conditions for growth and development for companies in all stages of development. Easy access to capital facilitates SME growth, creating a positive environment for entrepreneurs, economic growth and employment.