Are you planning a significant investment, business expansion or an application for grant funding? Without a well-prepared investment study, your chances of financing approval drop dramatically - banks, HBOR and EU funds require detailed proof that your project is economically justified and financially sustainable.
At Maneo, with more than 15 years of experience in financial advisory and restructuring, we help entrepreneurs every day turn their business visions into investment projects acceptable to banks. Our team has participated in the preparation of investment studies for projects worth more than EUR 10 million - from production plants to tourism complexes.
Do you need an investment study for a loan, EU funds or a private investor? Request a free consultation →
What Is an Investment Study?
An investment study (also known as an investment programme, profitability study or feasibility study) is a comprehensive written document that analyses in detail the economic, market and technical-technological justification of a specific investment.
Unlike a business plan, which provides a broader overview of the business, an investment study goes significantly deeper into financial projections, sensitivity analysis and risk assessment of the specific project.
Its primary purpose is to prove to two key audiences that the project is viable:
- To you as the investor - it shows whether the invested capital will be recovered, within what timeframe and what the potential risks are. A quality investment study protects you from costly mistakes and helps you make an informed decision before entering the investment.
- To lenders and institutions (banks, HBOR, HAMAG-BICRO) - it proves that your company is capable of repaying loan funds regularly from the cash flow generated by the project. Without this document, your financing request will not even be considered.
Investment Study vs. Business Plan - What Is the Difference
Many entrepreneurs do not distinguish between a business plan and an investment study, and that difference can determine whether your financing request is approved or rejected.
A business plan is a document that outlines the objectives, resources and strategies of the overall business. It is used for smaller investments, starting new companies and obtaining smaller loans. According to HBOR methodology, a business plan is sufficient for investments up to EUR 400,000.
An investment study focuses exclusively on a specific investment and its impact on overall operations. It contains a significantly more detailed economic and financial analysis with projections for 5 to 15 years, calculations of key profitability indicators (NPV, IRR, payback period) and sensitivity analysis for changes in key variables. It is mandatory for more complex projects and larger investments.
In short: a business plan describes who you are and how you operate, while an investment study proves that the specific investment pays off. If you are not sure which document you need, contact us - we will help you determine the right approach.
→ Learn more about business plan preparation.
When Do You Need an Investment Study?
The need for an investment study is most often determined by the amount of the planned investment and the source of financing. According to the methodology of the Croatian Bank for Reconstruction and Development (HBOR) and most commercial banks in Croatia, the threshold is clearly defined.
Investment study for a loan (HBOR and commercial banks)
For all investments with an estimated value exceeding EUR 400,000, HBOR and most commercial banks require an investment study. An investment study for a loan must contain detailed financial projections proving that the generated cash flow will be sufficient to service loan obligations regularly.
Documentation for HBOR investment loans with favourable interest rates (2-3% annually) and repayment terms of up to 15 years must include a professionally prepared investment study.
Investment study for EU funds
Calls for grants from European Union funds almost always require an investment study or feasibility study with a cost-benefit analysis (CBA).
In the current programming period, significant funds are available through the European Regional Development Fund (ERDF) and the National Recovery and Resilience Plan - but the quality of prepared documentation is decisive for application success.
Investment study for HAMAG-BICRO
The Croatian Agency for SMEs, Innovations and Investments (HAMAG-BICRO) provides loans for investments in fixed assets, with special programmes for women entrepreneurs, start-ups and digital transformation.
Current programmes, such as Small Loans for Industrial Transition, offer amounts up to EUR 100,000 with an interest rate of 0.5% and the possibility of writing off up to 50% of principal. For most of these programmes, a business plan or investment study with detailed financial analysis is mandatory.
Other situations requiring an investment study
- Complex business ventures: construction of new production facilities, purchase of expensive equipment, acquisition of other companies (M&A) or significant expansion into new markets.
- Attracting private investors: investment funds and business angels require precise financial models with cash-flow projections and scenario analysis before entering the ownership structure.
- Public sector: municipalities, cities and counties prepare investment studies for major infrastructure projects, sports facilities and municipal infrastructure.
What Must a Professional Investment Study Contain?
The structure of an investment study is strictly defined, especially when prepared according to HBOR methodology. A quality document must cover all aspects of the business - from market analysis to complex financial projections. These are the key elements:
1. Information about the investor and analysis of previous operations
Before analysing the project itself, lenders want to know who stands behind it. This section includes the company's history, ownership structure, references of key people and a detailed analysis of financial statements from previous years (balance sheet, profit and loss account, cash flow). Stable past operations build confidence in the success of the new project.
2. Market analysis - procurement and sales markets
Who are your customers and who are your suppliers? The market analysis must quantify demand for your product or service, analyse competition, define your competitive advantage and estimate the market share you can realistically capture. The objective is to prove that there is a real and collectable market for the result of your investment.
3. Technical and technological elements of the investment
This segment describes in detail exactly what is being purchased or built: equipment specifications, description of the technological process, characteristics of buildings, project location, required permits and environmental impact.
4. Employment dynamics and structure
Every investment affects human resources. The study must present the plan for hiring new employees, their qualifications, required training and projected gross salary costs during the life of the project.
5. Investment implementation schedule
A timeline for implementing the investment - from preparatory activities, through equipment procurement and construction, to commissioning. This section defines key milestones and deadlines.
6. Economic and financial analysis
This is the "heart" of every investment study - a set of detailed financial projections, most often for a period of 5 to 15 years (depending on the loan term). It includes:
- Investment structure - broken down into fixed assets (equipment, buildings, land) and working capital
- Sources of financing - the ratio of own funds and loan financing
- Calculation of loan obligations - repayment plan with interest and grace period
- Projected profit and loss account - revenue and expense side for each projection year
- Projected balance sheet - the state of assets and liabilities throughout the period
- Financial and economic flow (Cash Flow) - net cash flow proving debt-servicing capacity
7. Economic-market assessment and sensitivity analysis
The final part of the study provides concrete mathematical proof of project feasibility. Key indicators are calculated:
- Net Present Value (NPV) - if positive, the project creates value
- Internal Rate of Return (IRR) - it must be higher than the cost of capital (HBOR usually requires an IRR above 10%)
- Payback period - how quickly the invested capital is recovered
- Static indicators - cost-effectiveness, profitability, productivity
A sensitivity analysis is also carried out - a simulation of what happens to the project if, for example, revenues fall by 10%, raw material costs increase by 15% or implementation is delayed. This analysis proves the project's resilience to unforeseen circumstances.
What Does the Investment Study Preparation Process Look Like at Maneo?
Preparing an investment study is not a task that should be left to internet templates. Incorrect assumptions or unrealistic financial projections are the most common reasons for loan application rejection. At Maneo, we approach every project methodically and through clearly defined steps:
Step 1 — Introductory meeting and project analysis. We analyse your investment idea free of charge, define the project scope and assess which type of documentation you need (investment study, business plan or feasibility study).
Step 2 — Data collection. Together with you, we collect financial statements, technical documentation, cost estimates, supplier offers and market data. If necessary, we conduct additional market research.
Step 3 — Development of the financial model. Our financial specialists prepare detailed projections of revenue, expenses and cash flows. We test different scenarios and optimise the financing structure.
Step 4 — Study writing. Based on the financial model, we prepare a complete investment study, strictly aligned with HBOR methodology and the requirements of the target financial institution.
Step 5 — Review and delivery. We review the completed study together, make any necessary corrections and prepare the final version ready for submission.
Step 6 — Negotiation support. We support you in communication with banks and institutions until the funds are approved. If the bank requests explanations or supplements, we respond quickly and professionally.
The average preparation time for an investment study is 2 to 4 weeks, depending on project complexity and data availability.
Are you ready to launch your project? Schedule a free introductory meeting →
Why Choose Maneo for Investment Study Preparation?
At Maneo, we approach our work realistically, professionally and with sound judgment. We do not promise unrealistic results; we prepare documentation that withstands scrutiny by the strictest banking analysts. See what our clients say about us.
Compliance with methodology. Our investment studies are prepared strictly according to the rules of HBOR, HAMAG-BICRO and commercial banks. We understand the requirements of each financial institution and adapt the document to the specific recipient.
Realistic financial projections. Thanks to many years of experience in financial restructuring, we know how to identify hidden costs and risks that entrepreneurs often overlook. Our projections are achievable - exactly the kind banks expect.
Business advisory included in the price. Preparing a study with us is not simply "typing numbers". Throughout the preparation process, we actively advise you on how to optimise the project, reduce costs, choose the most favourable financing model and increase the chances of approval.
Support from A to Z. We do not leave you alone after delivering the document. We support you in communication with banks and institutions, respond to additional questions from credit analysts and help resolve any obstacles.
Experience across industries. We have prepared investment studies for projects in manufacturing, tourism, agriculture, IT, healthcare and municipal infrastructure - each with its own specifics and requirements.
Frequently Asked Questions (FAQ)
The cost of preparing an investment study depends on the size and complexity of the investment project, the number of locations, industry specifics and the level of detail required by the financial institution. Contact us for a free cost assessment based on your specific project.
Average preparation time ranges from 3 to 6 weeks. For urgent projects, the process can be accelerated, while particularly complex projects (for example, major infrastructure works) may require a longer period.
An investment study focuses on the financial justification of a specific project and primarily serves to obtain a loan. A feasibility study analyses the technical, legal, organisational and economic feasibility more broadly and is more often used in applications for EU funds together with a cost-benefit analysis (CBA).
According to HBOR methodology, for investments up to EUR 400,000 a business plan is usually sufficient, while for larger investments banks require an investment study. However, some commercial banks may request an investment study for smaller investments as well, depending on project complexity.
The basis of the study remains the same, but each financial institution may have specific requirements. At Maneo, we prepare studies that meet the requirements of all relevant institutions, with the possibility of adaptation for a specific bank or fund.
If the investment study is well prepared, rejections are rare - but they can occur for reasons beyond the document itself (for example, the company's creditworthiness or collateral). In that case, we help you identify the reasons for rejection and propose alternative sources of financing.
Launch Your Investment Project with Confidence
Do not allow poorly prepared documentation to jeopardise your business vision. Whether you are planning to apply for an HBOR loan, an EU funds call or seeking a private investor, a professionally prepared investment study is your most important tool for financing approval.
Contact us today and schedule a free introductory meeting. We will analyse your investment idea and recommend the optimal path to securing the required financing.