The Croatian Agency for SMEs, Innovation and Investments (HAMAG-BICRO) was founded in 2014 by merging the Croatian Agency for SMEs and Investments (HAMAG INVEST) and the Business and Innovation Agency of the Republic of Croatia (BICRO). The purpose of merging these two Agencies is to strategically create a unique system that will support entrepreneurs through all development stages of their business - from research and development of ideas to commercialization and marketing.

During its 20 years of existence, the Agency has persistently advocated the promotion of small businesses and the development of entrepreneurship in the Republic of Croatia. The Agency's activities include encouraging the founding and development of small business entities, encouraging investment in small businesses, financing the business and development of SMEs by lending to and providing guarantees to SMEs for approved loans by creditors, as well as providing support for research, development and application of modern technologies.

The Croatian Guarantee Agency (HGA) was founded in 1994 with the aim of supporting the founding and development of entrepreneurship in the Republic of Croatia. The key activities of the Croatian Guarantee Agency were to provide guarantees for loans issued by banks and other legal entities to entrepreneurs, and to provide financial support to reduce the cost of loans to entrepreneurs by banks and other legal entities.

The Croatian Agency for SMEs (HAMAG) was founded in 2002 as the legal successor of the Croatian Guarantee Agency. As a state agency, HAMAG was aimed at encouraging the development of small and medium-sized enterprises and increasing its share in the overall economy of the Republic of Croatia.

In 2012, HAMAG was renamed to the Croatian Agency for SMEs and Investments (HAMAG INVEST), which emphasized the Agency's role in encouraging entrepreneurs to enter investment projects that ensure economic development at the national level.

The Business and Innovation Agency of the Republic of Croatia - BICRO was founded by merging the Croatian Institute of Technology (HIT) and the Business and Innovation Center of Croatia (BICRO) as a central institution with the aim of providing financial support to innovative and technology-oriented companies in Croatia. The Croatian Institute of Technology (HIT) was founded in 2006 by the Croatian Government to connect creative participants from science, research and industry into a single knowledge community or knowledge triangle (education - research - innovation).