ProCredit Bank Bulgaria Increases its Support for SMEs through an Agreement with the EBRD
ProCredit Bank will be provided with some fresh EUR 50 million from the European Bank for Reconstruction and Development (EBRD) for the development of small and medium-sized enterprises (SMEs) in Bulgaria. Within the project, the two banks will aim to improve the access of SMEs – the driving force behind the positive economic development of Eastern and Southeastern Europe – to long-term funding.
EBRD is a leading institutional investor in Bulgaria. The Bank focuses on enhancing private sector competitiveness, supporting the financial sector and reducing infrastructure gaps. To date, the Bank has invested EUR 3.7 billion in 248 investment projects in the country. The opportunities for business funding through ProCredit Bank have been published on the site of the institution here.
BGN 62 million Procedure for Startups under OPIC
This month, the Operational Program “Innovation and Competitiveness” (OPIC) opened a procedure for BGN 62 million, dedicated to startups. About 400 new companies are expected to receive grants from the program. The budget of the OPIC for this year under various procedures totals BGN 400 million. All opportunities and current procedures can be found on the site of the Operational Program here.
Agreement between Sofia Municipality and DSK Bank for Funding of Innovative Startups
Sofia Municipality launched a program for funding of innovative start-ups aimed at facilitating access to financial resources through the Municipal Guarantee Fund for SMEs in partnership with DSK Bank. The Municipal Guarantee Fund will issue credit guarantees and will share a portion of the credit risk with the creditor bank by guaranteeing up to 50% of the credit. The amount for which guarantees will be issued under the program is BGN 600 000 by the end of the year.
The specialized guarantee scheme focuses on the main thematic priorities of the Innovation Strategy for Smart Specialization of Sofia, including Informatics and Information and Communication Technologies, as well as new technologies in the creative and recreational industries.
More information on the SME credit guarantees issued by the Municipal Guarantee Fund is available here.