24.08.2023

BGN 210 MILLION ADDITIONAL SUPPORT FOR COMPANIES IN OUR COUNTRY

Small and medium-sized enterprises in our country will be able to benefit from support in the amount of nearly BGN 210 million until the end of 2023, reports the Fund of Funds.

The Fund will provide the additional resource to the guarantee limit of the partner banks implementing the instruments under the "Recovery" Program. The funds are from the Operational Program "Innovation and Competitiveness" 2014-2020, co-financed by the European Fund for Regional Development, including under REACT-EU (Recovery Aid in favor of Cohesion and the Territories of Europe).

The interested partner banks will receive additional funds in the amount of BGN 84.5 million, so that the total funds for the implemented guarantee instruments under the "Recovery" Program will reach BGN 333.8 million, the announcement states.

The resource is expected to be available on the market in the second half of September, after the completion of the formal process of assigning it to the banks.

The Fund of Funds explains that the factors for the addition of fresh money for the business are the successful investment of the resource under the instrument, the market need and the ongoing active search for financial support from Bulgarian companies.

The "Recovery" program was created to facilitate business access to business recovery loans after the gradual lifting of measures related to the pandemic, according to the website of the Fund of Funds. A total of 1,659 companies in the trade, transport, hotel and restaurant industries have been supported through the program.