07.12.2021

NEW PROGRAM FOR BGN 150 MILLION TO HELP BUSINESSES IN THE COVID CRISIS

The National Guarantee Fund (NGF) of the Group of the Bulgarian Development Bank (BDB) and the Black Sea Trade and Development Bank (BSTB) signed an agreement on a new guarantee instrument to support small and medium-sized businesses in Bulgaria in the context of the coronavirus pandemic. of the Ministry of Finance.

This agreement will provide a resource of BGN 150 million to hundreds of small and medium enterprises in various sectors with reduced security requirements and lower interest rates.

The signing ceremony was opened by Deputy Finance Minister Monika Dimitrova-Beecher, who is also Bulgaria's manager at the Black Sea Trade and Development Bank.

"As Governor of the Black Sea Trade and Development Bank for Bulgaria, I am confident that the agreement is in good hands and the beneficiaries will benefit from the guarantee instruments provided," said Deputy Minister Beecher.

The program will be implemented through commercial banks, guaranteeing 80% of the loans provided. The National Guarantee Fund is about to send invitations to all banks in Bulgaria, and the guarantee limit will be distributed according to the submitted applications. The deadline for their inclusion is the next two years. The warranty will remain valid for another 36 months after its expiration.

The Executive Director of the National Guarantee Fund Todor Todorov and the President of the Black Sea Trade and Development Bank Dmitri Pankin stressed that this is the first joint guarantee instrument for risk sharing between the two institutions and the first with a shared guarantee in the NGF portfolio.