27.01.2022
WHO ARE THE BDB PARTNER BANKS IN SUPPORT OF BUSINESS
From the beginning of February, UniCredit Bulbank will start work on the guarantee program of the Bulgarian Development Bank (BDB) in support of small and medium-sized businesses affected by the measures against the pandemic, the state bank announced.
UniCredit Bulbank joins BDB's partner banks, which provide financing under the renewed terms of the Recovery Program - BACB, Allianz Bank Bulgaria, Eurobank Bulgaria, FIBank, DSK Bank, UBB and Investbank. The deadline for applying for the anti-crisis measure has been extended to June 30, 2022, BDB clarified.
The program provides loans of up to BGN 3 million with a repayment period of up to 7 years and with the possibility of using a grace period for payment of principal and interest up to 36 months. The terms of approval for financing are up to 5 working days after receiving all the necessary documents from the banks, and the time for absorption of funds is 10 working days.
The BDB guarantee program is open to micro, small and medium-sized companies or "small companies with medium market capitalization" from all sectors of the economy (with up to/including 499 staff meeting one of the following criteria: up to/including 100 million EUR amount of the asset or up to/including EUR 86 million in sales revenue).
The condition is that they operate and are registered in Bulgaria, suffer adverse economic consequences from the spread of the pandemic and have at least three completed financial statements with sales revenue and accounting profit for at least one of the last three years.
BDB covers up to 80 percent of the loan principal, and as collateral requires personal guarantees from the beneficial owners of the companies or related parties, as well as, if applicable, pledges of receivables from accounts under the Law on Obligations and Contracts (LOC), the Law for special pledges (LSP) and through a financial collateral agreement, according to the Financial Collateral Contracts Act (FCCA).
The Recovery Program has been developed by the Ministries of Economy and Finance. Since its launch until now, BDB has confirmed loans in the amount of BGN 427,298,549.
