10.05.2022

EASY LOANS ARE GRANTED TO SMALL COMPANIES

The Ministry of Innovation and Growth has announced a new BGN 96 million loan program to guarantee loans to small and medium-sized enterprises. Seven commercial banks will provide loans without collateral.

The money aims to provide liquidity, opportunities for new investment and growth for small and medium-sized companies.

The loans will be provided by the partner banks through the Fund of Funds in the amount of up to BGN 3 million.

Bulgarian SMEs will have significantly facilitated access to business loans, the opportunity for a 12-month grace period on the principal and financing without collateral requirements, as well as approval in a shorter time.

The Recovery Program was developed and launched last summer. So far, with BGN 131.7 million under the guarantee instruments of the Fund, loans in the amount of nearly BGN 400 million have been agreed, and nearly 900 small and medium-sized companies have been supported, explained the Minister of Innovation and Growth Daniel Lorer.

According to him, the total amount of loans under the entire "Recovery Program" since its launch, including the new resource, is expected to reach over BGN 700 million in support of Bulgarian small and medium-sized companies.

This guarantee will provide a comprehensive loan portfolio of BGN 240 million, said Minister Daniel Lorer.

The money will be disbursed under a shortened administrative procedure within five working days.

"The most valuable and important thing in this program is its availability, the opportunity for Bulgarian companies to receive loans without collateral now, when many of them might find it difficult to have relations with their bank at all," he added.