28.09.2021
THE BULGARIAN DEVELOPMENT BANK PROVIDES EASY LOANS FOR SMALL AND MEDIUM-SIZED COMPANIES
The main advantages are the reduced requirement for collateral and minimum deductible
The Bulgarian Development Bank (BDB) has launched a new program with the support of the Pan-European Guarantee Fund, the bank announced on its website. The idea is to encourage investment and reduce the negative effects of the COVID-19 pandemic. The scheme is specifically targeted at small and medium-sized businesses, creative industries and start-ups.
The new program amounts to 40m euros and provides for the granting of direct loans with lower than standard collateral and deductible requirements, depending on the project and the business history of the applicant companies.
Loans for companies with creative activities, which are among the most affected by the pandemic, are up to BGN 500,000. The main advantages are the reduced requirement for collateral and minimum deductible - 10% of the amount of the requested loan.
Newly established companies without a credit history, which have the most difficult access to financing, can apply for loans with a ceiling of BGN 250,000, without the need to pledge their property or look for a solvent co-debtor. A guarantee for the bank will be the asset purchased through the loan.
Small and medium-sized enterprises from all sectors that do not fall into the other two segments can also benefit from better loan terms: from BGN 100,000 to BGN 5 million, for up to 10 years and a grace period up to 18 months. For them there is a possibility for financing without collateral and with reduced requirements for own participation - 2 times lower than the standard levels.
Interest rates on loans under all three programs will be discounted due to EIF guarantee coverage.
Companies can now submit their applications online or on site, at the BDB office in Sofia, at 1 Deacon Ignatius Street.
28.09.2021
BANKS DO NOT PAY INTEREST ON SAVINGS
Loans for both businesses and households are getting cheaper
Interest rates on retail deposits continue to fall, averaging 0.0%, which means that banks do not pay interest to companies and households to dispose of their money. This shows the latest interest rate statistics of the BNB.
In August, compared to July, the average interest rates on corporate deposits in BGN and EUR decreased by 0.01 percentage points up to -0.20% and 0.00%, respectively.
The average interest rates on overnight deposits in BGN and EUR remain at 0.00%. The volume of new business on BGN deposits decreased by 20.7% (BGN 20.8 million) to BGN 79.4 million, and on those in EUR increased by 35.9% (BGN 16.2 million) up to BGN 61.2 million.
Last month, the average interest rate on household deposits in BGN increased by 0.02 percentage points up to 0.07%, and for those in euro - by 0.04 percentage points. up to 0.08%. The average interest rates on overnight deposits in BGN and EUR remain at 0.00%.
Interest rates on loans to individuals and companies also continue to decline. The annual percentage rate of charge (APR) on housing loans, which includes interest and all fees of banks, remains below 3% for August - an average of 2.98%, according to BNB data.
Business loans are also getting cheaper. Interest rates on BGN loans to companies amounting to less than BGN 1 million are on average 2.94%, which is a decrease of 0.10% compared to the previous month. Interest rates on BGN loans to businesses for over BGN 1 million decreased from 2.57% to 2.19%.
27.09.2021
LOWER UNEMPLOYMENT IN THE THREE NORTHWESTERN DISTRICTS IN OUR COUNTRY
At the end of August, unemployment in the three northwestern districts of Montana, Vratsa and Vidin was 10.5 percent and decreased by 2.8 percent compared to the same period last year.
Compared to the end of July, it decreased by 0.2 percent, according to the Regional Employment Service in Montana.
The number of unemployed registered at the end of August in the three districts is 18,110. Their number is 310 less compared to the end of July and 4,847 less compared to the end of August 2020.
In August, 1,098 people started working in the three regions, 65 percent of whom work in the real economy, and the rest have taken state-subsidized jobs under employment programs and measures. Most unemployed persons are employed in the manufacturing sector - 16.7%, followed by trade - 16.6%, general government - 14%, construction - 10.1%, hotels and restaurants - 6.5%, human health and social work - 5%, administrative and support service activities - 4.3%, education - 4%, transport - 3.5%, agriculture, forestry and fisheries - 2.9%, added the Regional Employment Service in Montana.
27.09.2021
NINTH EUROPEAN FORUM ON SOCIAL ENTREPRENEURSHIP
A hybrid edition of the Ninth European Forum for Social Entrepreneurship will be held on September 29 in Plovdiv. Among the officials are Bulgarian President Rumen Radev, Labor Minister Galab Donev, Sergey Stanishev, President of the Party of European Socialists and Giuseppe Guerini, a representative of the European Conference of Production and Service Cooperatives.
The organizer of the forum is the National Union of Labor Production Cooperatives in Bulgaria, a member of the Bulgarian Chamber of Commerce and eight national representative organizations for people with disabilities. The co-organizers are the European Commission, the Ministry of Labor and Social Policy, the European Economic and Social Committee, the European Confederation of Industrial Cooperatives and Social Enterprises.
All events will be held in a hybrid (live and online platforms), in prestigious halls with organized filming and online broadcasting. Participants from beyond the borders of Europe will be encouraged in the work of the individual events, whose active participation in the business work will take place thanks to the modern technological possibilities.
An international online fair of enterprises and cooperatives from the social economy will take place during the forum. Exhibitors from all over the world will take part in it. The participants in the fair are expected to receive publicity, fast and convenient communication with potential customers online from all types of devices.
The President is also expected to present the awards for merits in the development of European social entrepreneurship "Stilian Balasopulov".
The European Conference "Social Entrepreneurship for Sustainable Development in Europe" will be held on 29 September, at which European and national policies in various sectors related to social entrepreneurship will be presented.
The official opening is from 11:30 am on September 29, 2021 at the International Fair - Plovdiv, Hall 11. The forum will last until October 4, 2021.
27.09.2021
ENTREPRENEURSHIP: HOW TO MAKE MONEY WHILE ON MATERNITY LEAVE
With maternity leave, a new way of life always begins, a new chapter in the history of the family opens up, values are reconsidered, we think about what will happen in the future…
Here, business coach Jeanne Lurie lists the main advantages and disadvantages of women starting new work projects during maternity leave.
Now we offer you ideas on which activities to pay attention to when starting your own company with low start-up capital. Because, isn't it, maternity leave is not the most cloudless financial period in the life of the family ... We outline ideas that you can turn into a profitable, albeit small, business without endangering your health - sometimes two watermelons under one arm are a mission possible:
Beauty services
Maternity leave gives you a good opportunity to test your strengths and skills in something new. If you do not plan to change your profession, but are only looking for an additional source of income, choose a business that you can quickly master.
For example, to do a manicure or makeup, it is enough to complete a short course. The mastery will be manifested with regular practice and desire for development. The advantages of such work for the young mother are that beauty services are always in demand and you can easily find clients in your immediate environment. And also that you can make a floating schedule so that you are busy when it is convenient for you.
Training
You don't have to be a professional teacher to teach others. You can have a mathematics or philology education, or be fluent in a foreign language, or be "you" with the principles of economics - if you are interested, you will master the process over time and thanks to your students. You will help them too, and you will refresh and enrich your knowledge.
Think about what you understand better than others and make it a source of income.
Work in the specialty from home
For those who are maternity leave from their favorite job, the biggest fear is to lose their competencies during the holidays. If you can be useful to the company you work for, for example with transfers or annual reports, you will receive additional income and you will not lose your professional skills.
Ask your boss to leave you some of the duties you will perform remotely for a fee. He may like the idea, especially if there are things you can do best.
But don't try to do everything you've done before, because you run the risk of overloading yourself and not doing everything on time. Let what you take on be a little part-time work to be able to stay professionally active and spend enough time on yourself and your child.
Photographer
There is a strong demand for quality themed photos: business portraits, photo shoots - for prom, weddings, street walks, expecting a baby, family stories ... You can catch this trend and take advantage of it, the investment and effort are worth it , and they are not impossible. The most important thing is to have the talent of a photographer.
Cakes and pastries to order
Delicious and high quality pasta and bakery products are always in demand. You can make original cakes, holiday or wedding cakes, or emphasize wholemeal cookies and cakes - you are sure to find many fans of healthy food.
Healthy food to order
This trend of 10-15 years is becoming more widespread: homemade pasta, fruit compositions, fresh fruit, canned vegetables and fruits according to grandmother's recipes, homemade muesli and other foods and dishes can give you an idea how to develop a whole diet of the basis of useful products that help health, and offer it.
Textile production and knitting
If you can sew and knit well, you are a rich woman! And if you are up to date with fashion trends and you know how to handle different textures, patterns and colors, you are ready to open a sewing studio. The skill with the sewing machine and the knitting hooks is always welcome.
How to analyze the viability of your business ideas:
- Get to know the competition well;
- Define the market potential and the target audience;
- Develop the products or services you will sell and test them so that you have the opportunity to adjust the process in a timely manner, if necessary;
- Discover what sets your product apart from competitors and focus on it;
- Define a strategy for "capturing" the market;
- Assess what investments and resources you need and if the personal ones are not enough, look for an investor;
- Most importantly - answer the question: "What gives me personally the realization of this business idea, what is my motivation to achieve this goal?"
- Create a unique commercial offer;
- Do not try to do everything yourself, but find an effective team that will help you breathe life into your project;
- Do not market all products at once. If you have several, bet on gradual adaptation - this is more effective. Try it and you will succeed!
27.09.2021
HOW MANY WORKERS REPLACE THE NEW RETIREES
Only 67 young people replace 100 people who are retiring. This shows a Report for 2019-2020 on the implementation of the National Strategy for Active Life of the Elderly in Bulgaria, uploaded for public discussion. By comparison, in 2001, 100 people of working age were replaced by 124 young people.
The highest value of the coefficient is in the districts of Sliven - 90, Sofia (capital) - 79 persons, and Varna - 78. The lowest indicator is in the districts of Smolyan - 41, Kardzhali - 48, and Pernik, where 100 persons leaving of working age are replaced by only 50 persons entering working age.
The population of Bulgaria continues to decrease and age, with low birth rates and high mortality rates in our country, the report concludes. The imbalance in the territorial distribution of the population is deepening.
At the end of 2020, the number of people aged 65 and over was 1,504,048, or nearly 22 percent of the total population. Compared to 2019, the share of the population in this age group increased by 0.2 percentage points.
The aging of the population leads to an increase in its average age, which increased from 40.4 years in 2001 to 44 years at the end of 2020. The average age of the population in Bulgaria is among the highest not only in the European Union but also in the world, the document reads.
The aging process is more pronounced among women than among men. The relative share of women over the age of 65 is 25.3%, and of men - 17.9%. This difference is due to the higher mortality rate among men and, as a consequence, to the lower life expectancy among them.
The highest share of people over 65 years of age is in the districts of Vidin and Gabrovo where every third person is in this category. In a total of twenty districts, this share is above the national average. The lowest share of the elderly population is in the districts of Sofia (capital) - 17.7%, and Varna - 19.4%.
Positive trends in 2020 include the reduction of infant mortality, the maintenance of the total fertility rate at a level close to the average for the member states of the European Union, the reduction of the number of divorces, the increase of the mechanical population growth, the improvement of living standards and quality of life of the population, the document states.
24.09.2021
THE ROMANIAN LEU HIT A NEW RECORD LOW
The Romanian leu weakened to a record level against the euro amid growing political uncertainty in the country, central bank figures show.
Romania's central bank set its reference rate at 4,995 lei per euro on Wednesday, down 0.02% from Tuesday's value, SeeNews reported.
On Wednesday morning, the Romanian currency traded between 4.9460 and 4.9520 per euro on the interbank market, local media reported.
The Association of Investment Professionals (CFA) forecasts an exchange rate of 4.9829 lei per euro over the next six months and 5.0455 lei per euro over the next 12 months.
Leia has been weakening since early September following the resignations of coalition government ministers. The "apple of discord" was an urgent decree for a 50 billion lei (10.1 billion euros) funding scheme for rural development. Because of him, liberal Prime Minister Florin Chitu fired Justice Minister Stelian Ion. In response, the party that nominated the minister withdrew its support for the prime minister and cast a vote of no confidence in the government.
The Constitutional Court is expected to rule on September 28 on whether the no-confidence vote is legal.
22.09.2021
THE GUIDE TO FAIR SEASONAL WORK HAS BEEN DEVELOPED BY THE EUROPEAN LABOR AUTHORITY
A short survey, which is part of the "Guide to Fair Seasonal Work", helps jobseekers, as well as those already working abroad, to assess whether there is a risk of falling into a fraudulent scheme. The guide, which has already been published on the website of the GIT Executive Agency, was developed by the European Labor Authority (ELA) as part of the "Rights in All Seasons" campaign. This was announced by the press center of the Executive Agency "General Labor Inspectorate".
The rights described in the leaflet apply to EU citizens or non-EU nationals legally residing in Community countries. The information in the brochure draws attention to the equal treatment of workers, social security, working and living conditions, etc. In case of questions and complaints from employees, a link is provided where they can check which institution to contact.
On the Unified Information Website of Bulgaria on the posting of workers, the Labor Inspectorate has also developed a short questionnaire for self-assessment of the reality of the posting. The questionnaire can be completed here.
The Labor Inspectorate is a partner of the Employment Agency in conducting for Bulgaria the pan-European campaign of the European Labor Authority, aimed at raising awareness among cross-border seasonal workers with a focus on those employed in agriculture. The slogan of the campaign is Rights in all seasons, and posts on social networks can be found using the hashtag #Rightsforseasons.
In the period 20 - 24 September 2021, as part of the campaign, the Week of Action was declared European Union Week for seasonal workers. Within it, experts of the Labor Inspectorate participate in a series of information meetings organized by the Employment Agency. Labor inspectors also carry out increased control in agriculture.
On the website of the Labor Inspectorate, in the section "Activity", the section "Information campaigns", the sub-section "European campaign Rights in all seasons" are published other useful materials about the work of mobile workers in other EU member states.
Information on working conditions in the Member States is also published on the website of the Network for Cooperation between the European Employment Services, under the heading "Living and working conditions".
Information about the campaign is also published in a specially created section of the European Labor Authority https://www.ela.europa.eu/campaigns/rights-for-all-seasons
15.09.2021
WHEN DO WE HAVE THE RIGHT TO LEAVE FOR THE FIRST SCHOOL DAY?
There is no explicit provision in the Labor Code that entitles an employee to take leave due to the first school day of their child, regardless of whether he is a first grader or this is the first school day for another class at school.
Leave due to the first school day may be agreed in the collective labor agreement (CLA) or by agreement between the employee and the employer. This means that if there is no collective agreement (CLA) that applies to the individual employee, the only way to obtain the right to use this leave is by individual agreement between the parties (which can be concluded at any time during the employment relationship). If the employer does not agree to conclude an individual agreement or collective labor agreement in which this right is regulated, then leave for the first school day is not due to the employee.
Reference:
Art. 50 of the Labor Code
Art. 66, para. 2 of the Labor Code
15.09.2021
ENTREPRENEURSHIP: THE RETARGETING BIZ APP IS REVOLUTIONIZING THE E-COMMERCE MARKET
The Romanian company Retargeting Biz, which already operates in 4 European markets (Romania, Hungary, Greece and Bulgaria), has officially launched a new automated marketing platform "All in one", available to local and global online stores and their customers.
With an investment of over € 3 million and state-of-the-art technologies, the new Retargeting Biz platform is revolutionizing the e-commerce sector, putting online stores at the top level while offering a unique experience to its customers.
With Retargeting Biz, online stores receive 100% automated ads, up to 15% better Conversion Rate (CVR), up to 20% better Average Order Value (AOV) and time spent on the website, and up to 100% more high sales.
The new product is now available and the feedback received from some existing customers migrated to the new technology is "WOW"! Easy to use, automated and powered by AI, the new platform includes ingenious graphic designs and automatically generated content and two brand new marketing Simply put, this is an amazing experience for both e-commerce merchants and their customers.
"In addition to the improved existing functionalities, two brand new ones have been added: personalized recommendations (Recommendation Engine) and dynamic newsletters (Newsletter), which are very complex and highly effective for increasing the Conversion Rate (CVR) and the Average Order Rate (AOV), while improving the user experience”, says Alina Mitrika, Commercial Director of Retargeting Biz.
As a result, online stores, regardless of their size and field of activity, have a brand new, automated, easy to use and highly effective marketing platform that brings together all current marketing channels, from automated Google, Facebook and Instagram ads to push notifications popping up. windows, SMS, dynamic newsletters and recommendations with personalized content. The platform can also be accessed from the mobile application of Retargeting Biz, now for iOS and Android.
The key benefits for online stores that implement the Retargeting Biz solution are closely related to the automation and personalization of marketing campaigns, centralized management of marketing channels, quickly and easily through a single platform, and resource optimization. On the one hand, human resources are improving due to less time spent creating and managing marketing campaigns; less graphic design and content is needed. On the other hand, financial resources are brought to full potential, as ads are automated and the use of custom content improves the conversion rate, retention rate and average order value. In addition, personalized content gives website visitors and subscribers a more useful and beautiful user experience.
The company's turnover approaches 10 million lei in 2020, which means a 58% increase compared to 2019. The growth is due in part to the global expansion of e-commerce, but also to the growing awareness of the Retargeting Biz brand and the excellent results reported from customers.
Currently, the team of experts of Retargeting Biz consists of over 50 people, of which 35 are in Romania and over 15 work from different countries around the world.
"Because we are talking about a complex platform, the whole development process took two and a half years, during which several teams, both internal and external, worked to build it. Our team from Romania developed it, but also received the support of our international colleagues. They have contributed a lot in terms of feedback and testing of the platform's features. An average of 15 developers worked on the project at the same time, not to mention all those responsible for business analysis, testing, design, UX / UI, project management and content,” adds Rares Banescu. If online stores do not have enough time, human resources and do not rely on marketing agencies, by choosing the Premium Account Management service they will have a whole team of specialists who will handle their entire marketing strategy, implementation and monitoring.
The application is now available for most e-commerce platforms. As a result, online stores can make a flying start with just a few clicks. For personalized websites or platforms, Retargeting Biz's customer service and support teams provide integration assistance.
Once an online store integrates the Retargeting Biz solution, the results begin to show almost immediately for almost all campaigns. For those working through machine learning, a longer data collection period is required. The system will be continuously optimized during this period until the best results are achieved.
The main goals of the company this year are to increase the number of local and international online stores that use the Retargeting Biz platform, to consolidate its position in the Romanian, Hungarian, Greek and Bulgarian markets, as well as to expand to other European countries.
"Our main goal is to provide online stores with access to the most advanced technologies to facilitate their work and help them grow naturally and progressively. Our best publicity comes from the recommendations of our clients and we are convinced that the result will not stop appearing. First and foremost, we strive to strengthen our position in all 4 markets in which we are present, both in terms of the physical office and the local teams. In addition, we strive to expand into new foreign markets,” said Rares Banescu, CEO and Founder of Retargeting Biz.
