Bulgarian Companies to Receive European Funding with Priority
Small and medium-sized companies in Northwestern Bulgaria will benefit from EU funding for the improvement of production capacity. The Economy Minister, Bozhidar Lukarski, made the announcement during the presentation of the new Innovations and Competitiveness Operational Program, also stressing Bulgarian companies will be granted the funds with priority.
What is the amount of money directed towards Bulgarian companies?
Bulgarian companies will benefit from 150 million euros financial aid and qualifying companies will be able to access between 35% and 70% of the maximum amount. The maximum amount of money will depend on the category of company and the region it is situated in. Companies in the Southwestern part of the country will have a lower maximum ceiling that will vary between 35% for medium size companies and 45% from micro and small firms. The other five Bulgarian regions will divide the remaining amount, from which 60% will be directed toward medium–sized enterprises and 70% toward micro and small enterprises. However, Bulgarian companies in the Northwestern part of the country will have priority and will receive a 5% surplus of money.
Companies benefiting from the previous program may enroll again, receiving a lesser amount of money this time that will be correlated with the completed projects.
For the categories of companies qualifying for EU funds and details about the application procedure, please contact our law firm in Bulgaria.
The 2014-2020 Innovation and Competitiveness program in Bulgaria
Few days prior to the allocation of EU funds for small and medium companies, the Ministry of Economy adopted the 2014-2020 operational program for Innovation and Competitiveness for the development of the Bulgarian economy.
The operational program will bring another 1.18 billion euros from the European Regional Development Fund (ERDF) dedicated to economic restoration projects for the public sector. However, the program will also help small and medium sized companies and ensure an equal economic development throughout the whole country and among all industries in Bulgaria. One of the main purposes of the program is to support growth and productivity and also to encourage entrepreneurship in Bulgaria.