SME Initiative: EUR 600 Million in Loans for Bulgarian Small Businesses
The Government and the European Investment Bank have agreed upon a funding scheme to aid small businesses in Bulgaria. The funding agreement has a value of approximately 600 million euros and funds will be available for small companies in the country. If you want to invest in Bulgaria and find out more about state aid, you can contact our law firm in Bulgaria.
The funding initiative for Bulgarian SMEs
The small and medium-sized companies funding initiative is entirely funded from EU sources and will allow more than 3000 such Bulgarian companies to benefit from additional funds. Until now, Bulgaria is the only European country in its region to benefit from this type of agreement.
The programme will be funded from the EU’s European Regional Development Fund and it is part of a larger initiative to encourage EU companies to use European Structural and Investment funds during the 2014-2020 period. This SME financing will not require any additional funding from the Bulgarian state.
The importance of small and medium-sized companies
Bulgarian officials have said after the conclusion of the funding agreement with the EU that they hope to see the first companies obtain funds at the beginning of autumn, this year.
The SME Initiative will apply to companies based on certain criteria. It aims to stimulate financing for small and medium-sized companies by partially covering the risk for SMEs loan portfolios. After the implementation of the SME Initiative, entrepreneurs in Bulgaria will have access to various other EU support programmes for businesses and to reduced fees European for administrative compliance.
If you want to know more about financing options for start-ups in Bulgaria or how to apply for this SME Initiative, our experts can help. Small businesses in Bulgaria are important for the country’s economy and they are also one of the most important employers in Bulgaria. This is why this initiative is very important for the development of entrepreneurship in the country.
To open a company in Bulgaria and find out more about the laws in the country please contact our law firm in Bulgaria.