10 banks sign up to Bulgarian Development Bank guarantee scheme
Ten commercial banks have announced they are to take part in the Bulgarian Development Bank portfolio guarantee program in support of micro, small and medium enterprises inthe country.
The banks are Allianz Bank, DSK Bank, the Bulgarian-American Credit Bank, Investbank, International Asset Bank, ProCredit Bank, First Investment Bank, Commercial Bank D, Unicredit Bulbank and Eurobank Bulgaria.
The guarantee program, which is part of the government's anti-COVID-19 crisis measures, has a budget of BGN500 million ($276.2 million). Companies from all sectors may be included in the program but it is expected to be most beneficial for firms from the most affected sectors - trade, services, transport and logistics, tourism, hotels and restaurants, and others.
The loans that commercial banks will provide have a maximum amount of BGN300,000, and Bulgarian Development Bank will provide guarantee cover of up to 80% of them. The banks themselves will determine the minimum and maximum repayment period.
