EC approves changes to Bulgarian Development Bank COVID-19 scheme
The European Commission has approved changes to the Bulgarian Development Bank guarantee programme to support businesses hit by the COVID-19 pandemic.
The approved changes provide an increasing number of companies from the sectors most affected by the pandemic with an opportunity to benefit from the programme. Big companies (businesses with staff of more than 250 persons as well as with annual turnover of more than BGN97.5 million or with value of assets of more than BGN 84 million) can apply. It will also support the bigger domestic producers whose business provides employment for entire regions of the country.
Financing small and medium-sized enterprises remains a priority of the programme as the minimum quota will be at least 60% of the formed credit portfolios. The amount of the loans guaranteed by BDB has been increased as it can now reach up to BGN1 million for SMEs and up to BGN2 million for big companies.
The deadline for applying under the measure has also been extended, with companies now able to submit requests to the commercial banks until 20 June 2021. The guarantee provided by BDB under the credit portfolios will also be extended by one year: from five to six.
