Another BGN 100 mln in low-interest loans to be extended to SMEs

Another BGN 100 mln in the form of credits will be available to small- and medium-sized enterprises (SMEs), announced the Bulgarian Development Bank (BDB). The financial institution projects to extend the credit line in partnership with commercial banks at preferential terms, compared to the current conditions on the domestic lending market. The 5-year loans of up to BGN 2 mln will be extended at a 7% annual interest. Preferential terms for the due fees and commissions on the credits have been projected as well.

BDB’s Executive Director, Assen Yagodin, commented that the new programme is yet another step in implementing the strategy, called Horizon 2014, which main focus there are the Bulgarian SMSs and the goal is that this business segment gets easier and cheaper access to bank financing. Opportunity to benefit from loans under this program will have in our businesses that meet the criteria of the SME Act, except in existing sectors such as gambling, arms trade, real estate speculation. 

Pursuing its new three-year strategy BDB has considerably intensified its activities targeted at SMEs. In addition to this programme, the financial institution plans to launch its own lending campaign for SMEs in the first quarter of 2012. At the end of March, the preparations for the guarantee scheme under the Programme for Rural Development, announced at the end of 2011, should be completed. More than BGN 1 bn is expected to be earmarked for credits under this scheme.

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