The Bulgarian Development Bank has created a special product with preferential terms for Bulgarian rose processors. The purpose of the financing is to support the sector, overcome the negative effects of the Covid-19 pandemic and alleviate inflationary pressures.
Support for rose processing
Direct loans for micro, small and medium enterprises
Pledge of rose oil
In order to ease the financing terms, the Bulgarian Development Bank also accepts as collateral for the loans a special pledge of quantities of rose oil in the National Research and Certification Institute under the Special Pledges Act.
For this purpose, a tripartite agreement shall be concluded between the Bulgarian Development Bank, the Institute and the borrower.
Other eligible collateral is a pledge under the Financial Collateral Contracts Act on current and future receivables of the enterprise and the joint and several debtor(s) (if any) on all their accounts opened and to be opened with the Bulgarian Development Bank.
Who is the program for?
Applicants who simultaneously meet the following criteria shall be eligible to apply for the program:
1) they are traders registered in the Republic of Bulgaria under the Commerce Act or are registered as agricultural producers.
2) they are micro, small or medium enterprises within the meaning of Art. 3 and Art. 4 of the Small and Medium Enterprises Act.
3) they are registered in the National Electronic Register of Rose Producers, Rose Processors, Sites for Production of Oil-bearing Rose Products and Oil-bearing Rose Plantations.