BDB Microfinance with new partnership to support social enterprises and start-ups
Entrepreneurs can benefit from funding of up to BGN 300,000 on even more lenient terms
BDB Microfinance, the Fund of Funds and the Municipal Guarantee Fund for SMEs with the Metropolitan Municipality have signed a Memorandum of Cooperation for the development of social enterprises and start-ups. The aim is to improve their access to funding at lower interest rates and relaxed collateral requirements.
Companies can be supported with funds of up to BGN 300,000 and a repayment period of up to 7 years, with priority given to requests from start-ups and businesses with a mission.
The agreement between the three institutions builds on the New Beginnings program, with BDB Microfinance and the Fund of Funds as partners, to promote entrepreneurship among vulnerable groups. The inclusion of the Municipal Guarantee Fund increases the amount of funds that can be directed to businesses – up to BGN 300,000. It also expands the funding scope, enabling businesses in Sofia to receive funds for a wider range of activities. The following is now eligible for loans: purchase of land, infrastructure, real estate, second-hand fixed assets, purchase of trucks, refinancing of existing loans, etc. Companies will also benefit from a longer repayment period.
More than 219,000 companies registered or operating within the Metropolitan Municipality can benefit from the new terms under the New Beginnings program, with an extended scope of funded activities. All other enterprises in Bulgaria can also apply for the program under the current parameters.
