Black Sea Bank to help Bulgarian SMEs

Banking

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Bulgaria's National Guarantee Fund (NGF) and the Black Sea Trade and Development Bank (BSTDB) signed a Framework Agreement for a Pandemic Crisis Response Program, the BSTDB said on Monday, local news agency BTA reported.

Under the agreement, the BSTDB joins the NGF in supporting small and medium-sized enterprises (SMEs) and corporates by offering guarantees to Bulgarian commercial banks.

This guarantee program will facilitate access to finance and improve financing conditions for final borrowers.

The program is expected to promote up to EUR 75 million of new financing and help about 250 local SMEs to offset the negative impact of COVID-19 in the country. 

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