EIF, Raiffeisenbank to support coronavirus-hit SMEs in Bulgaria
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Raiffeisenbank Bulgaria signed a new guarantee deal with the European Investment Fund (EIF) for an additional EUR 130 million in loans to be extended to local small- and medium-sized enterprises (SMEs) affected by the coronavirus crisis, the bank says.
Photo by nitpicker/Shutterstock.com
The agreement was signed under the COSME program, one of the European Union’s instruments for overcoming the economic crisis caused by COVID-19.
Under the contract, Bulgarian SMEs will be able to access working capital financing backed by an 80% guarantee provided by the EIF on each new loan of up to EUR 150,000, Raiffeisenbank Bulgaria said on September 14.
The EIF has committed some EUR 150 million to date to mitigate the COVID-19 economic impact on Bulgarian businesses, Raiffeisenbank Bulgaria noted on its website.
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