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Recovery program launched in support of SMEs in Bulgaria

World

Small and medium enterprises (SMEs) in Bulgaria will be able to receive credit from commercial banks with an 80% guarantee from the Fund of Funds (FoF), which manages four EU operational programs, reported public broadcaster BR.

The measure is part of the recovery program announced Tuesday by Economy Minister Kiril Petkov and Finance Minister Assen Vassilev.

The credit amount will be up to 70% of the company's turnover for 2019 or 2020, or up to BGN 3 million (EUR 1.53 million). The first agreements have already been signed between the Fund of Funds and the commercial banks. The program aims to facilitate businesses' access to credit for resuming their activities after the gradual lifting of the COVID-19 restrictions.

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