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National Guarantee Fund (NGF), part of the Bulgarian Development Bank launched a new warranty program in which will cover half of the risk of loans granted by commercial banks to small and medium enterprises. The total capacity of the new initiative is about 360 million lev.
The new program is to facilitate access to finance and business to be eased collateral requirements in Bulgaria. SMEs can apply for funding to commercial banks, and they in turn will receive loan guarantees from NGF. Will be guaranteed as investment loans and loans for working capital loans. The program has introduced new rules that will contribute to greater flexibility, speed and independence of banks in granting loans guaranteed by NGF. The scheme also provides for increasing the duration of the guarantees.
"We believe that the development of NGF guarantee scheme will allow to be realized very promising projects that are currently funded banks because of insufficient collateral. Previously held talks with representatives of commercial banks to make the parameters of the program attractive for them and for the business. Hopefully with guarantees to support the allocation of investment loans, as this will increase investment in the economy and will create new jobs, "said Chairman of the Board of NGF Elijah Karanikolov.
The choice of partner banks under the new guarantee scheme has already started. Commercial banks must submit their applications by 10 September 2013. Bulgaria Development Bank
Related News in English
Povezane vesti na srpskom
Συναφείς Ειδήσεις στα Ελληνικά