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MFI provides BGN 2.6 Mil. for micro companies and start-ups

JOBS MFI with the Bulgarian Development Bank extends the validity of a guarantee line worth BGN 2.6 Mil. in favor of Bulgarian micro enterprises by two years. The guarantee was granted in July 2013 by the European Commission under the auspices of the European Progress Microfinance Facility, managed by the European Investment Fund (EIF). The term for applying for a microloan with a guarantee under the program expires in January 2017.

The guarantee line will facilitate access to finance for Bulgarian micro companies with up to 10 employees and an annual turnover up to EUR 2 Mil. The approved portfolio of micro-transactions guaranteed under "Progress" has a 75% warranty coverage from EIF. Self-employed persons, sole proprietors and micro start-ups that have no access to credit from commercial banks will be funded with priority. The maximum amount of funding for a micro company is up to € 25,000.

The European Microfinance Programme "Progress" provides guarantees and financial instruments for microfinance institutions. The initiative was established with EUR 203 Mil. by the European Commission and the European Investment Bank. The main purpose of the "Progress" program is to increase the access to finance for micro-entrepreneurs, including self-employed persons.