Over 300 micro-enterprises are supported under the Progress Program of the Bulgarian Development Bank
More than 300 micro-enterprises and agricultural producers have benefited from the lending and leasing opportunities through the EIF's Progress Mechanism on-lending program of the Bulgarian Development Bank. The program, which ended in June 2018, supported more than € 4 million in loans at an average amount per micro-transaction of € 12,000.
The largest number of beneficiaries are start-ups with financial history of up to 2 years. The top business sectors, in which supported start-ups work, are agriculture and forestry, trade and transport.
Thanks to the financing under Progress, several companies in the field of marketing and consultancy services, research of markets and public opinion, production of organic fruits and vegetables, logistics, and others have been supported.
Some of the enterprises offer innovative products and services. Among the successful projects, supported by the BDB Program, is the manufucture of the extravagant Bulgarian vanyl record bags "Kloshar" - a brand featured at the Italian Vogue Magazine as well.
The Indirect Financing Program started at the end of 2015 as the first program where BDB partnered with non-bank financial institutions: SIS Credit AD, Trans-leasing EAD, BL Leasing AD, TS Leasing Auto OOD and D Leasing EAD.
The partners in micro-lending included TBI Bank EAD and the Microfinance institution "JOBS" EAD.
The financing of the Program is provided under the “European Progress Microfinance Facility” established by the European Union in 2010. The aim of the Microfinance Facility is to increase the amount of funds in the Member States to finance micro-transactions up to € 25 000 – with the purpose to start or develop a small business.