Bulgaria launches 150 mln euro MSME innovation grant

Businesses have until January 31, 2024 to apply under the grant procedure, the ministry said in a press release. The eligible MSMEs must employ up to 499 staff.

The proposed projects must target innovations in the areas of IT and ICT, microelectronics and mechatronics, health industries and biotechnology, creative and recreational industries as well as clean technologies, circular and low-carbon economy.

Successful applicants will get grants ranging from 50,000 to 800,000 levs. The grant amount depends on the company's size, with smaller companies eligible for lower grants. Companies will also need to contribute 20% to 50% of the project's cost themselves.

The grant scheme is the first funding mechanism under the operational programme Innovation and Competitiveness for the new 2021-2027 programming period. The operational programme has a total budget of nearly 3 billion levs.

(1 euro = 1.95583 levs)