May 14 (SeeNews) - State-owned Bulgarian Development Bank said that ten commercial banks have expressed their readiness to join its 500 million levs ($278 million/255 million euro) public guarantee scheme to support micro, small and medium-sized enterprises (MSMEs) in the context of the coronavirus outbreak.
The lenders who wish to participate in the BDB programme are Allianz Bank Bulgaria, DSK Bank, Bulgarian-American Credit Bank, Investbank, International Asset Bank, First Investment Bank, ProCredit Bank, D Commerce Bank, UniCredit Bulbank, and Eurobank Bulgaria, BDB said in a statement.
The banks are due to sign their agreements with the BDB for participation in the guarantee scheme.
To be eligible to benefit from guaranteed loans, MSMEs must cover one of several criteria, including an annual decrease in revenue during the first quarter of 2020, unpaid receivables by clients, cancelled contracts for imports or exports, closed production facilities and offices, and a decrease in people employed.
The maximum amount of a single loan is 300,000 levs, with the BDB guaranteeing 80%.
The guarantee scheme, which was approved by the European Commission last month, will run until December 23.
(1 euro = 1.95583 levs)