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Bulgaria's BDB Microfinancing to lend 2.6 mln euro to social entrepreneurs, startups

Bulgaria's BDB Microfinancing to lend 2.6 mln euro to social entrepreneurs, startups Photo: Bulgarian Development Bank / All rights reserved.

SOFIA (Bulgaria), October 12 (SeeNews) - BDB Microfinancing, a subsidiary of the Bulgarian Development Bank, said it will back local social entrepreneurs and start-ups with loans expected to reach 5 million levs ($2.9 million/2.6 million euro) in total.

The guarantee resource under the BDB Microfinancing programme, in the amount of 1 million levs, is provided under the EU's operational programme Human Resources Development 2014-2020, co-financed by the European Social Fund, BDB Microfinancing said.

The programme will enable small and medium-sized enterprises (SMEs) in Bulgaria to benefit from an investment or working capital loan of up to 50,000 euro on concessional terms and at 25% lower interest rates compared to the standard terms provided by the financial institution.

(1 euro = 1.95583 levs)

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