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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