January 10 (SeeNews) - The European Investment Fund (EIF) said on Monday that it has signed a guarantee agreement with Raiffeisenbank Bulgaria for an additional 150 million euro ($170.4 million) of financing in support of small and medium-sized enterprises (SMEs) and small mid-caps in Bulgaria.
The period in which companies can apply for COVID-related funding was also extended, until the end of 2022, EIF said in a press release.
The new deal comes after two earlier similar agreements signed between EIF and Raiffeisenbank Bulgaria since the start of the pandemic, one of 10 million euro in October 2020 and a second one of 85 million euro in March 2021.
Under the agreements, companies will be able to access financing for investment loans with a repayment period of up to ten years, working capital loans for up to five years, as well as revolving loans and overdrafts for up to four or five years, depending on the applicable state aid regime, the press release added.
The guarantee is backed by the European Guarantee Fund (EGF), which was set up as part of the European Union’s COVID-19 recovery package.
($ = 0.8801 euro)
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