Start-up companies will receive funding of up to € 50,000 from Microfinance Institution JOBS - part of BDB Group. We will support small enterprises that are not able to receive financing by the other banks." This was stated by JOBS MFI’s Executive Director Angel Djalazov at a forum with the participation of the National Association of Local Participation Groups in Bulgaria. New financial instruments offered by BDB’s subsidiary (JOBS MFI), were presented during the event.
These options target riskier companies, enabling them to receive funding upon providing additional guarantees and other applicable conditions. Start-ups - micro- and small enterprises, as well as farmers and producers of organic products, could take advantage of the lending for start-ups with a guarantee coverage. Their business activity shall be shorter than 12 months as of the loan application date. The companies could be approved for working capital loans of up to EUR 25,000 and for long-term assets of up to BGN 25,000 and are required to present a business plan. They could request additional funding as well.
In addition, JOBS MFI offers other investment loans, working capital loans for micro and small enterprises as well as credit lines under the program COSME. The potential beneficiaries of the new financing instruments are local initiative groups, implementing the strategy of local development led by the communities; individuals and legal entities with commercial activities, including agricultural producers.
The minimum amount per loan is BGN 3,000, the maximum - BGN 300,000 per loan, while the total exposure per clients’ group of up to BGN 450,000. The tenor of the loans for acquisition and development of fixed assets is up to 10 years, and for new machines, equipment and transportation vehicles - up to 5 years. The standard working capital loan has a tenor of up to 24 months. Depending on the type of funding and the specific client, the interest rates range between 6% and 10%, as clarified during the event.
JOBS MFI was established in 2010 as a subsidiary of BDB Group. Its focus is micro and small enterprises, agricultural producers, self-employed and others entrepreneurs with business activities in Bulgaria.
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