Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB) is launching a market test for the purposes of finalizing the parameters of the Seed/Acceleration and Start-up Fund (SASF). The financing instrument is co-financed within Operational Programme Innovations and Competitiveness 2014-2020 (OPIC) from the European Regional Development Fund (ERDF).
The Programme budget allocation for the SASF is approximately BGN 107.5 million. In addition, private financing to equal between 10% and 40% of the total SASF amount is expected to be raised. The Fund’s resources will be used to set up one or more investment funds aimed at supporting business start-ups.
The financing instrument will be used by the FMFIB to support innovative business ideas and provide incentives for entrepreneur activation across the country. Alongside financing, it will provide strategic and management support to enterprises, including by means offering a comprehensive entrepreneurship development package, opportunities for business networking, mentoring.
The Seed/Acceleration and Start-up Fund will be managed by financial intermediaries, to be selected on the basis of an open, transparent and non-discriminatory procurement procedure in compliance with the relevant requirements of the national and EU legislation.
The market test consultations are targeted at a wide range of stakeholders such as fund managers, investors, potential final recipients, etc. The purpose of the process is to optimize the structure of the SASF, taking into account the current situation in the sector and the requirements of market players.
Suggestions and comments on the indicative technical specifications can be made by 18:30 on 10 March 2017 at the latest, at the following e-mail address: SASFOPIC@fmfib.bg. For more information and FAQs on the market test consultations, the FMFIB team can be reached by phone at +359 2 801 40 50.
Detailed terms and conditions for the implementation of SASF are available on the FMFIB website, under the Financing Instruments tab.
