Suitable financial instruments for you

Risk-sharing financing and/or first lost portfolio guarantee, including grant support within a single operation

Budget of the instrument

EUR 17,2 М, of which EUR 6.85 M grant support within a single operation

Goals of the instrument

• Stimulating the creation of own business or other entrepreneurial initiatives by vulnerable groups in the labor market, promoting their inclusion in employment through support measures for job placement, skills development, upskilling, self-employment initiatives, and the advancement of the social economy;

• Developing the entrepreneurial skills of young people up to the age of 29, facilitating their participation in internships, workplace-based training, subsidized employment, competence-building programs, professional qualification courses, and specialized training;

• Providing support for start-ups, micro-enterprises, and social enterprises that will create new jobs for disadvantaged groups in the labor market or already employ individuals from these groups.

Source of public funding

The Human Resources Development Programme 2021 – 2027, co-financed by the European Social Fund+ (ESF+)

Current stage of the instrument

Structuring and preparation of tender pack

Indicative budget of the instrument:

EUR 112.9 M

Portfolio guarantee with a loss ceiling with the possibility of combining the financial instrument with non-repayable financial assistance in a single operation.

Goals of the instrument:

Promoting energy efficiency and reducing greenhouse gas emissions ("Energy Efficiency"):

• Implementation of energy efficiency measures based on energy audits recommendations;

• Introduction and certification of energy management systems;

• Introduction of monitoring and control systems for energy consumption;

• Stimulating the use of electricity, heat, and cooling energy from renewable sources for self-consumption, including storage systems.

Promoting the transition to a circular and resource-efficient economy ("Circular Economy"):

• More efficient use of natural resources in production, including reducing the use of primary raw materials;

• Increasing product durability or reusing it;

• Improving recycling capabilities, reducing the use of non-recyclable materials, and reducing the content of hazardous substances in products;

• Energy systems produced from renewable sources for self-consumption;

• Waste management in enterprises.

Source of public resources:

"Competitiveness and Innovation in Enterprises" Programme 2021-2027.

Current stage of the instrument:

Structuring and preparation of tender pack

Budget of the instrument

EUR 30 million

Goals of the instrument

• Support for startups in the pre-seed and seed phases to develop their product, prototype, and conduct initial market testing;

• Providing initial venture capital to help entrepreneurs validate their business model and advance to the next investment stage;

• Stimulating the entrepreneurial ecosystem by increasing the number of new technology and innovative companies in Bulgaria.

Source of public resources

Program "Competitiveness and Innovation in Enterprises" 2021-2027

Current stage of the instrument

Selected financial intermediary

Instrument Budget
EUR 34.5 million

Objectives of the Financial Instrument

• Support for companies from various sectors with a view to commercialization and market establishment, as well as support for high-growth companies (e.g., with employee/turnover growth of more than 20% per annum over a period of three years).

• Support for accelerated development and international expansion, including entering new markets and increasing production or technological capacity.

• Preparing companies for subsequent investment rounds, attracting international investors, and scaling up the business.

Source of Public Funding
Programme “Competitiveness and Innovation in Enterprises” (PCIE) 2021–2027.

Current stage of the instrument:

Selection of financial intermediary

Indicative budget

EUR 6.17 million

Objectives of the instrument

The main objective of the financial instrument is to stimulate lending to final recipients under the PMFA by providing loans and guarantees through selected financial intermediaries, thereby addressing sector-specific difficulties (lack of access to finance, high interest rates) and helping to overcome problems such as lack of collateral, high credit risk, etc.

The target final recipients (FR) are micro, small and medium enterprises, large enterprises, registered small-scale coastal fishermen, fishermen's organizations and enterprises in the sector, municipalities and other public institutions. A combination of FI and grant is envisaged in a single operation to provide technical support. Grant is provided directly to FRs or for the benefit of FRs for the costs of preparing the project proposal, activities to promote FI, measures to increase the capacity of FRs, training, etc.

Financial instruments could also be combined with grant funding received under the PMFA as part of two separate operations.

Source of public funding

Programme Maritime, Fisheries and Aquacultures 2021-2027

Current stage of the instrument

Structuring and preparation of tender pack

Indicative budget of the instrument

€14 M

Objectives of the instrument

To support early-stage enterprises by promoting self-employment, entrepreneurial skills, and economic activity among young people and vulnerable groups.

The funds will be directed towards start-ups, social and micro-enterprises, as well as young people up to 29 years old, unemployed, Bulgarians returning from abroad, social economy and other entrepreneurs from the targeted group.

Source of public funding

Human Resources Development Programme 2021-2027

Current stage of the instrument

Structuring and preparation of tender pack

Indicative budget of the instrument

€40.2 million

Objectives of the instrument

The public resource for the Financial Instrument is aimed at supporting final recipients in achieving the specific objectives of the Programme in the following areas:

• Support for investments contributing to the objectives of the Strategic Technologies for Europe Platform (STEP);

• Improving industrial capacity to strengthen defense capabilities, giving priority to dual-use capacity.

The instrument is targeted at companies operating primarily in strategic sectors with high added value, including, but not limited to, digital and deep tech technologies, cybersecurity, quantum technologies, computer and electronic technologies, the software industry, biotechnology, and clean technologies, including those related to critical medicines, with a focus on improving availability, supply, and production capacity and reducing vulnerabilities.

Source of public funding

“Competitiveness and Innovation in Enterprises” Programme 2021–2027 (PCIE), co-financed by the European Regional Development Fund (ERDF).

Current stage of the instrument

Structuring and preparation of tender pack

Indicative budget of the instrument:

€30 million

Objectives of the instrument:

The objective of the fund is to provide support through equity and/or quasi-equity investments to enterprises developing technologies within the scope of STEP, by fostering the creation and growth of companies advancing critical technologies and strengthening industrial capacity in the field of defense, as well as the production of critical technologies and dual-use products.

The fund will build a diversified portfolio of companies at various stages of development.

It will focus on enterprises operating in high value-added strategic sectors, including, but not limited to, digital and deep-tech solutions, cybersecurity, quantum technologies, computer and electronic systems, software, biotechnology, and clean technologies.

Source of public funding:

“Competitiveness and Innovation in Enterprises” Programme 2021–2027 (PCIE), co-financed by the European Regional Development Fund (ERDF).

Current stage of the instrument:

Structuring and preparation of tender pack

Instrument Budget
EUR 40.25 million, of which EUR 5 million in the form of grant funding, including in a single operation.

Objectives of the Financial Instrument

• Accelerating the technological transformation of Bulgarian enterprises and facilitating access to capital for investments in Industry 4.0 digital technologies, supporting projects with high added value and innovative potential.

• Reducing barriers to market entry for innovative solutions. By combining equity financing and grant support, the fund assists companies in the high-risk phases of projects—such as proof of concept, MVP development, and technological readiness—aimed at achieving market realisation.

Source of Public Funding
Programme “Competitiveness and Innovation in Enterprises” (PCIE) 2021–2027.

Current stage of the instrument:

Selection of financial intermediary

Indicative Budget of the Instrument

EUR 14.4 million

Implementation Mechanism

Financing with risk-sharing, provided through the Fund Manager of Financial Instruments in Bulgaria (FMFIB) using funds from the "Environment" Program (EP) 2021–2027. The aim is to partially share the risk associated with financing provided by financial intermediaries to eligible final recipients.

Objectives of the Instrument

Providing investment/working capital financing and/or financial leasing under favorable conditions to target final recipients for investments aimed at:

• Reducing the amount of municipal waste sent to landfills and increasing the share of separately collected and recycled waste, supporting the transition to a circular economy, including:
  • Measures for recycling municipal, industrial, and construction waste, carried out by recycling enterprises. This can include activities for the pre-treatment of separately collected waste and/or separate collection of waste destined for recycling.
  • Measures targeting municipal waste management obligations under the Waste Management Act, primarily focusing on Regional Waste Management Systems (RWMS) that require upgrades or expansions of their separate collection and recycling systems for biodegradable waste, as well as preparation for reuse, as identified in Bulgaria's National Waste Management Plan (NWMP) for the period 2021–2028.

Source of Public Funding

"Environment" Program (EP) 2021–2027, co-financed by the European Regional Development Fund and the state budget.

Current Stage of the Instrument

Selected financial intermediary

Indicative budget of the instrument:

EUR 47.81 M

Implementation mechanism

The financial instrument is intended to be implemented in the form of First loss portfolio guarantee, which secures partial credit risk coverage on the financing provided by the financial intermediaries to eligible final recipients.

Goals of the instrument:

To provide investment/working capital financing and/or financial leasing at preferential terms for the purpose of:

• Stimulating enterprises to undertake investments for the implementation or creation and development of projects for digital technologies and solutions in the field of Industry 4.0, for optimization and automation of existing processes.
• Improving the process efficiency in enterprises through the use of the latest and often interconnected digital technologies, which are targeted at the last four levels of digitalization, in which the technologies required for Industry 4.0 are being developed for rapid digital transformations in design, production, operation, service of production systems and products, etc.
• Increasing the productivity and competitiveness of enterprises through the implementation of new and technological developments, such as: the application of information and communication technologies (ICT) in the production process, artificial intelligence, digital systems for monitoring and control of physical processes and systems, industrial robotics, network communications, collection and processing of large data sets, cloud computing, etc.

Source of the public funds:

Program "Competitiveness and Innovation in Enterprises" (CIE) 2021-2027, co-financed by the European Regional Development Fund and the state budget.

Current stage of the instrument:

Structuring and preparation of tender pack

Indicative Budget of the Instrument

37.3 million BGN (19.1 million EUR)

Implementation Mechanism

Financing with risk-sharing provided by the Fund Manager of Financial Instruments in Bulgaria (FMFIB) using funds from the "Environment" Program (EP) 2021–2027.

Objectives of the Instrument

Financing the required co-financing for eligible investments in the water supply and sewerage (WSS) sector, for which non-repayable financial assistance is provided under the "Environment" Program 2021–2027. Priority should be given to directing funds from the financial instrument to the six newly consolidated WSS operators: Veliko Tarnovo, Gabrovo, Pleven, Sofia District, Targovishte, and Haskovo, as well as WSS Dobrich.

Additionally, financing can also be provided for projects of consolidated WSS operators phased between the programming periods 2014–2020 and 2021–2027, as well as for other eligible investments under the program by the aforementioned and/or other consolidated WSS operators, for which non-repayable financial assistance has not been secured.

Financing through the financial instrument for final recipients may be provided in the form of investment/working capital financing and/or financial leasing under favorable interest rate conditions and collateral requirements.

Source of Public Funding

"Environment" Program (EP) 2021–2027, co-financed by the Cohesion Fund and the state budget.

Current Stage of the Instrument

Funding of final recipients

Budget of the instrument:

EUR 3.97 М

Goals of the instrument:

• Stimulating the creation of own business or other entrepreneurial initiatives by students and/or PhD candidates with the aim of self-employment and  quick focused transition from education to employment.
• Developing students' entrepreneurial skills by participating in the entrepreneurial process, specifically through a "learning by doing" approach;
• Improving the quality of the connection between education, science, and business.

Source of public funding:

Programme "Education" 2021-2027

Current stage of the instrument:

Selected financial intermediary

Financial resources

57 million euros, of which 9.43 million euros in the form of grants, including in a single operation.

Goals of the instrument

• Addressing the key challenges facing Bulgaria's development, including insufficient public and private investments in research and development activities, leading to a comparatively low innovation capacity of the economy;
• Supporting the building of modern research infrastructure in the country, facilitating effective collaboration between members of the scientific community and business to apply the scientific products in practice, and attracting and attaining high-quality personnel;
• Strengthening and developing technology transfer in public research organizations, existing technology transfer offices, and among different participants and stakeholders in the scientific innovation ecosystem.
  
  

Source of public resources

Program “Scientific Research, Innovations, and Digitalization for Smart Transformation” 2021-2027, co-financed by the European Regional Development Fund and the state budget.

Current stage of the instrument:

Selection of financial intermediary

Budget of the instrument:

EUR 11.8 million

Goals of the instrument:

• Stimulating the creation of startups by students and/or PhD candidates for launching businesses or other entrepreneurial initiatives through equity and quasi-equity investments;
• Supporting the enhancement of innovation activities within higher education institutions in the context of the digital economy, as well as significantly improving opportunities for realization;
• Developing students' entrepreneurial skills by participating in the entrepreneurial process, specifically through a "learning by doing" approach;
• Improving the quality of the connection between education, science, and business.

Source of public funding:

"Education" Program 2021-2027

Current stage of the instrument:

Selected fund manager

Indicative budget of the instrument

EUR 262.3 M

Implementation mechanism

Capped portfolio guarantee, stand-alone guarantees and/or risk-sharing loans with the possibility to implement a financial instrument in combination with a grant in a single operation.

Objectives of the instrument

To provide debt financing for projects of final recipients from the private and public sectors, incl. in combination with a grant, aimed at promoting and developing measures that boost:

• economic activity,
• investments in new/existing industrial parks,
• green urban environment,
• sustainable urban mobility,
• health and social infrastructure,
• educational infrastructure,
• tourism, sports, and culture,
• energy efficiency of public and residential buildings.

Source of public resource

Development of Regions Programme 2021-2027 and Competitiveness and Innovation in Enterprises Programme 2021-2027, co-financed by the European Regional Development Fund

Current stage of the instrument

Selected financial intermediaries

Budget

EUR 32.17 M

Goals of the instrument

• Stimulating entrepreneurial activity for the creation of enterprises based on innovations that develop high added-value products;
• Increasing the innovation potential and creating a sustainable ecosystem to support SMEs with high innovation potential;
• Improving the internal innovation capacity of enterprises;
• Enhancing access to knowledge and technologies, as well as the development of an innovation ecosystem in less developed regions;
• Improving the level of innovation penetration and accelerating the transition to a knowledge-based economy.

Source of public resources

Program “Competitiveness and Innovation in Enterprises” (2021-2027).

Current stage of the instrument

Selected financial intermediary

Indicative budget of the instrument:

EUR 162.23 M

Portfolio guarantee with a loss ceiling with the possibility of combining the financial instrument with non-repayable financial assistance in a single operation.

Goals of the instrument:

Promoting energy efficiency and reducing greenhouse gas emissions ("Energy Efficiency"):

• Implementation of energy efficiency measures based on energy audits recommendations;
• Introduction and certification of energy management systems;
• Introduction of monitoring and control systems for energy consumption;
• Stimulating the use of electricity, heat, and cooling energy from renewable sources for self-consumption, including storage systems.

Promoting the transition to a circular and resource-efficient economy ("Circular Economy"):

• More efficient use of natural resources in production, including reducing the use of primary raw materials;
• Increasing product durability or reusing it;
• Improving recycling capabilities, reducing the use of non-recyclable materials, and reducing the content of hazardous substances in products;
• Energy systems produced from renewable sources for self-consumption;
• Waste management in enterprises.

Source of public resources:

"Competitiveness and Innovation in Enterprises" Programme 2021-2027.

Current stage of the instrument:

Selected financial intermediaries

Financial resource

• EUR 2.68 million public resource for individual guarantees

• expected volume of guaranteed loans for final recipients over EUR 3.4 million

Objectives of the instrument

• Stimulating lending in the sector for sustainable and viable projects;

• overcoming the difficulties of final recipients in their access to finance due to lack of sufficient collateral, high interest rates, high risk assessment of banks.

Final recipients

• enterprises in the sector (fish farming, aquaculture, fish and fish products processing);
• according to the eligibility conditions laid down in the strategies of the Local Fisheries Initiative Groups.

Type of funding

• Financing in accordance with the measures of MFP for:
  • productive investments in aquaculture in the 'Recirculation systems' and 'Construction of new and extension and modernisation of existing aquaculture farms' sectors;
  • encouraging new aquaculture producers developing sustainable aquaculture;
  • implementation of Community-led local development strategies;
  • processing of fisheries and aquaculture products.

• investment loans, investment-related working capital financing (excluding revolving credit and/or overdraft) and finance leases;
• stand-alone loans or loans in combination with grants for projects financed under MFP 2014-2020;
• a repayment period from 12 months to 10 years;

• a principal grace period of up to 36 months for investment loans and up to 12 months for working capital loans;

• individual guarantees from the Fund of Funds of up to 80% of each loan granted with a maximum guaranteed coverage of BGN 1 million, subject to the conditions of the applicable State aid regime.

Source of public resource

Maritime and Fisheries Programme 2014-2020 (MFP), co-financed by the European Maritime and Fisheries Fund 2014-2020.

Current stage of the instrument:  investment period completed on 31.12.2023

Budget of the instrument

EUR 40 million

Goals of the instrument

• Providing capital for more mature companies with a proven business model and significant growth potential;

• Support for scaling up operations, including acquisitions, new product development, and market expansion;

• Increasing the competitiveness of Bulgarian enterprises and creating sustainable companies with an international presence.

Source of public resources

Program "Competitiveness and Innovation in Enterprises" (CIE) 2021-2027

Current stage of the instrument

Selected financial intermediary

Financial resources 

• public resources in the amount of EUR 20 million (BGN 38.3 million);
• additional resources from intermediary banks.

Goals of the instrument

• support economic development of rural areas;
• improve the competitiveness of the agricultural sector;
• restore and strengthen the forestry sector;
• promote social inclusion and support for sustainable development of small farms.

Final recipients

• agricultural producers;
• non-agricultural businesses in rural areas.

Type of financing

• Low-interest EUR and BGN investment and working capital loans under preferential terms that leverage the investment and are linked to it;
• Investment loans of up to BGN 2 million. Additional working capital financing up to 30% of the total investment amount for the respective final recipient, or BGN 391 166 in working capital lending, whichever is higher, in compliance with the requirements and ceilings applicable to State aid;
• Maturity of up to 10 years;
• Low-interest financing, with no interest or management fees charged on RDP funding;
• Low level of own funding is required from the final recipient

Source of the public resources

Rural Development Programme 2014 — 2020 co-financed from the European Agricultural Fund for Rural Development

Current stage of the financial instrument: investment period completed on 31.12.2023

Financial resources

• public resources in the amount of BGN 1.6 million;
• expected volume of loans to final recipients of BGN 8 million.

Goals of the instrument

• improve access to financing for seeding and development of start-ups and social enterprises with a high-risk profile;
• support social entrepreneurship;
• promote entrepreneurship among vulnerable groups.

Final recipients

• companies and self-employed persons registered not more than 5 years ago, including enterprises whose owners are from vulnerable groups such as unemployed for more than 6 months, young people aged 29 or less, people with disabilities;
• social enterprises.

Type of financing

• investment loans or working capital loans in an amount of up to EUR 50 000 or BGN 97 791;
• relaxed loan terms such as a lower interest rate, lower collateral requirements, option for a grace period;
• a repayment term of up to 10 years;
• for the purpose of acquisition of tangible and non-tangible assets for business development or expansion of activities of the enterprise or the self-employed person; or to cover other costs linked to the core business operations.
• guarantees from the Fund of Funds in an amount of up to 80% per individual loan made capped at 25% of losses on the guaranteed portfolio.

Source of the public resources

Operational Programme Human Resources Development 2014 — 2020 co-financed from the European Social Fund

Current stage of the instrument: investment period completed on 31.12.2023

Financial resources

• EUR 114.03 million public resource (Recovery 1)

• EUR 56.69 million additional public resource as a next phase for the implementation of the Recovery Programme (Recovery 2)

Total expected volume of loans to final recipients guaranteed under the Recovery Programme, exceeding BGN 700 million.

Goal of the Programme

The aim of the Programme is to facilitate the access of businesses to recovery loans for liquidity needs, new investments, transformation and growth in the aftermath of the COVID-19 pandemics.

Final recipients

Bulgarian Small and medium-sized enterprises

Type of financing

• Access to business loans to eligible Bulgarian SMEs with a history of at least 3 years;
• No requirement for tangible collateral; unsecured loans with the exception for personal guarantees provided by owners;
• Loan approval and disbursement within a short timeframe;
• Up to 12 months grace period for repayment of the principal;
• Access to long term financing with maximum maturity of up 84 months;
• Minimization of the administrative burden for the client;

• Financing of up to BGN 3 million, but not exceeding 70 % of the turnover for 2019 or 2020 (whichever is higher), in compliance with the provisions applicable for State Aid.

Source of the public resources

• Recovery 1: Operational Programme Innovation and Competitiveness 2014 — 2020, co-financed from the European Regional Development Fund
• Recovery 2: Operational Programme Innovation and Competitiveness 2014 — 2020, as part of the European Union's response to the COVID-19 pandemic under the REACT-EU

Current stage of the Programme: investment period completed on 31.12.2023

Partnering Banks:

Tokuda Bank

BACB

KBC Bank

Postbank

UBB

DSK Bank

UniCredit Bulbank

Fibank

Financial resources

• public resources* in the amount of EUR 33.3 million (BGN 65.1 million);

*Including an additional BGN 18 million available for support to enterprises affected by the COVID-19 crisis from the terminated Technology Transfer Fund;

• private co-financing in the amount of EUR 5.2 million (BGN 10.2 million) at the fund level.

Goals of the instrument

• support for the entrepreneurial ecosystem in Bulgaria;
• assist high-tech companies that need financing in order to enforce and expand their operations;
• facilitate access to capital for commercialisation of developed products and improve their overall capacity to achieve higher growth, including by implementing innovations.

Final recipients

• small and medium-sized enterprises with a high-risk profile at a relatively early stage of development;
• eligible areas: manufacturing of goods using new technologies which reduce unit cost of production; high-tech, software and hardware; e-commerce; innovative products or services, etc.

Type of financing

• alternative financing in the form of equity and quasi-equity investments;
• an investment amount ranging from EUR 750 000 to EUR 3.5 million (BGN 1.5 million to BGN 6.8 million);

Source of the public resources

Operational Programme Innovation and Competitiveness 2014 — 2020 co-financed from the European Regional Development Fund

Current stage of the instrument: investment period completed on 31.12.2023

Financial resources

• public resources in the amount of EUR 15.5 million;

• additional financing from the European Bank for Reconstruction and Development.

Goals of the instrument

• top up grant financing from the OPE for eligible projects of operators of water and sewage systems;

• reconstruction and upgrading of infrastructure in the water and sewage sector;
• improve the environment by reducing water losses;
• achieve compliance with EU legislation in the environment area.

Final recipients

Operators of water and sewage systems

Type of financing

• loans to operators of water and sewage systems with a repayment term of 15 years, with a grace period of up to 3 years;
• guarantees for commercial banks lending to finance eligible projects of operators of water and sewage systems.

Source of the public resources

Operational Programme Environment 2014 — 2020 co-financed from the European Regional Development Fund and the EU Cohesion Fund

Current status of the financial instrument: investment period completed on 31.12.2023

Financial resources

• public resources in the amount of EUR 182.5 million;

• additional private co-financing from the financial intermediaries.

Goals of the instrument

• improve urban environment (including public transport, culture and sport infrastructure);

• stimulate economic growth in the regions through the development of economic development zones in the cities, improved energy efficiency of single-family residential buildings and student dormitories;
• promote the development of tourism related to immovable cultural heritage of national or world importance.

Final recipients

• municipalities and municipal enterprises;
• private companies;
• public/private partnerships;
• private citizens.

Type of financing

• low-interest investment loans and working capital loans, including non-refundable VAT;
• up to EUR 20 million for urban environment and up to EUR 10 million for regional tourism;
• a repayment term of up to 20 years and a grace period of up to 3 years;
• guarantees for the financial intermediaries of up to 80% per individual loan and up to 25% of the entire portfolio;
• low interest rates;
• no management fee chargeable on the public resources;
• relaxed collateral requirements;
• a low level of self-financing by final recipient (0% -15%);
• for certain sectors, an option to combine the financial instrument with grant support.

Source of the public resources

Operational Programme Regions in Growth 2014 — 2020 co-financed from the European Regional Development Fund

Current stage of the instrument: reinvestment period until the end of 2031

Financial intermediaries

For the regions of Southern Bulgaria and the City of Sofia, the Fund for Sustainable Cities Consortium (FSC):

For the region of Northern Bulgaria, the Regional Urban Development Fund (RUDF)

The Fund of Funds invests additional resources in urban environment under the Joint European Support for Sustainable Investment in City Areas initiative (JESSICA). Further information is available here.

Financial resources

• public resources* in the amount of EUR 70.9 million (BGN 139 million);

*including additional resources, available for support to enterprises affected by the COVID-19 crisis from the terminated Technology Transfer Fund 

• private resources in the amount of EUR 5.2 million (BGN 11 million).

Goals of the instrument

• promote entrepreneurship in Bulgaria and facilitate access to financing for small and medium-sized enterprises at an early stage of development;
• set up and develop new sustainable businesses;
• implement successfully new innovation-based business ideas;
• boost activity in the entrepreneurial ecosystem in Bulgaria and promote its development;
• add value to investees.

Final recipients

Small and medium-sized enterprises at an early stage of development

Type of financing

• equity and quasi-equity investments;
• The resources are allocated to three funds managed by financial intermediaries (fund managers) selected in a procedure in accordance with the Public Procurement Act.

Source of the public resources

Operational Programme Innovation and Competitiveness 2014 — 2020 co-financed from the European Regional Development Fund

Current stage of the instrument: investment period completed on 31.12.2023

Financial intermediaries

SASF I: Innovation Capital AD

Financial resources

• public resources* in the amount of EUR 19.3 million (BGN 37.8 million);

*including BGN 10.4 million for support to enterprises affected by the COVID-19 crisis;

• private co-financing in the amount of EUR 1.8 million (BGN 3.5 million) at the fund level.

Development stage of investees

Acceleration and start-up stage

Size of individual investment

• acceleration stage: EUR 25 000 — 50 000 (BGN 50 000 — 100 000);
• start-up stage: EUR 50 000 — 1 million (BGN 100 000 — 2 million)

The acceleration programme provides strategic support, training, mentorship, etc.

Expected number of companies to be supported: 229.

SASF II: Vitosha Venture Partners OOD

Financial resources

• public resources* in the amount of EUR 25.1 million (BGN 49.2 million);

*including BGN 13.6 million for support to enterprises affected by the COVID-19 crisis;

• private co-financing in the amount of EUR 800 000 (BGN 1.5 million) at the fund level.

The development stage of investees

Acceleration and start-up stage: projects focused on technology and having a high potential for sustainable growth

Size of individual investment

• acceleration stage: EUR 15 000 — 50 000 (BGN 25 000 — 100 000);
• start-up stage: EUR 15 000 — 1 million (BGN 25 000 — 2 million)

The acceleration programme provides strategic support, training, mentorship, etc.

Expected number of companies to be supported: 125

SASF III: New Vision 3 OOD

Financial resources

• public resources* in the amount of EUR 26,4 million (BGN 51,6 million);

*Including BGN 14.3 million for supporting enterprises impacted by the Covid-19 crisis

• private co-financing in the amount of EUR 3.1 million (BGN 5.9 million) at the fund level.

Development stage of investees

Start-up stage

Size of individual investment up to EUR 1 million (BGN 2 million)

Expected number of companies to be supported: 53

Financial resources

• public resources in the amount of EUR 38.5 million (BGN 75.3 million);
• private resources in the amount of at least 30% of the public resources invested in final recipients.

Goals of the instrument

• provide access to alternative financing to SMEs having a high growth potential and plans to expand and improve operations, develop new products and services;
• improve financial management and corporate governance of supported enterprises in order to increase their productivity and potential for entering new markets.

Final recipients

Small and medium-sized enterprises (SMEs) at a mature stage of development

Type of financing

• alternative financing in the form of equity and quasi-equity investments;
• an investment amount ranging from EUR 2.5 million  to EUR 7 million (BGN 4.9 million to BGN 13.7 million);
• a major portion of the resources are provided in the form of mezzanine financing (a hybrid form between equity and debt financing).

Source of the public resources

Operational Programme Innovation and Competitiveness 2014 — 2020 co-financed from the European Regional Development Fund

Current stage of the instrument: investment period completed on 31.12.2023

Financial resources

• public resources in the amount of over EUR 8.6 million;

• additional private co-financing from the financial intermediaries.

Goals of the instrument

• improve access to financing for the seeding and development of start-ups;

• support social entrepreneurship;
• promote entrepreneurship among vulnerable groups.

Final recipients

• companies and self-employed persons registered not more than 5 years ago, including enterprises whose owners are from vulnerable groups such as unemployed for more than 6 months, young people aged 29 or less, people with disabilities;
• social enterprises.

Type of financing

• investment loans or working capital loans in an amount of up to EUR 25 000;

• an option for a small loan of up to EUR 2500;

• a repayment term of up to 10 years;

• an option for a grace period of up to 3 years on the loan principal and on interest;

• for the purpose of acquisition of tangible and non-tangible assets for business development or expansion of activities of the enterprise or the self-employed person or to cover other costs linked to the core business operations.

Source of the public resources

Operational Programme Human Resources Development 2014 — 2020

Current stage of the instrument: in a reinvestment period until 2031