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The government has adopted a decision approving an “Interest-free credit guarantee program to protect people deprived of their ability to work due to the COVID-19 pandemic.” This was announced by the Council of Ministers. The loans are unique and the maximum amount is BGN 4,500.
The program was developed by the Bulgarian Development Bank AD and has a budget of BGN 200 million. You will be provided with funds from the capital increase of the Bulgarian Development Bank AD.
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The Program contains the conditions that people must meet to receive financing, as well as the mechanism to accredit through the financial support of the Bulgarian Development Bank AD. This is an anti-crisis measure for the protection of people in the context of a pandemic and the emergency resolution announced on March 13, 2020.
Each eligible person will be eligible for a program credit of up to BGN 4,500. He / she will be eligible to apply until 12.31.2020. The guarantee is not foreseen as a condition for the granting of loans. They will be for a period of up to 5 years, with a minimum of 6 and no more than 24 months of grace. Individuals will be entitled to early repayment of the debt without having to pay a fee / commission.
The decision is part of the measures taken by the Council of Ministers to address the economic consequences of the spread of COVID-19. Its objective is to preserve the employment and economic well-being of workers in a situation of sharp decline in economic activity, closure of businesses, threat of massive bankruptcies, public and intercompany debt.
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The Cabinet also adopted another decision redistributing the contribution of the European Structural and Investment Funds by transferring funds between the 2014-2020 operational programs in support of measures aimed at minimizing the negative effects of the epidemic spread of COVID-19. The operational programs for the development of human resources and competitiveness are channeled with resources from other programs for more than BGN 233 million. These funds will finance temporary employment plans and will provide working capital and liquidity to small and medium-sized companies as a temporary response to the crisis.
In addition to funds transferred from other Operational Programs, the Human Resources Development OP, the Innovation and Competitiveness OP and the Regions for Growth OP will also channel their unallocated internal resources from unspent funds and those saved from ongoing operations in response to The crisis.
In this way, a financial package of European funds of more than BGN 870 million is being formed, which will finance measures in the field of healthcare and socio-economic nature to support people and companies directly affected by the crisis.
Drafts of the two government decisions taken were presented as additional topics at today’s extraordinary meeting of the Council of Ministers.
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