EC approves guarantee scheme to support SMEs during coronavirus epidemic

The European Commission announced on April 8 that it has approved a EUR 255 million guarantee scheme to support small and medium-sized enterprises in Bulgaria affected by the COVID-19 epidemic.

The scheme was approved after Bulgaria informed the Commission that it would provide loans to businesses on soft terms.

As the capital of the Bulgarian Development Bank has been increased with state funding, the scheme will lend to cover companies' need for working capital.

The EC considered that the scheme was eligible and necessary to overcome the country's difficulties in the economy due to the crisis.

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