Bulgaria's Economy Minister: New SME Grant of BGN 80 Million in September

 

The Ministry of Economy has announced new measures to support companies amid the COVID-19 pandemic, including for the first time since the crisis began a working capital procedure for small and medium-sized businesses, reported Dnevnik.

The authority will manage BGN 391 million under the React EU program. Through it, as well as with funds from Operational Program "Innovation and Competitiveness", funds will be allocated in the form of working capital and adaptation of the activities of small and medium-sized companies to the coronavirus situation. Projects for digitalization, innovation, investment for growth and green investment will be funded separately, in which case a 20% participation of the companies themselves will be required.

The Minister of Economy Lachezar Borissov pointed out that the new measures have been agreed with the trade unions and employers' organizations and reminded that legislative changes are needed so that the funds can reach the companies as quickly as possible and not let several months be wasted.

The procedure for working capital for the small and medium-sized businesses has an indicative amount of BGN 80 million, and the funding will be 100%. It is envisaged that the maximum amount of aid will be BGN 50,000, however there is a proposal to increase it to BGN 100,000. It is not yet specified which companies will be able to benefit from it - those with an annual turnover of over BGN 300,000 or those with an annual turnover of over BGN 500,000.

BGN 80 million is also the indicative budget of a procedure for adapting the activity of small and mediumßsiyed enterprises to the COVID-19 situation. The aim is for companies to receive funds for protection, disinfection, as well as software to provide remote...

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