Portfolio guarantee programme by Bulgarian Development Bank EAD in support of the liquidity of micro, small and medium-sized enterprises (SMEs), affected by the emergency situation and the COVID-19 epidemic - Recovery Program

For inquiries and additional information: EuropeanProjects@bacb.bg

Who can apply

All categories of enterprises operating and registered in Bulgaria, which suffer adverse economic consequences due to the COVID 19 pandemic, including large enterprises to small mid-caps, with up to 499 employees and one of the following: up to 100 million EUR amount of the asset, or up to 86 million EUR sales revenue. The measure is open to all sectors. It applies to the entire territory of Bulgaria

Type of Loans

  • Working capital financing
  • Loans for investment projects

Maximum term of loans

Up to 84 months

Deadline for inclusion of guarantees in the portfolio:




Fees and commissions

According to BACB List of terms and conditions for legal entities


According to BACB List of terms and conditions for legal entities

Maximum amount

3 000 000 BGN


No collateral, but the following may be required:

  • personal guarantees, provided by the beneficial owners
  • pledges of receivables (if applicable) from accounts under the Obligations and Contracts Act, the Special Pledges Act, as well as through a financial collateral agreement in accordance with the PIFA Act. The Bank accepts personal guarantees provided by beneficial owners (through co-debt, suretyship or other appropriate form, according to the internal rules of the bank).
  • BACB has the opportunity to attract other co-debtors / guarantors, but only if they are related to the beneficial owner and / or to the Borrower, within the meaning of §1 item 4 of the Additional Provisions of the Credit Institutions Act (physical and legal entities)

Deadline for approval / refusal of a loan 

Up to 5 working days upon providing all documents required by BACB

Deadline for making loan funds available 

Up to 10 working days after approval

Eligibility criteria (Meeting ONE of the following is sufficient)

The financed enterprise must have at least three completed financial statements, with reported sales revenues, as well as accounting profit for at least one of the last three years.

Maximum amount of loan to a borrower and related parties

  • Twice the annual value of the Borrower's salary costs (including social security contributions and costs for staff working on site at the enterprise, only officially appointed to work) for 2019 or for the last available year; (Enterprises established on or after January 1, 2019 may receive a Loan under the Program under the New Rules. The maximum loan amount must not exceed the expected annual value of salaries for the first two years of operation, but only after fulfilling the requirement for at least three financial statements with reported sales revenues for potential borrowers, at least one of which should show closing with a profit)  or
  • 25% of the total turnover of the Borrower in 2019