“Program for financing innovative start- up entrepreneurships” is a joint project between BACB and Municipal Guarantee Fund for Small and Medium Enterprises (OGFSMP). The contract was signed on 29.09.2018 by the Deputy Mayor of Sofia Doncho Barbalov ,Ilian Georgiev, Chief Executive Officer and Member of the Management Board and Loreta Grigorova, Executive director and Member of the Management Board. Attending the event were Vasil Simov, Chairman of the Management Board and Executive director, Irina Yordanova , Chairman of SUGOF and Nikolay Tsenkov, Governor OGFSMP- CO.

The program is a special guarantee fund of OGFSMP. It is developed with the sole purpose of giving financial aid and encouraging new and upcoming companies and giving them the much needed resources to flourish. Priority projects are those in the communications and IT fields, as well as new approaches in the creative and reactivityindustries. By stimulating the development of these areas the program aims to present Sofia as a city immersed by creativity and innovative initiatives as seen in other European cities. This new outlook of the Capital will be possible thanks to the coordinated work between OGFSMP, BACB and the future entrepreneurs.

Chief Executive Officer and Member of the Management Board Ilian Georgiev commented that “the strategic focus of BACB is supporting green economics and financing innovative projects, connected with sustainability. We believe that young people bring a breath of fresh air with their creativity and ideas. That is why we at BACB tend to lend a helping hand in their endeavours. Part of that was creating our project “BACB  Challenge” for cutting-edge green ideas and projects, connected to keeping the environment safe and clean and for developing new technology. Our partnership with OGFSMP’s project grants the much needed synergy between business, financial institutions and municipality funds.”

“I am sure that this new fund will shine a new light on the long-term cooperation between OGFSMP and BACB” said Deputy Mayor Doncho Barbalov. “We have the ambition to make Sofia a Balkan capital of entrepreneurship innovation. Just this month Sofia was host to initiatives like “Webit”, Balkan Hackathon and the European Digital Assembly which proves that we are moving in the right direction.”

The companies that would like to take part in the project must answer to the main criteria for a start- up company i.e. they must be established as a firm no longer than 3 years ago and their main office must be in Sofia. The program gives special recognition to women entrepreneurs with a Bachelor’s degree in the field of the project, businesses that conduct social and ecological activities and those, who open up new work places.

The program covers 50 % of the plausible risk, in which the maximum guarantee is 30 000 leva , provided by OGFSMP. The guarantee deal lasts for 60 months.