Five Banks to Offer Preferential Loans to Bulgarian SMEs under JEREMIE Initiative

Five banks will offer loans on preferential terms to Bulgaria's business sector under the JEREMIE initiative.

On July 14, Bulgarian Minister of Economy, Energy and Tourism Traicho Traikov signed guarantee agreements with EIBank, ProCredit Bank, Raiffeisenbank, United Bulgarian Bank and UniCredit Bulbank under the JEREMIE (Joint European Resources for Micro to Medium Enterprises) initiative, allowing them to provide up to EUR 80 M in EU structural funds to Bulgarian small and medium-size enterprises.

JEREMIE is an initiative of the European Commission (Operational Program "Sustainable Development and Competitiveness" ) together with the European Investment Bank (EIB) and the European Investment Fund (EIF) aimed at promoting increased access to finance for the development of micro, small and medium-sized enterprises in the regions of the EU.

The initiative provides risk capital and enables economic growth and competitiveness.

The implementation of the JEREMIE Initiative in Bulgaria is managed by the European Investment Fund (EIF) within the framework of the Operational programme "Development of the Competitiveness of the Bulgarian Economy" 2007-2013.

The EU JEREMIE initiative was officially launched in Bulgaria in June 2010, the first step being the registration of a Holding Fund with a capital of EUR 199 M.

The holding was set up to manage the resources of the JEREMIE initiative on behalf of the Bulgarian government.