The European Commission adopted an Operational Programme worth €102 million from the European Regional Development Fund to boost the competitiveness of Bulgaria's small and medium-sized enterprises through increased access to finance. Investments under this programme, in the form of bank guarantees, are expected to generate between €400 million and €600 million of fresh loans for SMEs, thanks to the leverage effect of private investment.
This programme is part of a broader initiative of the Commission to encourage Member States to double their use of European Structural and Investment Funds channelled through financial instruments in 2014-2020, in line with the objectives of the Investment Plan for Europe. Commissioner for Regional Policy Corina Crețu said: "I congratulate the Bulgarian authorities on signing up to the SME initiative; Bulgaria is now in the leading group of EU countries benefiting from this innovating tool. Small businesses are the engines of growth and job creation in Europe. For the prosperity of the EU economy, improving their access to finance is crucial, as it is the lifeblood of entrepreneurship."
More information on the SME initiative and on Cohesion Policy in Bulgaria is available online.