Sofia Municipality and the Bulgarian-American Credit Bank signed a joint partnership agreement under a program to finance innovative start-ups

Sofia Deputy Mayor Doncho Barbalov together with Chief Executive Officer of Bulgarian-American Credit Bank Ilian Georgiev and Executive Director of BACB Loreta Grigorova launched the Partnership Program between BACB and Sofia Municipality through the Municipal Guarantee Fund for SMEs. The official ceremony was also attended by Vassil Simov – Chairman of the Board of Directors and Executive Director of BACB, Irina Yordanova – Chairman of the Management Board of OGF, Nikolay Tzenkov – Manager of OGF.

“I am convinced that this new guarantee scheme will give another perspective to the long-term successful cooperation between the Fund and BACB”, said Deputy Mayor Doncho Barbalov. “The ambitious goal that we are putting forward is Sofia to become the Balkan Capital of Entrepreneurship and Innovation. Only this month Sofia has hosted a number of exceptional initiatives that prove we are going in the right direction. Events such as the European WEBIT Festival, Balkan Hackaton and the European Digital Assembly create a favorable environment in the capital for the accelerated development of innovation and start-up companies. ”

The program is designed to support the development of start-ups and young innovative businesses on the territory of Sofia Municipality. The priority areas are innovation in the field of information and communication technologies as well as new technologies in the creative and re-creative industries. The program provides guarantees up to 50%, with the maximum guarantee amount of MGFSME amounting to BGN 30,000. The guarantee commitment is up to 60 months.

“BACB’s strategic focus is the support of the green economy and financing of innovative projects related to sustainable development. We believe that young people carry a strong charge, and their innovative ideas have tremendous potential for business and employment creation. That’s why our strategy is to support them, “commented Ilian Georgiev, CEO of BACB.