The Municipal Guarantee Fund for SMEs (MGFSME) is a unique financial instrument launched and developed by Sofia Municipality in support of the entrepreneurship and innovation ecosystem in one of the fastest growing capitals in Europe. It aims at raising the competitiveness and success rate of SMEs in Sofia and applying the” Think Small First“ principle at the heart of the municipal economic policy.

The Fund has the mission of providing loan guarantees for SMEs who have an economically sound project but cannot secure sufficient bankable collateral.

In 2018 the Fund launched FISP – Financing Innovative Start-ups Program, which is a new guarantee scheme additional to the already successful General Guarantee Scheme which has been existing in the last 10 years.

By funding different types of innovative start-ups MGF will ensure that high potential SMEs stay and grow in Sofia taking full advantage of the Single Market and becoming key drivers for local economic growth and job creation.

As a full member of the large family of AECM – the European Association of Guarantee Institutions, the Sofia Municipal Guarantee Fund for SMEs bridges the Bulgarian SMEs with the vast European knowledge and experience and aids Sofia’s transformation into developed technological and innovative capital in Europe


Irina Yordanova - Chairwoman of Council of MGF

Irina Yordanova is a Sofia City Councillor (third mandate), chairwoman of the Permanent Committee on European Programs, Projects and International Cooperation, member of the Committee on Finance and Budget and president of Sofia Program “Europe”.
Her professional experience includes the positions of Home Affairs Secretary to the President of Bulgaria (1997-2001); Coordinator of NATO Accession Public Strategy at the Ministry of Foreign Affairs (2001-2003); Director Public Affairs & Programs at the Confederation of Employers and Industrialists in Bulgaria.
She holds MA in Mass-Communication Studies from St. Kliment Ohridski Sofia University; Certificate on Leadership Executive Program from Harvard University – J.F. Kennedy School of Government; Certificate on Foreign Policy and Security Program at George Marshall Centre on Security Studies; Alfred Friendly Press Foundation Fellow.

Anton Koychev – Vice Chairman of Council of MGF

Член на постоянната комисия по здравеопазване и социална политика, на постоянната комисия за децата, младежта, спорта и туризма.

Andrey Ivanov – Member of Council of MGF

Висшето си образование завършва в ВМЕИ със специалност „Автоматика и телемеханика“. Член е на постоянната комисия по финанси и бюджет и на постоянната комисия по стопанска политика и общинска собственост.

Vladimir Danev – Member of Council of MGF

Висше образование: специалност „Право“ в ПП „Паисий Хилендарски и специалност „Международни отношения“ в УНСС. Заместник-председател на постоянната комисия по местно самоуправление и нормативна уредба; член на постоянната комисия по етика, граждански права, молби и жалби.

Svetoslav Vitkov – Member of Council of MGF

Висше икономическо образование. Заместник-председател на постоянната комисия за децата младежта, спорта и туризма; член на постоянната комисия по европейските въпроси и връзки с гражданското общество.

Nikolay Tsenkov – Manager of MGF

Nikolay Tsenkov is the Manager of Municipal Guarantee Fund of Sofia Municipality.He is a lawyer and former Chairman of the Board of Directors of National Company Industrial Zones PLC. Mr Tsenkov has professional experience in the field of economic diplomacy, public procurement and project finance. He has participated as a consultant and executor of projects to a number of national and international organizations – Sofia Municipality, the Diplomatic Institute at the Ministryof Foreign Affairs, Ministry of Education and Science, Ministry of Youth and Sports, structures of the Ministry of Agriculture, Food and Forestry, London School of Economics and Political Science, North Atlantic Treaty Organization (NATO), Tel Aviv University, the Buchmann Faculty of Law. He is also the founder of the Institute for European Initiatives and a member of the Vienna Economic Forum. Mr Tsenkov has scientific interests in the field of social philosophy.


Activity report of MGFSME