If you are wondering what the financing opportunities for a start-up business in Bulgaria are, the answer is that they are not small. There are different options – European programs for start-up business financing, grants, European funding of unemployed projects, low-interest loans and preferential conditions for starting a business and creating a new company, etc.
Starting a business is starting something new, different. To start a business is necessary organization, energy, struggle, many skills and efforts. When starting a new business, there is no previous experience, no history, but there are goals, strategies that need to be realized.
We will look at different financing opportunities for a start-up business in Bulgaria – both grants and European funding under programs, as well as financing with business loans from banks and non-bank institutions.
European programs for start-up business financing
- Program by measure Measure 6.4 – Investment support for non-agricultural activities – includes financing of various non-agricultural activities such as tourism, manufacturing, crafts and services in all sectors of the economy. Maximum cost – up to € 75,000 per project
- “Promotion of Entrepreneurship” under the European Operational Program “Innovation and Competitiveness” – includes the establishment of new enterprises in priority sectors of the National Strategy for Promotion of Small and Medium-Sized Enterprises 2014-2020. The maximum amount of aid – up to 200 000 BGN.
- The process for implementing innovations from OPIC – aims to support the Bulgarian enterprises in introducing innovation and new products. Maximum grant amount of a start-up business per project: BGN 1,500,000
- Measure 4.2 Investments in processing / marketing of agricultural products (RDP) – you can finance both existing enterprises that process agricultural products and those that are now in business.
Under this program, only agricultural producers can apply. If you are an individual entrepreneur, the maximum cost is 2000000 euros.
Top Loans for Financing a Startup Business
1. UniCredit Bulbank
- Financing a start-up business if it requires investment and working capital.
- Fast credit mortgage for real estate.
- Currency: BGN or EUR, maximum amount – up to 50% of the market value of the property.
- Term of repayment up to 10 years.
- Property insurance of the collateral is required in favor of the bank. Package programs, payment protection and other preferences.
2. Bulgarian Development Bank
- Start-up Business Loan – supporting funding for start-up projects for newly created micro and small companies, craftsmen, farmers and self-employed.
- Maximum amount up to € 50,000, repayment term up to 5 years.
- Fixed interest for the whole period.
- A 10% deductible.
- Grace period up to 1 year.
- Financing a start-up business with a lucrative corporate loan at low interest rates, for realizing and financing a business idea , competent counseling to achieve the most efficiency, individual decisions.
- Currency – euro, up to 10,000.
- Collateral – Guarantee.
- Fixed interest for the entire loan period.
- Repayment term up to 120 months.
- Way of repayment: equal monthly fixed contributions, which include principal and interest.
- Financing a start-up business with an investment loan “Fintrade Invest” for acquiring tangible and intangible fixed assets to start the business.
- Large and small corporate loans of size – from BGN 1 000 to 100 000.
- Up to BGN 5 000 – Company loans without collateral , repayment term from 6 to 24 months, from 5 000 to 100 000 BGN with collateral / mortgage / repayment term from 6 months to 5 years.
- Approval of the amount you want – up to 30 minutes.
- Individual service and advice from a personal financial advisor.
- Fixed equal installments with decreasing interest.
- Free evaluation of collateral.
- Possibility to secure ownership of a third party.
5. Sys Credit
- Financing a start-up business – a quick and adequate solution to carry out your new project.
- Size: from 1 000 to 15 000 leva.
- Duration from 1 month to 36 months.
- Possibility for a grace period on the principal – up to 6 months.
- No credit fees.
- Collateral required. Only with a guarantor if there is a self-participation.
- The specific interest rate is determined according to the applicant’s interest profile.
- Low-interest start-up lending to young people up to 29 years of age who are not in education or training and have been unemployed for more than 5 months. Sums from BGN 5 000 to BGN 48 895, up to 60 months for corporate loans for working capital and up to 120 months for investment projects. Ability to: up to 2 years grace period for principal payment. No application and credit management fees.
6. Trust Trust
- Financing a start-up business against providing collateral – all types of property, movable property, receivables, business units, financial assets are accepted. If you have no history and turnover.
- Flexible, custom-tailored conditions.
- Regardless of your credit history, if you have been denied bank lending, if you have obligations to the NRA or enforcement proceedings.
- An amount of BGN 10,000 to BGN 1 million, a repayment term of up to 5 years.
- Advance approval immediately, up to 2 days after providing the required documents, you will receive the money within 3 days of signing the contract.
- 24-hour service and expert advice on the start-up business.
- No fees. The examination of the credit application, the assessment, the utilization of the funds is free of charge.
- Ways of repayment: equal monthly installments for the entire period of the loan, repayment of the interest each month, and at the end of the period the principal is returned at once, repay the interest each month and the principal repayment with the last few installments.
7. Prospectus Capital
- Financing of a new, start-up business without history, development of new sites, purchase of property, machines, equipment, software, working capital, etc.
- Loan amount: from BGN 50,000 to BGN 1 million.
- Credit term up to 12 months.
- Collateral: mortgage.
- If you have been denied bank lending, you have obligations to the NRA, a bad credit history.
- Online application, quick approval, express delivery. Individual working solutions, encouraging entrepreneurship, free consultation.