The bridge becomes the symbol of the Bulgarian Development Bank. The logo of the financial institution was officially announced today. The bridge represents the basic role of the Bulgarian Development Bank as a mediator between the goals of the state’s economic policy, the business and the trade banks. The bank motto is going to be “A Bridge between business and success”. The key words “business” and “success” have both general and specific meaning. They generalize the main purpose of the bank, namely, to help business release and finance its plans. Specifically, they trace the main economic activity of the Bulgarian Development Bank – a bank working only with the business sector.
The Bulgarian Development Bank is a successor of the Encouragement Bank. The institution was established through a special law passed by the National Assembly this year in April. Its capital was raised from 50 million leva to 89 million leva with a Decision of The Council of Ministers. The new bank institution will provide pre-export direct lending and on-lending to final beneficiaries for Bulgarian micro, small and medium-sized enterprises. The bank will also provide long-term investment lending directly or through trade banks in the country, risk capital financing pointed at enterprises in good financial condition that are not dominant at the market. The BDB will involve and manage medium-term and long-term local and foreign rsvetlioesources and grants. The bank will also provide guarantees in support of starting and development the activity of micro, small and medium-sized enterprises in the country.
The National Guarantee Fund, in its capacity of a subsidiary of the Bulgarian Development Bank, with its capital of 10 million leva, which is to be increased constantly with resources from the Guarantee micro-finance fund project until April 2009 to reach 60 million leva is to be registered. The constituent documents have already been signed and a registration procedure is being started. Micro, small and medium-sized enterprises registered in the Republic of Bulgaria will have the opportunity to take advantage of the guarantee activity of the Fund.
The BDB law envisages guarantees for up to 50 per cent of the credit risk for SME for credits provided by the trade banks. The tern of the guarantee and the credit are equal but the guarantee term cannot exceed 10 years.
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