Bulgarian Development Bank to Back SMEs with 1.0 Bln Levs by end-2013

Bulgarian Development Bank to Back SMEs with 1.0 Bln Levs by end-2013

The Bulgarian Development Bank (BDB) plans to support small and medium-sized enterprises (SMEs) in the country with credits totalling up to 1.0 billion levs by the end of year, prime minister Plamen Oresharski told Parliament.
The bank will make additional credit lines available to the business in a bid to improve its access to funding, Oresharski said. Parliament, as quoted by the Bulgarian National Radio.
In the last two BDB has lent more than 330 million levs to SMEs in the last two years, the lender said in a statement a day earlier.
BDB‘s loan portfolio has increased by more than 50% since 2010 to 608 million levs at end-2012, it added.
At end-March 2013 bad loans overdue for over 90 days accounted for 14.7% of BDB's total credit portfolio compared to a share of 19.3% in the banking system.

Bulgarian Development Bank Group comprises BDB, the National Guarantee Fund and the Capital Investment Fund. Its sources of funding are loans and credit lines from international and domestic institutions, development funds from international and domestic organizations, bond issues, and corporate deposits. 

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