Bulgaria's Fund of Funds to further support local SMEs with 28.8 mln euro

Bulgaria's Fund of Funds to further support local SMEs with 28.8 mln euro

The Fund of Funds (FoF) in Bulgaria said that it will provide an additional support of 56.3 million levs ($32.5 million/28.8 million euro) to local small and medium-sized enterprises (SMEs) hit by the coronavirus crisis.

The financing will be distributed via FoF's existing investment instruments for SMEs by reallocation of funds from the EU's operational programme Innovations and Competitiveness 2014-2020 originally intended for the Technology Transfer Fund (TTF), FoF said in a statement on Tuesday.

The additional resource will benefit a greater number of Bulgarian SMEs facing liquidity issues stemming from the coronavirus pandemic, so that they can continue operating without suspending their investment programmes, FoF said

Last week, FoF said that it has launched a 158 million levs loan guarantee instrument in support of local SMEs, the financing for which is being provided through reallocation of funds from EU's operational programme Innovations and Competitiveness 2014-2020.

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