More funds to help small and medium businesses

More funds to help small and medium businesses

Bulgaria's government will allocate a further 9 million levs ($5.1 million/4.6 million euro) of EU funding to small and medium-sized enterprises (SMEs) affected by the coronavirus crisis, the innovation ministry said on Tuesday.

Businesses with annual turnover of over 500,000 levs will be eligible for additional support under the EU's operational programme Innovations and Competitiveness, the innovation ministry said in a statement.

With the additional funding, the government will be able to back a further 179 project proposals of local SMEs.

So far, contracts worth a total of 178.5 million levs have been signed with 3,570 companies impacted by the economic consequences of the pandemic. The government has already distributed 169.25 million levs of this sum under 3,385 contracts, according to the statement.

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