„Without bureaucracy, unnecessary documents and sluggish administration – this is the EBRD Small Business Support Program,“ said Miroslav Stoyanov, Program Manager in Bulgaria. He presented the advantages of the program „Do you want your business to grow? We Have a Know-How „, gathered over 120 businessmen from the region. The EBRD Director for Bulgaria Larissa Manastirli, Senior Banker Svetlin Pislenski, Deputy Executive Director of Bulgarian Small and Medium-Sized Enterprises Promotion Agency, Yana Topalova and representatives of the Ministry of Economy came to the event. The Forum was organized by EBRD in partnership with Ministry of Economy, BSMEPA and Varna Municipality.

At the opening of the forum, Deputy Mayor of Varna Municipality, Mr. Peycho Peychev expressed his satisfaction with the excellent partnership with EBRD and stressed that in the sea town strategic projects are being implemented with the support of the bank. „We believe that the bank will see Varna as a reliable partner and that it will support local companies in order to develop and improve the business environment,“ Peychev said.

„Turnover growth, improved productivity and job creation are the most common result of the Small Business Support Program,“ said Miroslav Stoyanov. A survey among companies running a project shows that 68% of them increased their turnover by 30%, 56% improved their productivity by 26%, and 51% increased their staff by 23% over the same period. For the past year, 30 projects have been approved, 20 others are in the process of being considered, „said Mr. Stoyanov.

Representatives of many small and medium-sized companies from Varna and the region have become acquainted with the opportunities offered by the Small Business Support Program. Through it the companies receive expert assistance for development and growth in various fields such as strategy, marketing, financial management, energy efficiency and others. „Do you have an idea or a problem, come to discuss them together and we will surely find a solution,“ Stoyanov stressed. Project approval usually takes place no longer than a month after the first meeting with program representatives. One month after the end of a project, the bank pays the grant amount, which is 70% of the project cost.

To be approved, companies that apply must be private, Bulgarian, with an annual turnover of up to € 50 million and a balance sheet total of up to € 43 million and less than 250 employees. A business history of at least two years is also required. The program works with companies in almost all sectors except military and manufacturing, tobacco, gambling and financial services.

Representatives of Ministry of Economy introduced the participants with the opportunities to support small and medium-sized enterprises through European Union programs and measures of BSMEPA.

Next information forums under the EBRD Small Business Support Program will take place on March 7 in Burgas and on June in Stara Zagora.

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