CONTRACT FOR THE FIRST CREDIT UNDER THE GOVERNMENT'S SOCIAL PROGRAMME SIGNED
EUROBANK's Credit Council has approved the first credit under the Government's social programme. The funds will go to the blind businessmen from Shoumen Todor Andonov. He will spend the BGN10,000 loan to purchase new equipment for his own printing house. The contract for the loan was signed by Emil Angelov, Chairman of EUROBANK's Management Board in the presence pf Deputy Premier and Minister fo Labour and Social policies Lidiya Shouleva and her deputy Radoslav Bozadjiev, who represented the Government Fund for Microcrediting.The social effect of the credit is the opening of two new working positions at Mr. Andonov's firm Antos - Todor Andonov. The loan is repayable in 4 years, incuding a 6-month grace period. An annual interest rate of 9.65% has been negotiated.The Credit Council has approved four of all the 80 claims for credits under the Cabinet's social programme, Mr. Angelov specified. The other three loans will be allocated to Satimex OOD in the village of Kalougerovo, Sole Trade Lyuba Briz in the town of Silistra, and Ruta OOD in the village of Lisichevo. Each of the three credits is worth BGN15,000 for a period of 5 years, including a 6-month grace period. The credits will help for the opening of a total of 10 new working positions. The annual interest for the first two loans will be 9.78%, and the newly-established firm Ruta OOD will get the credits at an interest of 8.78 per cent.The State budget has ensured a guarantee fund of BGN20MN for the realization of the Government's programme. These funds will guarantee three kinds of microcredits - for investments, turnover capital, and for both purposes. The first and the last can amount to BGN15,000, repayable within 5 years. The ceiling for turnover capital credits is BGN10,000, repayable in 12 months. A grace period of up to 6 months can be negotiated for all three kinds of loans.