GUARANTEE FUND FOR SMES TO BE SET UP
The Agency for Small and Medium-Sized Enterprises (ASMEs), representatives of the International Monetary Fund (IMF) and of Bulgarian banks, discussed on June 4 the idea for the establishment of a guarantee fund for SMEs. The final business plan will be ready in September, and the fund will begin operations by the year-end. The project for the guarantee fund envisions that its financial resource should be managed by Promotional Bank which will issue to small entrepreneurs a document that will have the force of a bank guarantee in front of the commercial banks. Thus, they will have access to a market niche which they have not serviced so far. The fund will undertake up to 50% of the required guarantee for investments projects, to be imnplemented within two - five years.