PROMOTION BANK APPROACHES ENTREPRENEURS THROUGH THE AGENCY FOR SMALL AND MEDIUM-SIZED ENTERPRISES
Promotion Bank and the Agency for Small and Medium-Sized Enterprises (ASMEs) have invited a national contest for crediting small and medium-sized business. The entrepreneurs willing to participate in the contest may sumbit their documents from June 10 till July 10 at the bank's head office and the agency's regional bureaus in Rousse, Vidin, Plovdiv, Varna, and Bourgas. However, investment projects in the sphere of high technologies, export, manufacturing and leisure industry, worth between EUR50,000-1,000,000 will be a priority. Loans at preferential terms will be released for the two best projects. The 10-year credits will include 3-year grace periods and will be exempt of the usual bank fees. The interest rate on one of them will be 2 points below the average interest rate for long-term credits in the country (by April, 2002 it was 12.53% on loans in Bulgarian currency and 11.55% on loans in euro), and 1% below it - on the second loan.The national contest is rather an impetus for local small and medium-sizes firms to take advantage of the new opportunities for a faster and easier access to financing, proposed to them by Promotion Bank. On June 10 the bank's CEO Dimitar Dimitrov, its curator Georgi Momchilov, and the Chairman of the ASMEs Iglika Stancheva signed an agreement for cooperation between the two institutions. Entrepreneurs from small and medium-sized business will be able to apply for long-term financial resources, as proposed by Promotion Bank, by filing documents to the agency's regional offices. Local experts will supply overall information on the bank's programmes and will appraise the business plans and decide if they comply with the requirements for getting loans. For the purpose the credit institution already held a training course for its intermediaries from the ASMEs.