UBB is the first Bulgarian bank to offer the new COSME COVID-19 guarantee programme
08 June 2020
United Bulgarian Bank (UBB) is the first Bulgarian bank, which starts offering the new COSME COVID-19 guarantee programme, provided by the European Investment Fund. This measure targets support for micro, small and medium-sized enterprises in line with the financial consequences, triggered by COVID-19.
BGN 245 million is the total value of loans, which UBB is going to grant in support of small and medium-sized enterprises under a programme of the European Investment Fund. The programme provides free of charge guarantee for 80% of the loan amounts, bank guarantees and total limits for working capital and issuance of bank guarantees in Bulgarian leva (BGN) and euro (EUR).
The COSME COVID-19 programme will enable UBB’s offering of working capital financing at preferential terms. The maximum loan amount is EUR 150 000, while the financing is for a period from one up to five years, with an option to extend this period up to 10 years.
This Programme will remain open till the end of 2020 for companies, needing working capital financing, without formal requirements to prove the impact of COVID-19 on their business. The terms and conditions for participation have been relaxed as much as possible, so as to ensure eligibility of more companies for using this measure.
“COSME COVID-19 is a continuation of the successful cooperation of UBB with the EIF in support for the development of the Bulgarian businesses. Thanks to this programme we will continue supporting small and medium-sized enterprises in Bulgaria, helping them to cope with the consequences from the pandemic. To date UBB has concluded 3900 loans with the COSME standard guarantee product of total approximate amount BGN 720 million“, shared Peter Andronov, Chief Executive Officer of UBB.