UBB launches the offering of the new InnovFin COVID-19 guarantee programme
21 July 2020
After the successful start of the COSME COVID-19 programme, United Bulgarian Bank (UBB) launches also the offering of the new InnovFin COVID-19 programme with the financial support of the European Union, based on Financial Instruments under Horizon 2020 and the European Fund for Strategic Investments (EFSI), established by virtue of the Investment Plan for Europe. EFSI aims to support the funding and implementation of productive investments in the European Union and to ensure broader access to financing.
Over BGN 100 million is the total value of loans, which UBB is going to grant in support of innovative enterprises under the InnovFin COVID-19 programme. This measure represents improvement of the parameters under the existing InnovFin programme in line with the financial consequences, triggered by COVID-19, and aims at supporting innovative small, medium-sized and mid-cap enterprises in Bulgaria.
What will be guaranteed under the programme is 80% of the amount of new working capital loans - overdrafts, revolving credit lines or working capital loans with a repayment schedule in Bulgarian leva and in euro, granted during the COVID-19 period (10.06.2020 - 31.03.2021), as well as 50% of the amount of new investment loans.
InnovFin COVID-19 will enable UBB’s offering of financing at preferential pricing terms and relaxed collateral-related requirements. The maximum amount of loans is up to EUR 7.5 million, while the financing period is up to 72 months for working capital loans and up to 120 months for investment ones. InnovFin COVID-19 offers broad eligibility criteria, as compared to the effective until now InnovFin programme, which is going to expand the scope of companies, eligible to receive financing. The improved parameters under the scheme will be applicable until 31.03.2021 without formal requirements for proving the impact of COVID-19 on the applicants.
„Innovations are a strategic priority in the activity of KBC Group. We believe they are a driving force for every company and we gladly support our clients, investing in innovations. Up until now UBB has financed innovative projects and companies under the InnovFin programme with over BGN 100 million, and thanks to the improved scheme parameters, provided by the European Investment Fund in line with the COVID-19, UBB is going to continue supporting innovative Bulgarian enterprises at even more attractive terms“, said Peter Andronov, Chief Executive Officer of UBB.