The European Investment Fund (EIF) and Raiffeisenbank (Bulgaria) EAD signed a guarantee agreement for additional EUR 18 million under the European Union’s (EU) program InnovFin. The guarantee scheme is part of the EU's policy to overcome the economic crisis caused by COVID-19.

Under the InnovFin COVID program can benefit Bulgarian innovative companies with a staff of up to 3,000 people which, as a result of the corona crisis, are making changes in processes, products and services to cope with the crisis or have difficulties due to it. The maximum amount of the loans is up to EUR 7.5 million, and the term is up to 5 years for term working capital loans and up to 6 years for overdraft and revolving loans.

Under this program, companies can also be financed on easier terms and better price parameters, as the guarantee from the EIF is 80%.

"The new InnovFin agreement is a continuation of our excellent cooperation with the EIF in support of Bulgarian business. So far, under several programs provided by the EIF we have supported Bulgarian companies with over 400 million euro." – said Dobromir Dobrev, Deputy CEO of Raiffeisenbank (Bulgaria) responsible for corporate banking and capital markets. "The agreement comes at a very appropriate time for Bulgarian innovative and developing companies, who can benefit from even easier conditions to overcome the consequences of the pandemic. For 25 years Raiffeisenbank has been close to its customers at different times. Together as partners, we will also address the challenges ahead", he added.