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Factsheet for measure BG-2021-26/2023 Updated – measures in Bulgaria

Recovery Programme

Програма Възстановяване

Country Bulgaria , applies nationwide
Time period Open ended, started on 22 June 2021
Context COVID-19
Type Legislations or other statutory regulations
Category Supporting businesses to stay afloat
– Access to finance
Author Tsetomila Sabcheva and Luboslav Kostov (Citub)
Measure added 07 October 2021 (updated 01 April 2023)

Background information

Through the fund of funds guarantees and the approved bank intermediaries, small and medium enterprises (SMEs) can apply for a loan to be used either as investment or working capital. Thus liquid collateral of companies will be ensured and further business development will be possible. Program loans are to be granted in a swift manner with minimalized administrative burden and no collateral security demands.

Content of measure

Final recipients of the Program are Bulgarian small and medium-sized enterprises. The financing arrangements go as follows:

  • Wide access to credit resource without requiring material collateral; practically unsecured loan, except for personal guarantees provided by the company owners.
  • Short period for obtaining approval and use of funds.
  • Option to agree upon an up to 12-month grace period.
  • Deferred payment of up to 84 months.
  • Ensured maximum possible clarity and minimized administrative burden for the client.
  • Option to receive financing up to BGN 3 million.

The following financial intermediaries provide enterprise loans: Tokuda Bank, First Investment Bank, Raiffeisenbank Bulgaria, Postbank, UBB, DSK Bank.


The following updates to this measure have been made after it came into effect.

21 February 2023

Source of the public funding is:

  • Recovery 1: BGN 167.61 million, Innovation and Competitiveness Operational Programme 2014-2020, co-financed by the European Regional Development Fund.
  • Recovery 2: BGN 96,17 million, Operational Programme Innovation and Competitiveness 2014-2020, under the REACT-EU. Updated information about the program is available on the official website of the Fund Manager of Financial Instruments in Bulgaria
01 October 2021

The latest amendments to the Recovery Programme were approved by the European Commission (EC) on 1 October 2021. Thus the eligible borrowers of the Programme are not only micro, small and medium-sized enterprises but also small mid-cap businesses of up to 499 employees inclusive, meeting one of the following two criteria: assets of up to €100 million inclusive and/or sales revenue of up to €86 million inclusive.

Under the new terms of the Recovery Programme the list of partnering banks has been upgraded and include the Bulgarian-American Credit Bank, Allianz Bank Bulgaria, Eurobank Bulgaria, First Investment Bank, DSK Bank, United Bulgarian Bank and Investbank.

Use of measure

A month after its release the Program has provided loans to 53 enterprises. The allocated amount is BGN 21 million (€10.7 million) with approximately BGN 400,000 (€205,000) per enterprise.

Target groups

Workers Businesses Citizens
Does not apply to workers SMEs
Does not apply to citizens

Actors and funding

Actors Funding
National government
National funds

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role Unknown Unknown
Form Not applicable Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

  • Unknown
  • Main level of involvement: N/A


No data available.

Views and reactions

The Bulgarian Industrial Association conducted a survey among its affiliates in the last week of June 2021. A total of 558 enterprises were surveyed. Results show that 46.8% of the enterprises are not interested in the Program loans. Other 42.5% of the enterprises are interested in the loans and 10.8% have no opinion concerning the loans.


  • 22 June 2021: Стартира нова програма „Възстановяване“ в подкрепа на бизнеса чрез гаранции от Фонда на фондовете (
  • 01 July 2021: Бизнесът разколебан за новата програма "Възстановяване" (
  • 11 August 2021: Програма "Възстановяване" е осигурила 53 кредита на фирми, посрадали от коронакризата Прочетете целия материал на следния линк: © (
  • 01 October 2021: Recovery Programme. Portfolio guarantee programme to support liquidity of businesses affected by COVID-19 pandemic (
  • 12 October 2021: Financial resources (


Eurofound (2021), Recovery Programme, measure BG-2021-26/2023 (measures in Bulgaria), EU PolicyWatch, Dublin,


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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.