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ProCredit Bank Signed a New Credit Line for Financing Small and Medium-sized Enterprises

March 26, 2012

ProCredit Bank signed a new credit line with the Bulgarian Development Bank (BDB). It’s based on the BDB program for support of the small and medium-sized enterprises in Bulgaria that aims to provide easy and cheap access to bank financing. The contract between the two bank institutions is for BGN 10 million, which will be disbursed as directed financing of small and medium-sized enterprises. In addition to this amount, ProCredit Bank will disburse another BGN 5 million.

The contract was signed by the BDB’s Chief Executive Director Assen Yagodin and the Chairman of the Management Board of ProCredit Bank Petar Slavov. Under the new credit line, ProCredit Bank, whose shareholders are the German ProCredit Holding and Commerzbank will disburse loans to its main target group – small and medium-sized enterprises under preferential conditions and annual interest rate of 7%.

“We, ProCredit Bank, in our role as one of the leaders in Bulgaria in servicing the small and medium-sized business, have always supported all initiatives supporting these enterprises to develop and expand their activities. We hope, that from now on the government will continue expanding this economic stimulus and not limit only to bettering the loan financial conditions.”   - Petar Slavov – Executive director of ProCredit Bank commented the new credit line.

ProCredit Bank (Bulgaria) is part of an international group of 21 target group-oriented financial institutions. It focuses on developing countries and transition economies in three regions: Eastern Europe, Latin America and Africa. ProCredit Bank (Bulgaria) is established in October 2001 and offers bank products and services to small and medium-sized enterprises, large companies and individuals. Unlike other banks, our bank does not promote consumer loans. Instead we focus on responsible banking, by building a savings culture and long-term partnerships with our customers.