Out of total of 332.2 million euro, for which the JEREMY vehicle has sign contracts with financial intermediaries, only 94,791,284 euro are available for absorbing by businesses in Bulgaria. This showed a check of the BANKER based on data provided by the Ministry of Economy and Energy.
At the end of August, under the Guarantees instrument covering losses on a portfolio of loans, with a budget of 60.2 million euro, a total of 3,684 loans were disbursed for an overall amount of 45,299,181 euros. The tool providing financing, with an element of risk sharing, for which contracts were signed with seven financial intermediaries, has granted 666 loans amounting to 44,442,723 euros. Otherwise, the overall budget is 200 million euros.
The scheme to promote entrepreneurship and the provision of seed funding (Accelerationamp;Seed Fund) has so far made ??investments in 56 companies for just over 3 million euros. The total absorption is 5,130,749 euros. It should be borne in mind, however, that the entire budget of the facility is 21 million euros and the contracts with both financial intermediaries, Elevan LAUNCHHub, were concluded as late as November 2012. Forthcoming is the signing of contracts for investments with another up to 10 start-up companies whose projects have been approved.
In the risk capital fund, the situation is somewhat more complicated as in practice so far it has not made any investments. The first investments are expected to take place by year’s end. The reason is that the initial recruitment of private capital ended on 30 July 2013, and then investment activities started with a total budget of 20.6 million euros. Of these, 70% are under the Competitiveness operational programme. In the autumn, the fund is expected to raise the rest of the needed private funding to reach a total of 30 million euros.
The last instrument under JEREMY – the Mezzanine Fund (with a total budget of 60 million euros, of which 30 million are under the said operational programme) has met with expressed interest from potential private investors to add up to its total budget. Now, the economy ministry is analyzing the conditions associated with its management.
On July 26 a call was published for initial expression of interest for the selection of two intermediaries under the new instrument – the Co-Financing Funds, for which a sum of 20 million has been provided from the Competitiveness operational programme. The deadline expired on September 9 and is the announcing of the number of applications received is to take place shortly.
The BANKER
