The Bulgarian Development Bank (BDB) has launched a program "Support for Rose Processing" with preferential terms for saving the traditional business for our country. The Bank will continue to create new products to help Bulgarian small and medium enterprises in various sectors. This was stated by the Minister of Innovation and Growth Daniel Lorer at a briefing together with the Minister of Agriculture Ivan Ivanov and the executive directors of BDB Vladimir Georgiev and Tsanko Arabadjiev.
According to Lorer, the support of the micro, small and medium-sized companies, which experience difficulties, is part of the updated strategy of the BDB Group. "It reaffirms the bank's priorities for faster recovery of SMEs, accelerating economic growth and job creation after the COVID-19 crisis," said the Minister of Innovation and Growth.
The bank will provide working capital financing to micro, small and medium-sized companies in the rose processing sector, facing serious difficulties and reduced liquidity. The volume of the program is BGN 20 million. Direct loans of up to BGN 1 million with a term of up to 3 years, a simplified financing scheme and minimum collateral requirements, incl. pledge of rose oil.
Bulgarian rose oil is famous as one of the most sought after and expensive on the international market, but in recent years the industry has faced problems that lead to the accumulation of large stocks of the valuable product. Among the reasons are the competition of manufacturers from neighboring countries, which export at lower prices, as well as the weakened interest in high-end cosmetics and perfumes due to the pandemic of COVID-19. The sector is also hampered by pro-inflationary pressures - rising labor, electricity and fertilizer prices.
After researching the problems and needs of rose processors in Bulgaria, BDB will assist in saving the traditional business for our country.
