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Access to finance




According to the Small Business Act (SBA) Fact Sheets, Bulgarian SMEs are still suffering from the consequences of the financial crisis, to different degrees depending on their sector of activity. As of November 2012, 45 % of people who lost their job came from the private sector, where three quarters of job losses were concentrated in SMEs. Looking at the different sectors, construction and real estate have been hit hard by the burst of the speculative bubble, while there are worrying trends in the wholesale and retail trade sector, where the majority of Bulgarian SMEs are concentrated. Bulgaria made some general progress in improving the business environment in such areas as entrepreneurship, public procurement and skills & innovation, where some broad initiatives were taken, such as overhauling the procedures for the award of public contracts and addressing the innovation gap of the SME sector. However, the main policy challenges for the country have remained broadly unchanged. In spite of this progress, Bulgarian SMEs are still suffering from limited internationalisation and access to finance, which hamper the prospects for growth and recovery from the economic crisis. SMEs would benefit from improvements in tax administration, the streamlining of insolvency procedures and contract enforcement, and full implementation of the Point of Single Contact and e-government solutions.

Key indicators on access to finance
SMAF gif - 19 KB [19 KB]

Bulgaria ranked 25th out of 27 countries in the 2012 SMAF Index.

For details on SMAF index and methodology please click here.

Download data excel12book - 593 KB [593 KB]

Loans gif - 39 KB [39 KB]

Source: Chart compiled using ECB data

Note: Loan volumes and interest rate data for 2013 are to the period September 2013 only (due to data availability as at November 2013).

Download data excel12book - 69 KB [69 KB]

Guarantees gif - 28 KB [28 KB]

Source: Chart compiled using AECM data

Download data excel12book - 48 KB [48 KB]

Venture capital
Venture capital gif - 30 KB [30 KB]

Source: Chart compiled using EVCA data

Download data excel12book - 69 KB [69 KB]

Business angels finance
Business angels finance gif - 22 KB [22 KB]

Source: Chart compiled using EBAN data (*comparable data for 2011 were not accessible)

Download data excel12book - 29 KB [29 KB]



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