On March 26, 2019, a public session was held at the Fund of Funds, where the final tenders of the participants in the competitive procedure were opened with a contract for the award of a public procurement contract entitled “Implementation of a Financial Instrument for” Shared-Risk Microcredit ” funded by the Operational Program “Human Resources Development” 2014-2020 (OPHRD).

SIS CREDIT AD is one of the three companies that have expressed their willingness to participate in the procedure.

The total budget of the OPHRD for the financial instrument amounts to BGN 26.4 million. The funds will be provided in the form of microcredit and aim to support the creation and development of start-ups and social enterprises. The facility will also support enterprises owned by individuals from certain vulnerable groups (unemployed over 6 months, young people up to 29 years old and people with disabilities).

Eligible funding activities cover the following parameters: Acquisition of tangible and intangible long-term and short-term assets to develop or expand the business of the enterprise / self-employed person or coverage of others. expenses related to the main business activity; working capital for development or expansion of activity; specific and professional training of employees / workers or entrepreneur / self-employed person.

At present, SIS CREDIT AD is the beneficiary of the first public procurement of the Facility and more than 30 projects of start-ups and social enterprises are funded.

The Synergia Foundation was established in early 2015. as a public benefit NGO with a mission to improve the well-being of visually impaired people. The objectives of the foundation are to implement successful social entrepreneurship practices, healthcare innovation for visually impaired people, and promote dialogue and interaction between citizens, businesses, the state and the NGO sector.

SIS Credit has become the first certified in the “European Code of Practice for the Provision of Microcredit”
financial institution in Bulgaria. The Code has been developed by the European Commission

The Code ensures high ethical standards for the provision of microcredit within the microfinance sector in Europe.

This high international rating is proof that our clients receive quality professional service, truly transparent conditions, support, mentoring and a secure partner in the face of SIS Credit.

Since September, corporate deposits have grown more slowly on an annual basis, down one-digit pace. This is a positive fact and a signal for improved financial management and an improved investment process for companies in the real economy. This is written in the monthly economic survey of a leading bank in Bulgaria, commenting on the data available as of January 2019, focusing on the money and banking sectors.

The Economic Analyst of
a leading bank in Bulgaria estimated that savings in the banking system grew by 7.4% yoy in December, with household deposits increasing by 8.5% and those of businesses by 5.1%.

He notes that the BNB’s monetary statistics reported annual growth of loans of 7.5% at the end of December, driven by an increase in loans to households by 11.2% and loans to businesses by 5.2%.

Positive is the fact that lending marks annual growth for the twenty-seventh consecutive month, calculated in the bank.

“At the end of December, the relative share of bad and restructured loans (excluding overdrafts) declined by 2 percentage points. compared to their level at the end of 2017, reaching 14.4%, which is still a relatively high level. We expect the gradual decline in the share of bad and restructured loans to continue in the first half of this year. “

This week there will be updated statistics related to the development of the Bulgarian economy – banking statistics and monitoring of consumer attitudes.

On Monday (February 4th), the National Institute of Statistics will provide information on building permits issued and construction started in the last quarter of 2018.

There are no events announced Tuesday (5 February).

On Wednesday (February 6th), the Bulgarian National Bank will announce the long-term interest rate to assess the convergence rate for January 2019.

No events announced on Thursday (February 7th).

On Friday (February 8th), the central bank will report on the level of deposits and credit by quantitative categories and economic activities in December 2018.

On the last working day of this week, national statistics will show consumer behavior monitoring in January 2019. Data on sales in industry, construction and trade will be released in December 2018.

NSI will announce preliminary data for the fourth quarter of the housing status statistics.

At the end of last year, loans withdrawn from banks amounted to BGN 54.739 billion, increasing by 7.7% on an annual basis, compared to 6.2% year-on-year increase by the end of September 2018, shows statistics of the Bulgarian National Bank bank. At the end of 2018, the money in circulation is over BGN 17.325 billion Average borrowing rates for business declined in December At the end of the year, consumer loans grew by 17.7% on an annual basis

At the end of December 2018, compared to the end of the previous quarter, the number of business and household loans declined by 0.1% and their size increased by 1%. The central bank reported that at the end of last year the number of loans was 3,066 million. On an annual basis, they grew by 11.6% against a 10.2% annual increase at the end of September 2018.

The amount of corporate loans as at 31 December was BGN 32,910 billion, an increase of 5.5% on an annual basis, compared to a 4% annual increase at the end of September.

At the end of the fourth quarter of 2018, the number of loans amounted to 147 thousand, decreasing by 0.7% on an annual basis, with an annual growth of 0.4% at the end of September. The largest decrease is in the number of loans drawn between BGN 5 thousand and BGN 10 thousand. For one year, the decline was 4%.

The BNB calculates that the number of business loans decreased by 3.3% compared to the end of the third quarter, and their size increased by 0.4%.

At the end of December 2018, the size of the loans to households and firms servicing them grew on an annual basis by 11.2% reaching BGN 21.829 billion, compared with an annual increase of 9.7% at the end of the third quarter.

The number of loans increased by 12.3% on an annual basis, reaching 2.918 million against a 10.8% annual increase at the end of September. At the end of December, compared to the end of the third quarter of last year, the number of these loans increased by 0.1% and their size by 1.9%.

The biggest increase is the number of loans that the citizens have taken in the range from BGN 100 thousand to BGN 250 thousand, on an annual basis they grow by 20%, they calculate at the central bank.