About Us
- About the Fund
- Management
- Sofia Municipal Council
- Council for Management of the Municipal Guarantee Fund
- Manager
The Municipal Guarantee Fund for Small and Medium Enterprises (MGFSME) is established by decision of the Sofia Municipal Council (SMC) on 17th of June 2002. MGFSME is a specialized body of SMC and manages 10% of the proceeds from the privatization of the municipal interest in the capital of commercial companies, of separated parts of the property of solely-owned commercial companies with municipal interest in their capital, as well as of the separated parts of the property of commercial companies with over 50 percent of municipal interest in their capital.
The Municipal Guarantee Fund undertakes guarantees on loans extended to SMEs which have their seat or develop their activity in the territory of Sofia Municipality. The Fund guarantees up to 50% of the loan of the small companies and for the amount up to 100 thousand BGN. Heretofore MGFSME supported more than 300 companies and thus contributed for loans of about 47,3 mln. BGN. In most cases financial institutions and not companies apply to MGFSME and thus the benefit is bilateral –companies get profitable lending and banks increase their clientele.
Fund’s objective is to implement the policy of Sofia Municipality for supporting the small and medium business in it’s territory by guaranteeing a part of credit risk on loans, extended by financial institutions to small and medium enterprises, registered or developing their activity in the territory of Sofia Municipality.
MGFSME achieves its objectives by concluding agreements with commercial banks and other financial institutions that realize special programs for SME lending.
Providing with guarantees of MGFSME on loans extended to SMEs is done in two ways:
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After a preliminary examination of the financial status of the company MGFSME directs it to bank-partners with an approval letter in which the Fund notifies the banks that the company covers the formal conditions for providing a MGFSME guarantee on the bank’s loan;
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Bank-partners address to the Fund a proposal for guarantee support together with the documents concerning the approved loan.
The Council for Management of the Municipal Guarantee Fund for Small and Medium Enterprises with Sofia Municipality /CMMGF/
Chairwoman of CMMGF
Irina Ivanova Yordanova-Koleva
Born on 12.07.1961. She achieved her higher education in The Sofia University St. Kliment Ohridski, subject Journalism. She specialized in universities in Manchester, Maryland, Harvard, The George Marshall Center and The Adam Smith Institute. She is Chairwoman of the Standing Committee on European Affairs and Relations with Civil Society as well as a member of the Standing Committee on Finance and Budget at SMC.
Vice Chairman of CMMGF
Rossen Malinov Malinov
Born on 28.03.1955 in Sofia. He achieved the faculty of Philosophy at The Sofia University St. Kliment Ohridski. He is vice chairman of the Standing Committee on Public Order and Security and a member of the Standing Committee on Planning and Housing Policy at SMC.
Members of CMMGF
Loretta Georgieva Radeva
Born on 06.09.1959. She achieved his higher education in The Belarus Polytechnic Institute in Minsk, Belarus. She is Chairwoman of the Standing Committee on Environmental Protection Agriculture and Forests and she is a member of the Standing Committee on Planning and Housing Policy and a member of the Standing Committee on Civil Rights Claims and Complaints at SMC.
Nikolay Dimitrov Zhelev
Born on 05.02.1962. Master of chemical engineering of The University of Chemical Technology and Metallurgy - Sofia with specialization – Environmental Protection. Married with two children. Vice chairman of the Standing Committee on infrastructure engineering, water and energy planning, vice chairman of the Standing Committee on Civil Rights Claims and Complaints and member of the Standing Committee on Environmental Protection Agriculture and Forests at SMC. Second mandate municipal councillor.
Elen Stoychev Gerdgikov
He was born on 07.06.1972. He achieved high education in The Sofia University St. Kliment Ohridski in 1999 subject Philosophy and obtained a master’s degree in politology. He is member of Standing Committee on economic policy and municipal property, member of the Standing Committee on transport, transport infrastructure and road safety, member of the Standing Committee on Ethics at SMC.
Manager of MGFSME
Kiril Grigorov
PhD in Economics
- Report for the operations of MGFSME for 2007 (Translated in English)
- Report for the operations of MGFSME for 2008 (Translated in English)
- Report for the operations of MGFSME for 2009 (Translated in English)
