Bulgarian small and medium-sized enterprises (SMEs) will be able to receive reimbursement for up to 90% of the costs incurred in preparing for and raising equity capital under a EUR 1 million scheme. The pilot initiative was presented on Monday at the Bulgarian Small and Medium-sized Enterprises Promotion Agency (BSMEPA) and is expected to support up to 21 companies. The measure was unveiled by BSMEPA Executive Director Boyko Takov, European Funds for Competitiveness Directorate General Head Iliyana Ilieva and Bulgarian Stock Exchange (BSE) Executive Director Manyu Moravenov.
The maximum amount of support is EUR 60,000 for companies seeking admission to the BSE’s regulated market, EUR 35,000 for the Beam growth market for small and medium-sized enterprises, and EUR 25,000 for the SpaceCrowd equity crowdfunding platform.
The project, titled “Facilitating access to capital financing for SMEs in order to support their sustainable development and competitiveness by supporting the activities of the Executive Agency for the Promotion of Small and Medium-sized Enterprises”, is funded by the Competitiveness and Innovation in Enterprises Programme 2021 -2027, co-financed by the European Union. It will run for 36 months in cooperation with the Bulgarian Stock Exchange. Newly established Bulgarian companies will also be eligible to apply.
Eligible costs include advisory services to prepare for securities issuance, the organization of presentations and information campaigns targeting individual and institutional investors, and services directly related to share issuance. The scheme will also cover accounting and legal expenses, including costs associated with the necessary corporate restructuring.
Companies must engage investment intermediaries or advisers to provide the relevant services within 60 days of signing an agreement with BSMEPA.
Reimbursement is conditional on the successful raising of equity capital. For the regulated market, companies must complete an initial public offering (IPO) raising at least EUR 350,000 within 12 months of signing an agreement with an investment intermediary.
For the Beam market, the minimum amount of capital raised is EUR 200,000, with a deadline of nine months from the signing of an agreement with an adviser. For the SpaceCrowd platform, the requirement is the successful completion of a fundraising campaign that raises at least EUR 100,000.
The deadline for applications for support to list on the regulated market is October 15, 2027. Applications for the Beam market and the SpaceCrowd platform will be accepted until January 15, 2028. The scheme is exclusively intended to support equity financing.
Two agreements with prospective issuers have already been signed, and a third is expected to be concluded within days, Takov said. The first company operates in the consulting services sector and is considering raising at least EUR 300,000. The second is active in the energy sector and plans to raise around EUR 3 million. The third prospective participant is a technology company.
“Our support consists of covering part of the costs companies incur as they prepare to list on one of these three markets,” Takov said.
Moravenov described the launch of the project as timely, given the development of Bulgaria’s capital market.
“The programme is being launched at a historic moment. This comes after a series of years in which Bulgaria’s capital market has continued to grow,” he said, pointing to increases in market indices, trading volumes and the number of listings.
According to Moravenov, Bulgaria’s accession to the euro area and the country’s improved credit rating provide additional conditions for attracting investor interest. He also highlighted the planned introduction of a multi-fund system for pension funds at the beginning of next year, which, in his view, will enable more capital to be channelled into higher-risk investments. Pension funds will also be able to invest directly in the Beam growth market, he added.
The BSE chief executive noted that capital markets give early private investors in new and innovative companies an opportunity to exit their investments. He stressed that raising capital from investors requires greater transparency, stronger accountability and improvements in corporate governance.
If the scheme proves successful and attracts greater interest, the possibility of increasing its budget will be considered, Ilieva said. She added that a similar financing instrument is also being considered for the next programming period, potentially allowing the initiative to continue on a larger scale.
Bulgarian SMEs to Receive Up to 90% Reimbursement for Equity Financing Costs under EUR 1 Million Scheme THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-10-19 11:57:01
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