Microcredit working capital

Loans for manufacturers and traders

Our offer

Microcredit working capital offers:

  • The opportunity to finance a start-up business;
  • A simplified application procedure;
  • A repayment plan tailored to your business's capabilities;

Why choose a Microcredit from Fibank?

  • Unsecured loans - up to EUR 75,000;
  • No restrictions on the loan amount;
  • Long repayment period - up to 15 years;
  • Option to use a grace period;
  • If you are a loan applicant from Sofia, you can use a guarantee from the Municipal Guarantee Fund for Small and Medium-sized Enterprises of the Sofia Municipality to partially secure your loan.

 

Loan parameters

 

Amount:

No limit on the amount

Possibility of obtaining an unsecured loan of up to EUR 75,000.

Term:

• up to 15 years with collateral in the form of mortgage;

• up to 8 years for loans with other collateral;

• up to 7 years for unsecured loans/if the owners and managers commit themselves as co-debtors under the loan

Loan currency:

EUR, USD 

Grace period:

·         up to 1 month;

·         up to 9 months for seasonal business.

Interest rate conditions

The annual interest rate on the loan is based on the internal credit rating – composite interest rate BIRa/BIRb/BIRc* + surcharge.

* Base interest rate (BIR) – applicable to business customers is a variable interest rate index that the Bank uses as a base when calculating the variable interest rate applicable to the loan agreement. The BIR is approved by the Management Board of Fibank and calculated according to a methodology announced by Fibank for each individual currency based on the ratio between the planned expenses on the Bank's liabilities and the market interest rates for the same currency, applicable to loans in national and foreign currency. BIRa, BIRb and BIRc represent the Base Interest Rate adjusted by a market environment coefficient for business customers with an internal credit rating, respectively in the range 1-2 (for BIRa), 3-4 (for BIRb) and 5-6 (for BIRc). The Bank publicly discloses the base interest rates – BIRa, BIRb and BIRc – that it applies by announcing and publishing them on the Bank's website at www.fibank.bg;

Collateral: (separately or in combination)

For exposures up to EUR 75,000:

  • no collateral required, the owners and managers are jointly and severally liable.

Depending on your individual credit rating, a guarantor or collateral in the form of fixed assets/contractual receivables may be required.

For exposures up to EUR 100,000 No requirement for a mortgage on real estate.  The following are accepted:

  • guarantee from a natural person or company;
  • pledge of machinery, equipment, vehicles;
  • pledge of receivables under a contract;
  • owners and managers commit as co-debtors.

For exposures above EUR 100,000:

  • mortgage on real estate;
  • owners and managers commit as co-debtors.

A guarantee from the Municipal Guarantee Fund for Small and Medium-sized Enterprises of the Sofia Municipality may be used to partially secure the loan.

Method of utilisation:

As a one-off sum

Method of repayment:

·         equal monthly installments (annuities);

·         equal installments on the principal;

·         in case of seasonal nature of the business - specified repayment schedule.



Application and documents

To grant a loan, the Bank's credit specialists develop an individual offer tailored to the specific needs, credit history and principle of work in your company.

 

It will be our pleasure to help you find the optimal solution for your business needs.

 

To make an inquiry for loan, you can contact the Bank's credit specialists in one of the following ways:

  • phone: 02/817 1258; 02/800 22 73;
  • ask for our credit specialists at the Bank's branches and offices;
  • send an inquiry to micro@fibank.bg

 

Documents required for natural persons:

  • copies of the identity cards of the credit applicant/co-debtor/the person providing the collateral;
  • documents certifying the collateral ownership;
  • annual tax return for the last accounting year;
  • certificate of presence/absence of obligations issued by the revenue authority under Art. 87, paragraph 6 of the Tax and Social Security Procedure Code;
  • related party declaration issued according to Fibank (First Investment Bank) sample form;
  • a power of attorney for NSSI;
  • an application for granting a micro loan to natural persons.

 

Documents required for legal entities:

  • decision of the competent body to withdraw and secure the loan;
  • balance sheet, statement of income and expenses and annual tax return for the last year;
  • documents certifying the collateral ownership;
  • copies of the identity cards of the representative of the company - credit applicant/co-debtor/the persons providing collateral;
  • certificate of presence/absence of obligations issued by the revenue authority under Art. 87, paragraph 6 of the Tax and Social Security Procedure Code;
  • related party declaration issued according to Fibank (First Investment Bank) sample form;
  • a power of attorney for NSSI;
  • an application for granting a micro loan to legal entities.