Mikrofond (Bulgaria)

Vegetable grower Anton built a new greenhouse two years ago, with plans to expand it and start growing more vegetables. However, given his lack of credit history and difficulty of proving his real income, he could not get a loan from local banks. He later found out that the Bulgarian Microfinance provider Mikrofond was providing micro-credits and went there to apply for a loan. He came away with EUR 1 150 to buy seeds, fertilizer, pesticides and enough money to finance his greenhouse extension. Given the additional workload, from time to time he hires seasonal labourers from the local Roma population who are in long term unemployment and pleased to be of help to the local neighbourhood. With a stable job after being unemployed, he is happy to be able to stay in his local village and look after his parents, whilst reaping the rewards of his labour.

Type of business: Farm
EU-guaranteed loan from Mikrofond : EUR 1.150

For further information about EIF intermediaries in Bulgaria, please refer to:
http://www.eif.org/what_we_do/where/bg