The National Guarantee Fund was created in 2008 as a part of the Bulgarian Development Bank Group. The Fund issues guarantees, that complement the collateral, required by the commercial banks in order to approve loans for the Bulgarian business. The NGF facilitates the access to finance for small- and medium- sized enterprises and contributes to the decrease of the interest rates of the loans granted to them. The support of the Fund gives an opportunity for loan financing for start-ups and firms with no previous credit history.
What have we achieved so far?
- For the past 12 years the Fund has successfully cooperated with 18 commercial banks and has realized 10 guarantee programs;
- Thanks to our support, more than 9 474 SMEs were granted loans;
- We have widened the scope of firms that the commercial banks are willing to finance;
- We have given the opportunity to start-ups and enterprises lacking previous credit history to access loan financing;
- We have favored the decrease of interest rates on the granted loans;
|BOARD of directors
Chairman of the Board of Directors
Jivko Todorov holds Master's degree in Accounting and Controlling from UNWE in Sofia, as well as an Executive MBA from Hult International Business School in London. He began his professional career in 1997 at ING Bank – Sofia branch, where he has held the positions of Accountant Operations, Financial Controller, Chief Financial Officer and Member of the Management Beard for Bulgaria until 2012. During 2012-2014 he was appointed Chief Financial Officer and Member of the Management Team of Alfa Bank - Bulgaria. From June 2014 to March 2020, he was First Investment Bank’s Chief Financial Officer and Member of the Management Board, responsible for Finance, Accounting, Investor Relations, Treasury and Financial Institutions and Correspondent Relations. Under his leadership, an internal transfer pricing policy and cost allocation model have been developed and implemented, as well as a model calculating the profitability per business line, product and customer. He has contributed to upgrading the bank's rating during the period of 2014-2017, as well as establishing a financial and business analysis unit.
Vice-Chairman of the Board of Directors and Executive Director
Todor Todorov is a senior finance professional with proven track record in leading financial and consulting organizations. He started his career with the investment banking division of J.P.Morgan in New York. Upon his return to Sofia he established and headed the consumer finance practice of Hebros Bank prior to the bank’s acquisition by UniCredit. Later he joined the consulting company Deloitte where he led the corporate finance unit in Bulgaria, and in 2017 received a partnership position with Deloitte Central Europe. Throughout his career he has led and executed over a 100 advisory projects and corporate deals with an aggregate value in excess of €6 billion. In an advisory role to the Bulgarian National Bank, Todor Todorov led and managed an international multidisciplinary Deloitte team to conduct the most comprehensive asset quality review of the Bulgarian banking system. Todor Todorov has an MBA degree from Thunderbird, Arizona and a bachelor’s degree from the American University in Bulgaria.
Member of the Board of Directors
Zaharina Todorova is in charge of the long-term funding and guarantees and international partnerships of Bulgarian development bank. She represents the Bank in various international and EU organizations, among which the European association of public banks; Network of European Financial Institutions; European Long-Lerm Investors Association; European Investment Fund, China – CEEC 17+1 Belt and Road initiative. Zaharina Todorova is experienced in the dialogue with EU institutions, development banking, mandates implementation, financial instruments, state aid and EU policies. She has an MBA degree from IAE, Nantes and graduated with honors from ESFAM, Sofia and a joint program of the University of Sofia and Université Bordeaux IV. Fluent in English and French.