Young farmer with no credit history buys a tractor and starts business in agriculture

Pavel Damianov is 23 years old young and ambitious famer. He has no previous credit history, but he wishes to start business in agriculture. In 2012 he wins a project in the Measure 121 – „Modernization of the agricultural holdings” that allows him to buy a tractor with equipment for planting.
The expenses approved by the Bulgarian Nation Agricultural Fund amount to 90 070 leva, and the subsidy – to 48 535 leva. The project was financed by Banka DSK for the sum of 77 656 leva. The guarantee from the National Guarantee Fund, amounting to 62 152 leva had an essential role for the securitization of the loan. Aside from the guarantee, the assets bought under the project also serve as collateral.
At the end of 2013 Pavel Damianov has one more approved project for the realization of which he will use the partnership of Banka DSK and the NGF.