The EBRD is considering providing a senior loan to Sogelease Bulgaria in the amount of €10 million for on-lending to small and medium-sized enterprises (“SMEs”).
By supporting a strong and dedicated player on the Bulgarian leasing market, the Project is expected to lead to increased volume of new leasing contracts, and maintain an essential flow of lending to enterprises at a time when the availability of credit, particularly to SMEs, has been constrained. The financial crisis has negatively affected the leasing market in CEE and some leasing companies have reduced or even curtailed operations, despite indications of continuing demand. The loan contributes to Sogelease’s strategy of diversifying its funding structure.
Sogelease Bulgaria is a part of Société Générale Group, and has a significant market position (nearly 10% of new business for the year through June 2012). As of June, Sogelease had total assets of EUR 94.2 million. Funding is provided by parent bank and European Investment Bank.
Senior loan in the amount of €10 million.
Sogelease will be required to comply with EBRD’s Environmental Performance Requirement (“PR”) 9 when making local leases, conduct its business in accordance with PR 2, adhere to the EBRD's Environmental and Social Exclusion and Referral Lists, and submit Annual Environmental and Social Reports to the Bank. Lessees will be required to comply with applicable national environmental, health and safety and labour requirements.
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