site.btaCaretaker Economy Minister: Ministry Will Concentrate on Startup Companies

Caretaker Economy Minister: Ministry Will Concentrate on Startup Companies

Sofia, February 10 (BTA) - Meeting with business representatives on Thursday, Caretaker Economy Minister Teodor Sedlarski said that during its three months in office the Ministry will focus its attention on startup companies, entrepreneurship initiatives and funding possibilities.

The businessmen singled out administrative burden as the main issue and suggested that a department is set up in support of small and medium sized businesses, which will assist companies with filling in funding applications.

The businessmen noted the difficulties they experience with the preparation of young entrepreneurs and with the funding of organizations, developing young leaders. They called on the state for support in the organization of conferences with visiting lecturers which small companies can'tafford.

Iliya Karanikolov, Executive Director of the Fund Manager of Financial Instruments presented his Fund's activities.

Ivelina Peneva, head of the Chief Directorate for EU Competitiveness Funds said that support has been set aside for startup companies which develop innovations in one of the four thematic areas of the Innovation Strategy for Smart Specialization. Peneva presented a procedure launched in early February in support of development of innovations by startup companies.

The meeting discussed the latest changes to the Commerce Act adopted in December which concern the so called "second chance" for businesses.

The Economy Ministry made a commitment together with the Executive Agency for Promotion of Small and Medium Sized Business to hold training courses for young entreprenerus who seek funding. The aim of this training is to present the fundng possibilities under operational programmes, bank lending and the Fund Manager of Financial Instruments in Bulgaria as well as all other funding sources for startups.