ESF Financial instruments in Bulgaria

March 2022

This case study covers two financial instruments implemented in Bulgaria under the Operational Programme Human Resource Development (HRDOP): a Risk sharing micro-finance facility and a Capped portfolio guarantee for microloans. Both instruments target Start-ups, included owned and managed by youths under 29, disabled people and unemployed people and social enterprises. The case study explores Bulgaria’s experience with ESF financial instruments, from the Programme’s inception in May 2015 to January 2022. The document also provides a picture of the process of transitioning from a grant-only culture to financial instruments.