What is the JEREMIE Fund Extension and how does it support Bulgarian startups?

JEREMIE (Joint European Resources for Micro to Medium Enterprises) is an EU initiative providing venture capital, mezzanine financing, and growth loans to Bulgarian SMEs through selected fund managers. The extension continues and expands the original program, offering risk capital to early-stage and growth-stage companies. Fund managers invest in qualifying Bulgarian companies, with the EU guarantee reducing the risk for private co-investors.

How can a Bulgarian startup access JEREMIE fund investments?

Bulgarian startups access JEREMIE funding by applying directly to the participating fund managers, not to the EU or government. Each fund manager has its own investment criteria, focus sectors, and application process. Startups should research which funds align with their sector and stage, then approach them with a solid business plan and pitch. The Fund of Funds Bulgaria website lists active fund managers and their investment mandates.

Bulgaria JEREMIE Fund Extension 2026

Program Overview

The European Investment Fund (EIF) and the Bulgarian government have extended the €350 million JEREMIE initiative until 2035 (ratified by Parliament in early 2026, per BTA), with €160 million earmarked for reinvestment in Bulgarian businesses (per the Ministry of Innovation and Growth). This extension focuses specifically on supporting deep-tech, technology transfer, and artificial intelligence projects, helping Bulgarian innovators scale regionally and across the European Union.

2026 Funding Allocation

€160 Million Reinvestment

EUR 160 million from the European JEREMIE initiative will be reinvested in 2026 in the modernization and development of Bulgarian businesses. The Council of Ministers has approved amendments to the Framework Agreement and Funding Agreement between Bulgaria and the EIF, extending the program term through 2035 and enabling this substantial capital deployment.

Priority Focus Areas

The 2026 allocation specifically targets deep-tech ventures, technology transfer initiatives, and artificial intelligence projects. This strategic focus reflects Bulgaria's ambition to position itself as a regional hub for advanced technology development and innovation-driven entrepreneurship.

New Financial Instruments (2026)

Market Assessment and Design

The structuring of new financial instruments is expected to begin in 2026. Once the updated Framework and Funding Agreements are signed and ratified by the National Assembly, an assessment of market conditions will inform the design of specific financial instruments tailored to Bulgarian companies' needs.

Loans and Equity Options

JEREMIE historically provides both debt and equity financing. The new instruments launching in 2026 are expected to continue this dual approach, offering loans for growth-stage companies and equity investments for early-stage ventures, particularly in deep-tech and AI sectors.

Historical Track Record

10,000+ SMEs Supported

Since its launch, JEREMIE has supported over 10,000 small and medium-sized enterprises across Bulgaria. This extensive portfolio demonstrates the program's accessibility and effectiveness in reaching businesses across sectors and regions.

€1.6 Billion Deployed

The initiative has deployed more than €1.6 billion in loans and equity financing, multiplying public resources nearly fivefold through leverage with private co-investors and financial intermediaries. This demonstrates strong market appetite and effective program design.

Complementary EIF Guarantees

€2 Billion SME Lending Support

In addition to JEREMIE, the European Investment Fund has signed guarantee agreements with four Bulgarian banks that will facilitate up to €2 billion in financing for small and medium enterprises. These guarantees support sustainable growth, competitiveness, and the green transformation of the Bulgarian economy.

Risk Sharing for Banks

The guarantee mechanism enables banks to extend credit to SMEs with lower collateral requirements than traditional lending, as EIF shares the credit risk. This is particularly valuable for innovative companies that may have strong growth potential but limited hard assets for collateral.

Eligibility Requirements

SME Definition

Eligible companies must meet EU SME criteria: fewer than 250 employees and either annual turnover not exceeding €50 million or annual balance sheet total not exceeding €43 million. Both Bulgarian and foreign-owned companies operating in Bulgaria qualify.

Priority for Innovation

While JEREMIE supports SMEs across sectors, the 2026 allocation prioritizes deep-tech companies, technology transfer initiatives, and AI ventures. Companies in these sectors should position themselves to benefit from the new financial instruments being structured.

Application Process

Step 1: Monitor announcements from the Fund Manager of Financial Instruments in Bulgaria (FMFIB) regarding new instrument launches in 2026.

Step 2: Identify which financial intermediaries (banks, non-bank lenders, venture funds) will be participating in the 2026 JEREMIE deployment.

Step 3: Apply through participating financial intermediaries, not directly to JEREMIE. Each intermediary will have specific application procedures and requirements.

Step 4: Prepare comprehensive business plans and financial projections demonstrating innovation potential and growth trajectory, particularly if targeting deep-tech or AI focus areas.

Key Contacts

European Investment Fund JEREMIE Bulgaria: https://www.eif.org/what_we_do/resources/jeremie/

Ministry of Innovation and Growth: https://www.mig.government.bg/?lang=en

For updates on new financial instrument launches, participating intermediaries, and application procedures, monitor the Ministry of Innovation and Growth and EIF announcements throughout 2026.