Coronavirus – BVCA Update
The rapid escalation of the Coronavirus (COVID-19) poses questions and creates unprecedented situations in both our personal and professional lives. As the voice of the private equity and venture capital industry in Bulgaria, BVCA continues to work closely with its members and partners to address this via philanthropic efforts, industry advocacy and support to its portfolio companies.
BVCA sets a priority to follow the measures by the Government in protecting the public well-being, while ensuring remote work continuity. Physical conferences, such as the RE:TURN roadshow, policy seminars and networking events are currently postponed. Board meetings are held remotely to ensure a continued workflow. BVCA participates in conference calls with national associations and partner organisations in Europe to support each other’s efforts in tackling the situation and addressing the challenges for our industry.
Together with our partner organisation, the America for Bulgaria Foundation, we encourage any philanthropic efforts during that time.
Their recent project “United against COVID-19” welcomes future unconditional donations to support efforts to fight the COVID-19 crisis in Bulgaria. As of 28 April 2020, the fund will donate more than BGN 950,000 to fight the COVID-19 Crisis. BVCA members, portfolio companies and community representatives already joined the cause.The fund has so far managed to reach 74 local hospitals, civic organisations, community centres, schools and social enterprises. 100 percent of all contributions directly benefit vulnerable communities across the country.
In the past two months, BVCA has been actively addressing both the Bulgarian Government and the European Commission in coalitions with leading national and international industry associations. BVCA addressed the Government and all relevant institutions with a list of concrete measures to provide liquidity and other support mechanisms to the most affected companies. The goal of the proposals is to prevent the premature failure of some of the most innovative and high-potential companies in the country. We strongly advocate the use of existing infrastructure and intermediaries to support the real economy with minimum market distortion.
In April, BVCA has been very engaged in addressing state aid rules and ways to adapt them to the current reality. While the European Commission has started to address this, the mechanisms require further work and engagement with industry. We are committed to continue playing an active role in this process.
Our members are addressing a variety of issues related to the Coronavirus escalation with useful public resources and dedicated web pages. We share some of the initiatives below.
Endeavor Bulgaria created a Covid-19 Data Room Crisis Response. The database of resources consists of a variety of sections: Facts and insights; General health; Capital raising during crisis; Coworking remotely; Endeavor entrepreneurs. Read more.
Kinstellar has established a firm-wide COVID-19 Legal Task Force with dedicated legal experts from across relevant sectors, and a dedicated Legal Response Hotline service. To further help you mitigate the impact of the pandemic on your business, Kinstellar has created this special online COVID-19 Resource Hub where you can find relevant insights, podcasts, webinars and other content focusing on important legal and strategy issues related to the COVID-19 crisis situation.
EY Bulgaria has set up a „Responding to COVID-19“ page to help you navigate through the disruption caused. You can find relevant and up-to-date insights on responding to volatility and building enterprise resilience. Read more.
New Balkan Law Office issued a publication on how to resolve a dispute during a COVID-19 emergency. Read more about the arbitration options in Bulgaria or abroad.
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