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Industry recommendations during Covid-19

Last updated on 27 April 2020.

On a National level

In an open letter to the Bulgarian Government, BVCA together with the association of start-ups BESCO, MOVE.BG and Endeavor Bulgaria addressed concrete proposals in favour of start-ups and scale-ups in the country during the Covid-19 crisis. The proposals were oriented towards ensuring a smoother transition of such companies during the pandemic. The organisations behind the letter represent members of the ecosystem including entrepreneurs, companies and investors. One of the key proposals we see at BVCA is the need for a quick and easy-to-use mechanism for SMEs access to liquidity in times of crisis.

Read the full letter here. (in Bulgarian)

In light of the letter by the Coalition, BVCA addressed the Government with a follow-up letter with specific recommendations covering the entrepreneurial and investment ecosystems.

It consists of further details on:
  • The impact of the Covid-19 crisis on Small and Medium-Sized Companies (SMEs);
  • EU Policy measures and recommendations;
  • Successful Government models in Bulgaria with a good track record of supporting SMEs;
  • Concrete recommendations to Fund of Funds Bulgaria (FMFIB).
Read the letter by BVCA here. On 13 April 2020, the association of start-ups in Bulgaria, BESCO, in partnership with BVCA, launched a report on the impact of the Covid-19 crisis on Small and Medium-Sized Companies (SMEs). The takeaways from the report stated significant risks of bankruptcy for the majority of companies in Bulgaria and continued accentuated on the need of liquidity for SMEs. Read the full report here.
On a European level

Invest Europe, of which BVCA is an honorary member, has addressed the European Commission to provide support in formulating appropriate policy measures affecting investment and SMEs in the EU. In summary, Europe’s largest investors are calling for the following actions on European and national levels:

  • Setting benchmarks and addressing recommendations to Member States to develop the most efficient practices to support businesses, particularly start-ups.
  • Relaxing existing state aid rules for companies backed by private equity and venture capital firms.
  • Taking all necessary steps to provide liquidity and to stabilise markets, for example through the use of existing EU funds.
  • Continuing to provide support to venture funds, and the companies they invest in, through the existing EU public programmes and the EIF.


In April, we have 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.

Read the full letter here.

Invest Europe is the world’s largest association of private capital providers. It represents Europe’s private equity, venture capital and infrastructure investment firms, as well as their investors, including some of Europe’s largest pension funds and insurers.

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