Bulgarian Development Bank Introduces Digital Platform for SME Financing and Coaching, Built by Software Group

The Bulgarian Development Bank (BDB) presented publicly its new digital platform called Business Booster, which aims to support small and medium-sized businesses in the country by providing them with free business training, online financing and e-commerce tools to start, finance and grow their businesses.

BDB indicated that while there are many Bulgarians with great business ideas they would like to support, until recently there was one obstacle - the fact that BDB did not have a branch network, but only headquarters in Sofia. The bank decided to turn the problem into an opportunity and this is how Business Booster was born.

Powered by Software Group, Business Booster is the first fully digital platform of such kind on the Bulgarian market, consisting of three modules – business academy, financing and e-commerce. It is built on Software Group`s DigiWave digital banking platform, including components such as digital onboarding, digital identity through an integration with Evrotrust, loan application, payments, 24/7 chat bot and more.

The business acumen module offers a full set of resources for launching and growing a successful business: from detailed information on choosing the company’s legal form, the documents and fees required, to an interactive easy-to-follow wizard for creating a professional business plan. In a dedicated success stories section, applicants can find inspiration and real examples about other entrepreneurs that made their dream come true. These educational resources can be accessed by any user, regardless of whether they will apply for financing from BDB or another bank.

The financing module includes multiple lending products explained and made more accessible through a fully digital application process. Tools like instant fee calculator, electronic signature and online payment portal, make the process truly easy and seamless.

The e-commerce store provides entrepreneurs with a much-needed place for distribution of their products and services. This is enabled through a DIY builder with ready-made modules, pre-integrated payment methods, inbuilt invoicing, language versions, responsive design and more. 

Thanks to the platform, the application and registration time is reduced from 5 days to 1 hour, and the loan consideration and approval - from more than 2 weeks down to 1-5 days, all done entirely online.