Fund For Local Authorities and Governments in Bulgaria - Nalas
Fund For Local Authorities and Governments in Bulgaria - Nalas
Fund For Local Authorities and Governments in Bulgaria - Nalas
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Lend<strong>in</strong>g process<br />
Investment<br />
project<br />
Project<br />
development<br />
Municipal Council<br />
The municipal council approves the borrow<strong>in</strong>g by<br />
sett<strong>in</strong>g the loan upper limit, <strong>in</strong>terest rate <strong>and</strong> fees,<br />
type of currency, maturity <strong>and</strong> repayment<br />
schedule/sources.<br />
The mayor submits the loan application form to FLAG<br />
through the Manag<strong>in</strong>g bank.<br />
Manag<strong>in</strong>g Bank<br />
Assesses the application form <strong>and</strong> the support<strong>in</strong>g documents.<br />
The bank assesses the credit history of the borrower, its<br />
f<strong>in</strong>ancial situation for the last three years <strong>and</strong> its<br />
creditworth<strong>in</strong>ess related to the project to be f<strong>in</strong>anced. As a<br />
result the bank develops a proposal for approval/rejection of<br />
the loan application <strong>and</strong> sets a proposed risk component.
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