Nearly 90 per cent of Bulgaria’s small and medium-sized businesses never applied for European funds.

The data features in a report presented during the Finances for All FinExpo in the National Palace of Culture in Sofia, Novinar newspaper reported.

Lack of resources and unwillingness to participate because of the numerous bureaucratic procedures featured among the main reasons for the small number of companies applying for European funding.

Research showed that nearly 41 per cent of the small businesses were unaware of the application procedure.

Of all polled companies, 28.4 per cent said that they lacked sufficient information on European programmes in general.

The FinExpo is taking place until December 8. Banks, insurance companies and pension funds are taking part in it.