In 1994, SEAF launched its second fund, the CARE Small Business Assistance Corporation Bulgaria (CARESBAC Bulgaria) in the newly democratic nation. At the time, the only available source of investment capital to private sector entrepreneurs was personal cash flows or loans from friends and family. Through CARESBAC Bulgaria, SEAF provided promising Bulgarian entrepreneurs with long-term patient equity and experienced business assistance to ensure the sustainable growth of their companies.
From an economic contraction in 1996 to the Balkan Crisis, Bulgaria experienced a rocky economic climate in the 1990s. CARESBAC Bulgaria weathered the crisis along with its portfolio companies, having invested nearly USD 6 million in 23 companies. Today, many of these companies have grown to become very successful and continue to provide much-needed local employment and other economic benefits to their communities. CARESBAC Bulgaria counts among its investments a leading ice cream manufacturer, a meat processing facility, and a frozen raspberry producer
