Maclear Project Creativo
- Written by
- Just P2P
- •
- Updated November 24, 2025
Score C+
Bulgarian HR services company founded in 2021, CREATIVO EOOD provides comprehensive recruitment, employer of record services, and direct staff placement solutions. Operating from its Sofia headquarters, the company successfully serves both European and American markets with major enterprise clients including Chime Financial Inc., Coca-Cola HBC Bulgaria, and JTI Bulgaria.
The project finances the strategic shift from a subcontracting model to a fully integrated in-house team for executing a 2.5-year contract with Chime Financial. This operational transformation will substantially increase profit margins, improve service quality control, and strengthen the company’s competitive market position.
Investment terms
Loan requested : 1,300,000 €
Period : 12 months
Interest rate : 14.6%
Company contribution : xisting equipment (company assets and personal vehicles)
The loan represents about 53% of annual revenue and 6 times 2024 net profit, reflecting a major investment for this operational change. The signed Chime Financial contract guarantees stable revenues for 2.5 years, securing significant future business. The company contributes existing equipment valued at over 320,000 €, showing strong management commitment.
Risk metrics
Debt/Equity Ratio : 2.65 (High risk)
LTV (Loan to Value) : 165% (High risk)
Credit History Score : 8/10 (Good creditworthiness)
The debt/equity ratio of 2.65 shows high leverage, exceeding moderate risk limits. The 165% LTV indicates collateral value is well below the loan amount. The credit score of 8/10 shows good payment history. Together, these metrics indicate a high-risk profile requiring careful monitoring of repayment capacity.
Business profile
Geographic Location : Bulgaria (EU Member State)
Industry Sector : HR Services
Collateral Type : Business assets and equipment
Bulgaria provides significant competitive advantages through low labor costs, a skilled multilingual technical workforce, and well-established business process outsourcing infrastructure. These factors enable efficient cross-border service delivery to Western European and American markets, particularly for enterprise clients requiring strict regulatory compliance and complex staffing solutions.
The HR services sector shows sustained growth driven by digitalization, remote work expansion, and increasing demand for specialized technical professionals. The pledged collateral includes company vehicles and IT equipment directly used in daily operations, though the combined total value remains insufficient to fully cover the requested loan amount.
Positive / Risk factors
Positive factors
- Chime Financial contract signed
- Credit score 8/10 solid
- Revenue growth +14% 2024
- Net margins improving
- Prestigious established clients
- Experienced management team
Risk factors
- LTV 165% very high
- Debt/equity ratio 2.65
- Short 12-month repayment period
- Chime contract dependency
- High working capital needs
- Operational transition risk
Opinion Creativo
The C+ rating reflects high-risk metrics: debt/equity ratio of 2.65 and LTV of 165% both exceed safe thresholds. However, several factors reduce these risks: the signed 2.5-year Chime Financial contract guarantees revenues, credit history is good (8/10), and margins improved in 2024. The short 12-month repayment period remains concerning for this major operational change, placing the investment in a high-risk category despite its strengths.
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About the Author
Silvère is an economist and IT engineer with numerous years of experience in business management, FinTech investment and digital marketing. He invests mainly in crowdlending especially P2P lending, P2B lending, and real estate crowdfunding.