The Order "For Loyal Service Under The Banner" was instituted in 1994 and in 4 Classes. The higher two being on neck ribbons and lower two on chest ribbons. This is a solely military award and many contemporary Bulgarian long serving service personnel can be seen wearing them.
The award is constructed from plated copper and is designed to emulate the old imperial Cross "For Distinguished Service" and also features the Order "For Bravery" and a Bulgarian Helmet.
Here is a 4th Class on a trifold ribbon as was popular in Bulgaria during the Tsardom until 1950.
Here is the 3rd Class which has a straight ribbon. I am not sure if the ribbon variation is by choice of the recipient or a change in style or a budget issue.
Here is the 2nd Class on a replaced (and well used) ribbon similar to the one above.
When I purchased this (some years ago) I was told that the recipient had been a heavy drinker and had damaged his award whilst overly influenced by the drink. This would explain not only the loss of the original ribbon and heavy use of the replacement but also the damage to the bottom of the cross where it has been most likely dropped.
Of course someone could make up some cock and bull story that it is combat damage from SFOR or SFIR.
This award is not a republic level award but an award of the Ministry Of Defence which would explain why it is only awarded to serving or retired military personnel.
Bulgaria alike many other nations (looking at Russia particularly) now boasts a considerable number of ministerial awards.