The Euopean Investment Fund (EIF) has launched a new initiative across Greece, by allocating a €500 million fund for companies, which will be managed by five leading local banks (Attica Bank, Eurobank, National Bank of Greece, Piraeus Bank and ProCredit Bank). The scheme, announced by Prime Minister Mitsotakis last year, will improve access to finance and accelerate investments to enhance competitiveness and foster greater entrepreneurship. Companies will soon be able access the four-year programme by contacting branches of participating banks following technical agreements. These guaranteed, low-interest investment loans will allow Greek SMEs to make necessary investments so they can better face upcoming changes in markets, all while benefiting from lower interest rates, reduced collateral requirements and reduced fees, depending on their investment focus.
As small and medium enterprises are facing numerous challenges, navigating their way through the economic aftermath of the pandemic, this new initiative should provide the necessary liquidity for SMEs looking to expand their working capital and extend favourable-term investment loans, so as to support the transition of Greek SMEs to a post-COVID era of growth.
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Source: European Investment Fund (EIF)
