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Economy

EU Approves €60M Programme to Support Greek Start-Ups

BRUSSELS — The European Commission has approved the Greek development and investment ministry's 60-million-euro invitation addressed to micro, small and medium-sized enterprises, offering support for businesses affected by the pandemic.

According to an announcement by the ministry, the invitation is expected to be announced soon and will target very small, small and medium-sized enterprises registered in the National Register of Start-ups "Elevate Greece", or who register there before submitting their application for funding up unitl September 30, 2021. The businesses must have launched their activity by December 31, 2020 and be active in areas of Smart Specialisation / RIS3 and in the affected sectors.

State support will be provided in the form of direct grants to help ensure adequate working capital for businesses. The amount of the grant can be up to 80 pct of the working capital expenditure for the reference year 2019 or 2020.

Public funding of companies will range from 5,000 to 100,000 euros.

The Commission has found that the invitation is in line with the conditions set out in the Provisional Framework for State Aid measures to support the economy during the current outbreak of COVID-19.

Development and Investment Minister Adonis Georgiadis stated:

"Not only has the pandemic not stopped our efforts to support investment, but new tools, such as the approval of start-up loans, are being added to our weapons for future economic prosperity."

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