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Economy

Georgiadis: First Funding Tool for Greek Small Businesses Has Been Activated

ATHENS – The first of the funding tools designed by the Development & Investments Ministry has already been activated to provide liquidity to businesses and mitigate the repercussions of the Covid-19 pandemic, Minister Adonis Georgiadis said on Thursday.

Georgiadis spoke during a joint presentation with Finance Minister Christos Staikouras, who announced additional help of 1 billion euros to small and medium-sized enterprises (SMEs), and Labor Minister Yannis Vroutsis. They detailed plans outlined earlier in parliament by Prime Minister Kyriakos Mitsotakis.

SMEs have already submitted a total of 8,336 applications to banks for operational capital from the development bank, and a total of nearly 1.3 billion euros in capital has been allocated from the tool to provide liquidity, Georgiadis said.

The plan will provide an interest rate subsidy for two years, along with an obligation to retain jobs until the end of the year.

A second program will activate in the middle of May for liquidity, providing a guarantee by the state of 80 pct of the loan. The maximum loan total will be 25 pct of a business's turnover, with an accompanying obligation to retain jobs.

This, he said, will concern companies that employ more than 250 workers as well.

 

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