The Ministry of Development and Investments announced the activation of the new Investment Guarantee Fund to provide guaranteed investment loans to small and medium-sized enterprises.
The new Fund is managed by the European Investment Fund (EIF), which will act as guarantor of investment-purpose loans, up to 80 %. The Fund is co-financed by national and European funds amounting to EUR 100 million through the Operational Programme “Competitiveness, Entrepreneurship and Innovation” of the PA (Partnership Agreement for the Development Framework) 2014-2020.
With bank leverage, the Fund's budget will amount to EUR 500 million to support the liquidity of small and medium-sized enterprises and to finance their investment projects, with new low-interest loans, reduced collateral and a longer repayment period.
Interested parties will be able to apply for funding to the five financial institutions – Piraeus Bank, National Bank, Eurobank, Attica Bank and ProCredit Bank, with which the EIF has already secured business agreements. These financial institutions will make relevant announcements in the near future.
See here the detailed press release which includes statements by the Vice President of the European Commission, Margaritis Schinas, the Deputy Minister of Development and Investment, Yannis Tsakiris and the Managing Director of the European Investment Fund, Alain Godard.