Four financing programs totaling €2.5 billion are included in its “Know your customer” initiative Hellenic Development Bank which was presented today at an event in the presence of the Prime Minister, Kyriakos Mitsotakis.

The program will provide access to bank lending to 60,000 small and medium-sized businesses that are sound and aware but were excluded from banks due to size.

“We had a real problem and we are presenting the solution. When people see the ease with which this solution works, the economy will turn the page. The loans will add strength that the economy needs,” said Minister of Development and Investments Adonis Georgiadis.

As the managing director of the Hellenic Development Bank pointed out, specifying the program, Athena Hatzipetrouthe “Know your customer” platform will be interconnected with AADE, EFKA and Teiresias in order to certify the tax, insurance awareness and solvency of the businesses concerned.

On the same platform, entrepreneurs will submit their business plans in a standardized form and declare the banks they want to approach, while there will be barriers aimed at the banks’ response.

The programs included in “Know your customer” are:

  1. Green co-financed loans with partial subsidization of the interest rate for small and medium enterprises active in the fields of energy efficiency/transition as well as in the development of RES. They are loans of 80,000-8 million Euros with 40% co-financing from the program and 60% from the bank, and a duration of 5-10 years.
  2. Digital upgrade loans of 25,000-1 million Euros with 40% co-financing from the program and 60% from the bank and a duration of 2-10 years for digitalization of activities with the aim of increasing productivity.
  3. Loans of 10,000-1.5 million Euros for working capital with 40% co-financing from the program and 60% from the bank, duration 2-5 years with the aim of dealing with increased energy costs and protecting jobs.
  4. Loans of 50,000-10 million Euros for businesses that have joined the development law with a fund guarantee of 80%, lasting up to 10 years.

A key advantage for businesses is that the part of the loan co-financed by the bank is interest-free, resulting in a 40% lower final interest rate.

The four programs will be announced in a month as the invitation to participate to the banks was issued today. As Ms. Hatzipetrou clarified, the “Know your customer” platform will remain active in all the bank’s announcements from now on.

The presentation was attended by Deputy Minister of Development and Investments Nikos Papathanasis, HDB President Giorgos Zavvos and Vice President Pantelis Tjortzakis