The Ministry of Digital Governance and the Hellenic Development Bank announced the opening of the first Loan Guarantee Fund for Audiovisual Production Companies.
In this way, the Hellenic Development Bank-HDB implements initiatives to support specific sectors of Greek entrepreneurship with the aim of expanding the number of companies financed by the banking system.
This is the first Loan Guarantee Fund for Audiovisual Production Companies, with a total potential loan budget of 62.5 million euros.
Each beneficiary company has the opportunity to apply for a bank loan, in the two cooperating Banks (Piraeus Bank and Optima Bank) amounting from 25,000 euros to 900,000 euros, to cover the needs either in working capital or for the financing of investment projects.
The Audiovisual Production Loan Guarantee Fund provides an 80% guarantee on the loan amount.
This facilitates access to the banking system to a much larger number of companies. With the guarantee of the Guarantee Fund, the beneficiary company enjoys either a lower interest rate on the loan or less (or no) collateral.
According to the terms of the loan:
• Banks will not require collateral for loans up to 50,000 euros
• In all loans -regardless of their amount- the pre-notation of a permanent and unique residence is prohibited
Facilities for loan repayment are provided on favorable terms (grace period and long loan repayment period).
Beneficiaries of the Program
Small and Medium Enterprises active in the sectors:
• Production of movies, videos and television programs (KAD 59.11)
• Activities accompanying the production of movies, videos and television programs (KAD 59.12)
• Production of prototypes of computer game software (KAD 62.01.21)
• At the date of first disbursement of the loan they are tax aware and insurance aware.
• Companies which according to the application to the State Aid Information System (PSE) are not considered Problematic.
• They are considered creditworthy in accordance with current credit policy and internal procedures of credit institutions
• They are bank aware (they owe <90 days)
Duration of loans – guarantee
A. 5 years for Working Capital loans
B. 10 years for Investment Purpose loans (including any Grace Period)
The HDB Audiovisual Production Business Guarantee Fund is funded by the Public Investment Program (PIP).
The start date for the submission of applications by the interested companies to the PSKE, is Thursday 13.1.2022, at the electronic address https://www.ependyseis.gr/
Commenting on the launch of the program, the Minister of Development & Investment, Adonis Georgiadis, stated: “The Greek Government, through coordinated actions, is strengthening the production of audiovisual works in Greece. Today, through the Hellenic Development Bank, it creates an important development tool for audiovisual professionals. “Our goal is to make Greece an international film production center and we will succeed.”
The Minister of State and Digital Government Kyriakos Pierrakakis stated: “In recent years, Greece, which has always been a natural film studio, is evolving into an international destination for audiovisual producers. And this is due to the fact that a coordinated effort is being made to enhance the country’s natural advantage with financial incentives for productions. The Audiovisual Production Loans Guarantee Fund is added to the tools available to Greece in the field of audiovisual producers. Mainly, it comes to confirm the commitment of the Government to the practical support of Greek companies operating in the field. And this is clearly reflected through the process that we have designed and implemented, which is distinguished for its speed, functionality and transparency “.
Undersecretary of Development Giannis Tsakiris stated: “Another specialized financial product is coming to fill the financial gap in a growing and promising market in our country, the one that concerns the audiovisual media. With a drafted program, we proceed with the utilization and leverage of national and European resources in order not only to fill the gaps in the access of companies to financing, but to create the conditions for a sustainable development without exclusions. The Hellenic Development Bank is a pioneer again and proves that it can be the most important helper in the above effort “.
The President and CEO of the Hellenic Development Bank-HDB Athena Hadjipetrou stated: “The Audiovisual Production Loan Guarantee Fund is an important development tool for audiovisual professionals, an industry that is attracting more and more interest. We continue to implement our goals but also to support our role as the Hellenic Development Bank in creating better and more favorable conditions for the financing of Greek companies “.
Follow Skai.gr on Google News
and be the first to know all the news
.
