OR Hellenic Development Bank (EDB) announced that the submission of applications for funding from the new Natural Disaster Recovery Microloan Fund at Thessaly in the context of TEPIX III. Specifically from October 30 interested parties can submit their applications on the platform Know Your Customer (KYC) of EATA.

It is a specialized financial tool that aims to directly support micro and small businesses in the Region of Thessaly that were affected by the bad weather Daniel.

With a budget of 12 million Euros, the program is financed by the “Competitiveness” Program with the co-financing by the European Social Fund (ESF+) and offers extremely favorable financing terms for business recovery.

The Microloan Fund offers microloans from €3,000 to €25,000 with extremely favorable terms:

• Interest-free financing for 75% of the loan
• Repayment period from 1 to 8 years
• Grace period up to 6 months
• No collateral
• Additional grant of €900 per VAT number for business guidance services (Mentoring)

An important advantage of the program is the fact that funding is provided regardless of whether or not there is material damage or a request for assistance.

The program is aimed at very small and small enterprises (SMEs), very small entities and self-employed people of the Region of Thessaly.

Businesses can use the loan to cover mainly working capital, but also partly investment costs, as long as these do not exceed 40% of the loan. Eligible are expenses incurred up to 6 months prior to submitting the funding request.

Those interested can submit their Funding Application either by physical visit or electronically to the cooperating Funding Organizations (Credits
Institutions and Microfinance Institutions).

The Deputy Minister of National Economy and Finance, Mr. Nikos Pathanasis, underlined: “In the context of the wider actions of the Government with the aim of supporting Thessaly – as these were captured from the first moment by order of the Prime Minister Kyriakos Mitsotakis – but also of the importance we attach to the strengthening of entrepreneurship, through and through the programs of the Hellenic Development Bank, we are proceeding with the implementation of another SME financing tool, and indeed with particularly favorable terms. With the same determination and efficiency, we continue to use every euro available for the benefit of society and the economy, so that no one is left behind and social progress is combined with individual prosperity.»

The Managing Director of ETA, Mrs. Ismini Papakyrillou, stated:

“The launch of the Natural Disaster Recovery Microloan Fund for Thessaly – TEPIX III, is an important step in supporting the small and very small businesses of Thessaly that were affected by the recent natural disasters. It is an important initiative to support the local economy, offering the affected businesses of Thessaly the necessary financial support and guidance to recover and continue their activity. The Hellenic Development Bank remains a pillar of support for small and medium entrepreneurship, at every critical moment.»

For more information and the list of eligible KAD, those interested can visit the website of the Hellenic Development Bank (HDB) www.hdb.gr on the Fund’s page.