Small and medium-sized enterprises (SMEs) have access to an “immediate liquidity pool” of nearly 7.6 billion euros, enabling them to implement investment projects and secure the necessary working capital for their day-to-day operations.
This liquidity is provided through grants under NSRF funding programmes and the development law, through tax exemptions also provided under the development law, through loans from the Hellenic Development Bank and cooperating commercial and cooperative banks, as well as through private equity participation by funds managed by the Hellenic Development Bank.
First and foremost is financing from the Hellenic Development Bank, which either already has active financing tools in place or is expected to activate new ones in the immediate future, amounting to a total of 4.4 billion euros. However, these funds could increase by approximately 50% should the bank obtain pillar assessment certification and receive a transfer of 2 billion euros from the Recovery and Resilience Facility (RRF).
Alternate Minister of National Economy and Finance Nikos Papathanasis revealed in a recent exclusive interview with “N” that the pillar assessment is considered highly likely. The transfer of 2 billion euros to the Hellenic Development Bank, combined with banking leverage, could generate financing resources approaching 8 billion euros. Whether the certification will ultimately be granted is expected to become known by the end of August.
In the event of a positive outcome, a very substantial funding pool will become available for SME financing, either through loan funds or guarantee schemes. It should be noted that the financing instruments of the Hellenic Development Bank are addressed exclusively to SMEs.
Second in terms of available financing are the schemes under Development Law 4887/2022, as two active schemes presently provide available funding — including grants, subsidies and tax exemptions — totalling 300 million euros. Additional schemes targeting SMEs are also expected to be launched in the near future.
Within the framework of the NSRF, the principal financing programme for SMEs, the Operational Programme “Competitiveness 2021–2027” is nearing full allocation, as almost the entire budget of approximately 3.9 billion euros has already been committed. Nevertheless, applications remain open for two funding programmes with a combined budget of 120 million euros.
Meanwhile, the Hellenic Development Bank of Investments, through 42 new venture capital and private equity investment schemes, has made available a total of 2.75 billion euros for investments in SMEs via equity participation funds.
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