The European Commission has approved € 1.14 bln to address the effects of the coronavirus crisis in the Greek economy through the funding of entrepreneurship support actions.
Brussels: 13 July 2020
The € 1.14 bln of EU Cohesion policy funds are aimed at financing actions supporting Greek SME’s through the “Competitiveness, Entrepreneurship and Innovation” Operational Programme (OP).
It is foreseen that approximately 90,000 small and medium enterprises will benefit from the grant scheme. Out of the € 1.14 bln available, some € 600 mln are disbursed in the form of grants, with the remainder as financial instruments.
The grant scheme will apply to the whole territory of Greece and will be open to SMEs from sectors affected by the coronavirus outbreak. The scheme is designed to support the liquidity of SMEs facing temporary difficulties as a result of the coronavirus outbreak.
According to the European Commission, Greece has very quickly set up a comprehensive framework for crisis response measures and, since April, launched four business support schemes:
loan guarantees to businesses through the creation of a Guarantee Fund for working capital loans;
interest subsidy of existing SME loans;
interest subsidy of new SME working capital loans;
repayable advance scheme in the form of grants to SMEs.
Navigator Consulting Group provides Investment Advisory and Strategic Management services for companies in Cyprus, Greece and internationally.
For further information, please contact:
Philip Ammerman
Managing Director
Sources:
Greek Travel Pages. 14 July 2020
European Commission. 13 July 2020