Hellenic Development Bank

Twelve banks have expressed an interest in participating in the Third Entrepreneurship Fund (TEPIX III), a program of the Hellenic Development Bank (HDB), which will leverage around 2.4 billion euros in new loans to small and medium-sized enterprises (SMEs) and which starts after Easter, HDB Chief Executive Ismini Papakirillou announced on Thursday.

The online platform where businesses can apply for loans with subsidized interest has opened.

On the platform, called "Know Your Customer," interested businesses can apply for loans ranging from €10,000 to €1.5 million from the Business Liquidity Fund, which was reactivated by the Hellenic Development Bank.

As of Thursday all small and medium-sized businesses have access to up to 75% cheaper loans compared to the average interest rate applying today, which is between 7% and 9%, through the three new funds launched by the Hellenic Development Bank (HDB), becoming available by all commercial banks.

More than 60,000 enterprises currently excluded from banking loans will acquire access to banks through the new tool "Know Your Customer" created by Hellenic Development Bank, which was presented on Friday during an event attended by Prime Minister Kyriakos Mitsotakis and the leadership of the Development and Investment Ministry.

Over 60,000 small enterprises that have been excluded from accessing banking loans will now have access to financial support through a new tool called "Know Your Customer," created by the Hellenic Development Bank (HDB). The tool was presented during an event attended by Prime Minister Kyriakos Mitsotakis and the leadership of the Development and Investments Ministry on Friday.

Greek Prime Minister Kyriakos Mitsotakis is scheduled to attend an event on Friday to discuss the three-year progress of the Hellenic Development Bank (HDB) and its future plans. The event will take place at 10.00 in the morning.

Banks will issue loans up to 50,000 euros each to very small enterprises with an annual turnover of no more than €200,000 in the context of the new Guarantee Fund of the Hellenic Development Bank that is expected to start operating in early March.

The Greek government channeled 12.2 billion euros into the real economy in 2020 as part of its support measures and is currently working on designing new measures and updating others to help enterprises cope with the consequences of the pandemic crisis.

Almost four out of five loan applications (78%) submitted by companies in the second phase of the Guarantee Fund, an initiative that started on November 17, have been approved by the credit sector.

In just over six weeks, Greek banks have approved the issue of loans to 7,470 enterprises, of which 7,360 are small and medium-sized firms and the remaining 110 are large ones.

The Greek credit sector has received a cheap liquidity boost this year of 40 billion euros from the European Central Bank that has flooded the market with cash aimed at supporting enterprises and households in the face of the pandemic.