Call for ETEAN funds

An invitation to small and medium-sized enterprises to make use of ETEAN funds amounting to EUR 60 million. which with leverage can reach EUR 120 million. ευρώ, απεύθυνε το πρωί της Δευτέρας ο πρόεδρος και διευθύνων σύμβουλος του Mr. Κώστας Γαλιάτσος κατά τη διάρκεια συνέντευξης τύπου που έδωσε από κοινού με τους προέδρους της ΕΣΕΕ and GSEBEE. "Κάθε μέρα που περνά όσο δεν δίνονται αυτά τα χρήματα κλείνουν επιχειρήσεις", είπε ο ίδιος ο οποίος σημείωσε πως έως το τέλος Σεπτεμβρίου θα πρέπει να έχουν εκταμιευθεί τα συγκεκριμένα ETEAN funds ενώ οι εγκρίσεις θα πρέπει να δοθούν έως τα μέσα Ιουλίου. In the event that this money is not used, it is returned as unabsorbed.

Mr Galiatsos announced the transformation of ETEAN into a Development Fund with the aim of providing microcredit, participating in the share capital of companies and granting loans and guarantees. When asked by Capital.gr whether there is a specific timetable for the creation of a Development Fund and whether there is approval from the Institutions, Mr. Galiatsos said that the issue is in consultation with the Institutions, stating characteristically "the good news will not take more than a month."

The programs for ETEAN funds that are currently "running" through which SMEs can receive funding are the following:

1. Business restart (TEPIX) funds of ETEAN

- Working capital loan:

Loan amount 10,000 – 300,000 euros, repayment term of 48 months and interest rate of 50% of the current bank interest rate of the business.

- Loans for investment purposes:

Loan amount 10,000-800,000 euros, with a repayment term of 5 to 12 years and the possibility of a grace period of 6 months to 12 years and an interest rate of 50% of the current bank interest rate of the business.

2. Island Tourism Entrepreneurship (TEPIX) - Investment loans to island businesses

- With fewer than 3,100 inhabitants:

Ύψος δανείου 10.000 – 30.000 ευρώ με συνεπένδυση 70% από το ΕΤΕΑΝ και 30% από την επιχείρηση. Διάρκεια αποπληρωμής έως 4 έτη και επιτόκιο 0%.

- With more than 3,100 inhabitants:

Loan amount 10,000 – 30,000 euros with co-investment of 70% by ETEAN and 30% by the company. Repayment term of up to 4 years and interest rate of 2.8% fixed.

3. Tepix Guarantee Fund

• 70% guarantee on loans (for investment projects) amounting to 10,000-800,000 euros. Duration from 5 to 10 years, with a grace period of 6-24 months.
• 80% guarantee, in loans against a grant from an approved investment plan of state aid programs (NSRF & Investment Law), in the amount of 10,000-500,000 euros. Duration from 24-36 months, with a grace period of 6 months.
• 70% guarantee on business development loans and/or loans for financing mature investment projects; in the amount of 10,000-800,000 euros. Duration 2-10 years, with a grace period of 6-24 months.