On 16/03/2021 the expected Call for Proposals for the grant action: support for start-ups of National Registry Elevate Greece, for the response to the Covid-19 pandemic, which was expected with great interest in the commercial sector that is currently significantly affected by the coronavirus pandemic (COVID-19), was published.

This action aims to strengthen the entrepreneurship and liquidity of start-ups/innovative SMEs (operating in Smart Specialisation/RIS3 sectors) of the National Register Elevate Greece Young Entrepreneurship, in the adverse context of the COVID-19 crisis, which has been exacerbated by the prolonged outbreak of the disease in the affected SMRs. The aid will take the form of a grant (working capital) to keep businesses viable and not to lose jobs.

Budget of the Action

60 million euros for all regions of the country.

The Action is co-financed by the European Regional Development Fund (ERDF) of the European Union and by national resources.

Beneficiaries of the Action

Beneficiaries of the Action, i.e. enterprises that may receive public funding under this Action, are innovative start-ups and small and medium-sized enterprises and meet the following criteria:

• be registered in the National Register of Start-ups/E.M.N.E. Elevate Greece, established and maintained in the General Secretariat for Research and Innovation, Directorate for the Support of Research and Innovation Actions/Department C' of Innovation
• the company's activity is compatible with an area of the national smart specialisation strategy RIS3
• be micro, small or medium-sized enterprises
• have started by 31.12.2020
• operate exclusively with one of the following types of enterprises of corporate/commercial character: IKE (private capital company), LTD, SA, based in the Greek Territory, or capital companies based abroad, which maintain a branch in Greece, as long as it has a Greek VAT number and is registered in the G.E.MI / General Commercial Registry
• operate within the Greek territory, i.e. have a Greek VAT number or a certificate from the G.E.MI/General Commercial Registry
• have submitted an income tax and VAT return (if they are subject) for the reporting year 2019 on time, in accordance with the tax legislation, or a Solemn Declaration for those businesses that choose 2020 as the reference year
• keep haplographic or duplicative books of n. 4308/2014
• no recovery order for previous unlawful and incompatible State aid is pending against them on the basis of a judgment of the European Union/EU or the Court of Justice of the European Union/CJEU

The above basic conditions for the participation of undertakings must be fulfilled in their entirety, as the non-satisfaction of one or more of them is a reason for rejecting the application for funding.

Elevate Greece Subsidy

The public funding covers working capital up to 80% of the company's expenses for the reference year (2019 or 2020) with a minimum grant amount of 5,000 euros and a maximum of 100,000 euros.

Beneficiaries choose the year in which they incurred the highest working capital expenditure, namely 2019 or 2020 on which the requested grant amount will be calculated.

The subsidy of the beneficiary enterprises with expenses equal to or greater than the amount of 125,000 euros amounts to 100,000 euros. Businesses shall not be subsidised if the result of the audit demonstrates a sum of costs of less than EUR 6 250.

The amounts on which the exact grant amount will be calculated are derived from the sum of:

• purchases of goods for use
• the markets for raw and use materials
• of the total costs of providing services
• of the total rents paid in the financial year by the enterprise
• total benefits to workers (other than those employed in agricultural biological activities)
• miscellaneous operating expenses

The paid-up working capital should have been used up in 2021.