{"id":10157,"date":"2023-03-03T15:48:17","date_gmt":"2023-03-03T15:48:17","guid":{"rendered":"https:\/\/dev-espa.summerize.io\/recovery-fund-new-programmes-for-smes-and-review\/"},"modified":"2023-07-13T12:38:15","modified_gmt":"2023-07-13T12:38:15","slug":"recovery-fund-new-programmes-for-smes-and-review","status":"publish","type":"post","link":"https:\/\/espa.io\/en\/recovery-fund-new-programmes-for-smes-and-review\/","title":{"rendered":"Recovery Fund: New programmes for SMEs and review"},"content":{"rendered":"\n<p><strong>Three new programmes<\/strong> for the <strong>strengthening<\/strong> of <strong>small and medium-sized<\/strong> <strong>enterprises <\/strong>will run their <strong>in the coming<\/strong> <strong>months<\/strong> with resources from the <strong>Recovery<\/strong><strong>Fund<\/strong>. At the same time, the Ministry of Finance is preparing the <strong>first<\/strong> programme <strong>review<\/strong> <strong>\n  <a href=\"https:\/\/greece20.gov.gr\/\" target=\"_blank\" rel=\"noreferrer noopener\">Greece 2.0<\/a>\n<\/strong>. The revision will  <strong>presented<\/strong> in <strong>European<\/strong> <strong>Commission<\/strong> with <strong>shifting<\/strong> <strong>resources<\/strong> to <strong>more<\/strong> <strong>dynamic<\/strong> <strong>sectors<\/strong>.<\/p>\n\n<p>In particular, the programmes that will be launched in the coming period for SMEs are:<\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>The Business Economy. It concerns <a href=\"https:\/\/espa.io\/en\/c\/energy\/\" target=\"_blank\" rel=\"noreferrer noopener\">energy saving and self-production<\/a> and is due to open in the coming weeks. <\/strong><\/li>\n\n\n\n<li><strong>A new financial instrument. It will come out in the first quarter of the year, where 2.5 billion. of loan funds will be channelled to SMEs by <a href=\"https:\/\/investeu.europa.eu\/index_en\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">InvestEU.<\/a> <\/strong><\/li>\n\n\n\n<li><strong>The second cycle of <a href=\"https:\/\/espa.io\/en\/c\/processing-of-agricultural-products\/\" target=\"_blank\" rel=\"noreferrer noopener\">agro-processing<\/a> &#8211; given the high interest registered in the first cycle.<\/strong><\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\" id=\"h-&#x3C4;&#x3B1;-&#x3C6;&#x3B8;&#x3B7;&#x3BD;&#x3AC;-&#x3B4;&#x3AC;&#x3BD;&#x3B5;&#x3B9;&#x3B1;-&#x3B1;&#x3C0;&#x3CC;-&#x3C4;&#x3BF;-&#x3C4;&#x3B1;&#x3BC;&#x3B5;&#x3AF;&#x3BF;-&#x3B1;&#x3BD;&#x3AC;&#x3BA;&#x3B1;&#x3BC;&#x3C8;&#x3B7;&#x3C2;\"><strong>The &#8220;cheap&#8221; loans<\/strong> <strong>from the Recovery Fund<\/strong><\/h2>\n\n<p>At the same time, the <strong>loan<\/strong> <strong>component of<\/strong> the <strong>Recovery Fund<\/strong> is also <strong>progressing<\/strong>. As Deputy Finance Minister Theo Skylakakis said last week, <strong>loan<\/strong> <strong>agreements<\/strong> have already been <strong>signed<\/strong>,  <strong>a budget of more than 3 billion euro.<\/strong> At the same time, there is <strong>plenty of room<\/strong> for <strong>interested investors<\/strong>, up to the amount of <strong>25-30 billion euro projects<\/strong>, which can cover the loan part of the Fund. He estimated that in the first half of the year, <strong>loan<\/strong> <strong>contracting<\/strong> will reach up to <strong>\u20ac10 billion euros<\/strong>.<\/p>\n\n<p><strong>Interest in<\/strong> the loan component of the Recovery Fund <strong>remains high<\/strong>. This is because the <strong>loans<\/strong> are given on <strong>particularly favourable terms<\/strong> compared to <strong>traditional<\/strong> <strong>bank<\/strong> <strong>financing of<\/strong> businesses. According to the most recent data of the Ministry of Finance, the <strong>average interest rate of the signed loan agreements<\/strong> <strong>is 1.2%<\/strong>. <strong>Bank lending rates<\/strong> to businesses reached <strong>4.5-5% in November<\/strong>, according to the Bank of Greece.<\/p>\n\n<p>The <strong>big bet<\/strong> remains the <strong>further strengthening small and medium-sized enterprises<\/strong>. In this context, <strong>role in loans from the Recovery Fund<\/strong> which so far only the four systemic banks are &#8220;running&#8221;, <strong>claim<\/strong> and the <strong>cooperative banks<\/strong>. Last week the Association of Cooperative Banks of Greece sent a letter to the Ministry of Finance requesting the <strong>direct access of Co-operative Banks to the financial instruments of the Recovery Fund.<\/strong> The aim is to <strong>strengthen low-interest financing for local businesses<\/strong>, through the competitive conditions set by the Fund.<\/p>\n\n<p>&#8220;The <strong>access of<\/strong> the <strong>Cooperative Banks<\/strong> will <strong>mitigate the unequal competition<\/strong> suffered by local small and medium enterprises and will <strong>allow<\/strong> them to <strong>participate in<\/strong> <strong>cheap capital<\/strong> that will make them competitive and able to compete in domestic and international markets&#8221;, the Association said.<\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Business attitudes and the review<\/strong><\/h2>\n\n<p><strong>But how are Greek businesses dealing with the Recovery Fund?<\/strong> According to a recent Deloitte survey, they believe it <strong>represents a significant opportunity<\/strong>. But the <strong>majority of<\/strong> <strong>them<\/strong> do <strong>not<\/strong> <strong>know<\/strong> <strong>much<\/strong> about the programme. In particular, <strong>more than 9 out of 10<\/strong> businesses that participated in the survey <strong>consider the programme to be a strategic and necessary tool<\/strong> to support entrepreneurship recovery policies in Greece. However, <strong>only 40%<\/strong> claimed to <strong>know &#8220;very&#8221; or &#8220;very<\/strong> well&#8221; about the <strong>Greece 2.0<\/strong> programme and what it includes. In other words, <strong>6 out of 10 businesses have little or no knowledge<\/strong>, so there is a clear risk of being excluded.<\/p>\n\n<p>However, the aim of the Ministry of Finance is to continue the <strong>utilization of<\/strong>  <strong>resources<\/strong> at a rapid pace but also to <strong>increase<\/strong> the <strong>information<\/strong> available to the <strong>businesses concerned<\/strong>. In this context, last week the Deputy Finance Minister participated in information events on the Opportunities and Prospects of <strong>Greece 2.0<\/strong>, which were held in Kavala and Serres.<\/p>\n\n<p>There, Mr. Skylakakis, among others, spoke about the <strong>proposal for the revision of Greece 2.0<\/strong>, which will be presented to the Commission in the coming months. Among other things, it will provide for <strong>more reforms and a shift of resources<\/strong> to programmes with <strong>increased potential<\/strong>, as shown by absorption.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three new programmes for the strengthening of small and medium-sized enterprises will run their in the coming months with resources from the RecoveryFund. At the same time, the Ministry of Finance is preparing the first programme review Greece 2.0 . The revision will presented in European Commission with shifting resources to more dynamic sectors. In 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