The decision to include the operation “Entrepreneurship Fund III (TEPIX III) – Natural Disasters Recovery Microloans Fund” in the Competitiveness Programme has been published.
The Microloans Fund seeks to facilitate access to capital of up to €25,000 for professionals and enterprises operating in the Thessaly Region impacted by natural disasters.
The loans will provide financing to existing small and micro enterprises and entities over one year provided they have their registered offices or branch of their main or secondary activity in the Thessaly Region.
The Fund will provide risk-sharing loans to cover either investment costs or special purpose working capital needs.
The Fund will provide interest-free financing at a rate of 75% while the remaining 25% is covered by financial institutions (FIs).
No real collateral is obtained to grant the loan.
The Fund’s total budget is €10 million and it is expected to create a loan portfolio of €12 million that is expected to support at least 480 enterprises in the Thessaly Region.
The Action is co-financed by the European Social Fund+ and national resources as part of the 2021-2027 Competitiveness Programme, is being implemented by Hellenic Development Bank and has the overriding objective of bolstering employability in the affected area.
