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TEPIX III: Liquidity of EUR 2.2 billion for SMEs through the Development Bank - Athens Times

Athens Times

TEPIX III: Liquidity of EUR 2.2 billion for SMEs through the Development Bank

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As the consultant company NEPA Economic Consulting states, in its newsletter, the activation of TEPIX III with the participation and total budget of EUR 500 million, aims to support loans and guarantees totalling EUR 2.2 billion with the leverage of funds by banks. This new programme in cooperation with banks is moving in the right direction, since it is expected to give a strong boost to the market, NEPA Economin Consulting points out. The support of small and medium-sized enterprises – which are essentially the backbone of the economy – serves as a “spring” for the coveted development of the Greek economy and, ultimately, constitutes leverage for the growth of national GDP. More specifically, as it says, the TIFIX III provides loans with a two-year interest subsidy for both working capital and investment projects. The amount of investment loans starts from 20,000 and will reach up to 8m euros, while for working capital, the amount will start from 20,000 and up to 500,000 euros. The programme is aimed at existing and new SMEs, medium-sized enterprises that are tax and insurance information. Types of Loans – Investment Loans for the implementation of investment plans of enterprises, as described in the submitted Business Plan and certified by the presentation of supporting documents. – Special purpose capital loans in the context of business development or expansion, according to the submitted Business Plan and certification through the presentation of documents. Duration of loans – Investment Loans: From 5 to 12 years, including any grace period up to 24 months. – Special purpose capital loans: From 2 to 5 years, including any grace period up to 12 months. Geographical Distribution The loans will cover financing to enterprises operating within the Greek territory under an obligation to make every effort by EBA and the banking system to geographically cover the regions of the country, in accordance with the allocation of the resources of the Competitiveness Programme. Eligible Enterprises They are Small and Medium-sized Enterprises (SMEs), according to the definition set out in Annex I to the EC 651/2014, as applicable. For all actions – they operate legally in Greece (having the necessary license – if necessary). They shall be operated on any eligible CSD depending on the Sub-programme, in accordance with the EBA website Table Eligible CSDs – they shall respect the eligibility criteria and limits for cumulation of aid according to the State Aid Regulation applicable. – Credit institutions are deemed accepted according to the applicable credit policy and internal procedures of the Financial Institutions. – They have not received rescue or restructuring aid, or the firm has received rescue aid, but has repaid the loan and has broken the guarantee contract or the company has received restructuring aid, which has been completed. – They are not considered problematic (within the meaning of Article 1(4) and point 18 of Article 2 of Regulation No 651/2014, as applicable), at the time of granting the aid (at the level of a single undertaking). – They are banking information (i.e. with a delay of less than or equal to ≤ 90 days on the date of application to the OP). – There are no grounds for exclusion of Article 40 of Law 4488/17 (A 137/139/17), as applicable. – They are tax and insurance information, both at the time of submission of an interest request through EBA’s KYC, and at the time of disbursement of loans. In addition, they do not present any evidence of insolvency, according to the data kept by TERESIA SA, both at the time of the submission of an interest request through EBA’s KYC, and at the time of disbursement of the loans. – No recovery order is pending against previous unlawful and incompatible State aid based on an EU or WEU decision. – If they have joined EBA (formerly EIF) programmes that have expired or are in force, they have not shown adverse trading behaviour in the repayment of their debts (loan or outstanding debts for a period of more than or equal to 90 days) or have demonstrated adverse trading behaviour (loan notice) but have fully paid their debts before the submission of the application for funding or in the case of a guarantee programme, the amount of a guarantee debt has not been paid by EBA or if the debt in question has been established in the competent DOU, it has been entered into a scheme which continues to be in force at the date of the application for funding. – They have been registered on the Register of Real Beneficiaries under Article 20 of Law No.4557/2018 (I 139), as applicable, before the date of submission of a request for funding, except in cases of beneficiaries expressly excluded from the relevant obligation and providing relevant documentation. – They have completed the self-evaluation process for ESG Criteria at EBA’s ESG Tracker8, and have submitted to the IF when submitting the funding application the ESG Tracker Performance. TEPIX III is part of the implementation of the NSRF 2021-2027 Competitiveness Programme, co-financed by the European Regional Development Fund (ERDF) and managed by the Hellenic Development Bank (HDB).