In the context of the "Business Financing" Action of the Entrepreneurship Fund II (TEPIX II) it aims to promote entrepreneurship, to facilitate the access of very small, small and medium enterprises to financial mechanisms, as well as to strengthen the investment activity of the country.

As part of the action, loans are to be granted with favorable terms, since the 40% of the capital of each loan is interest-free, as it is financed by the

Entrepreneurship Fund II, of ETEAN S.A.

The Action's resources amount to 366 million euros, which are provided by the Entrepreneurship Fund II which was financed for this purpose by the Operational Program "Competitiveness, Entrepreneurship, Innovation" (EPANEK). In addition to the capital to be paid by the "Entrepreneurship Fund II", partner banks contribute to each loan 60% with a co-investment ratio of 1.5 (partner bank) : 1 (TEPIX II).

Therefore, the proposal is assessed as partially implemented.

Eligible for submitting a request for inclusion in the action are those under establishment, newly established, new and existing, very small, small and medium-sized enterprises of the eligible economic sectors that develop sustainable business activity in the Greek territory.

The loans offered are of two categories:

Special purpose business development loans (working capital) of €10,000 to €500,000 with a repayment period of up to 60 months and the possibility of a grace period of up to 6 months.
Investment loans of € 25,000 to € 1,500,000 with a repayment period of 5-10 years and the possibility of a grace period of up to 2 years. The loans concern either independent or investment projects that were included in state aid programs and have not been implemented.

Also, in the context of financing from the Hellenic Development Bank-HDB, the new financial tools include:

"Development Loan Financial Instrument" Within the framework of the new Development Law, an innovative financial tool is designed aimed at the very small and small as well as newly established businesses that lack sufficient historical financial data to obtain financing independently. With the guarantee of the Hellenic Development Bank, the inclusion of these businesses in the new development law 4887/2022 is facilitated, providing solutions not only for long-term lending but also for bridge financing of the grant.

"Green Guarantee Fund for Sustainable Development" The program supports investments focused on renewable energy sources, energy saving and the field of electrification infrastructure.

"Digital Guarantee Fund for Sustainable Development" Supports the upgrading of digital infrastructures and digital transformation solutions of businesses, in order to optimize their competitive advantage.

"Agricultural Entrepreneurship Microloans Fund" for the financing of investment loans with small loans of up to 25,000 euros to agricultural and manufacturing enterprises. Additional 100% interest subsidy for two years and consultancy coverage.

In addition, since last June, HDB has been implementing the new 'Innovation Fund' which combines the provision of an investment loan guarantee with the provision of a grant for the successful achievement of innovation and ESG criteria.

However, sharing the risk of low returns does not seem to apply to every scheme.

Therefore, the proposal is assessed as partially implemented.