Development Programs

Guarantee Fund for COVID-19 Enterprises

Favorable terms of financing with a guarantee rate of 80% offered by the Guarantee Fund for COVID-19 of the Hellenic Development Bank.

Flexibility and immediacy in covering any company operational need by reinforcing its liquidity with the Hellenic Development Bank Program, which offers an 80% guarantee rate from the Guarantee Fund for COVID-19.

Eligible enterprises

Small and Medium Enterprises (SME) and Large Enterprises of all legal forms (apart from offshore companies, holding companies, financial sector enterprises, Public organizations and their subsidiaries and local authorities and their subsidiaries) that meet the following standards:

  • Small, Very Small and Medium Enterprises (SMEs)
  • During the previous fiscal year, either their Annual turnover is lower than 50 million Euros or their balance sheet total do not exceed the amount of 43 million Euros.
  • During the year of reference, their Staff headcounts is less than 250 employees (the number is calculated in Annual Work Units, AWU)
  • Large Enterprises whose annual turnover and Staff headcounts exceed the size of a SMEs

Regardless of the size as defined above, for an enterprise to be eligible, the following criteria must also be met.

  • It must legally operate in Greece
  • It is not characterized as “problematic” (as mentioned in point 18 of article 2 of Regulation 651/2014), on 31.12.2019
  • It must be creditable according to the Bank’s credit policy and internal regulations.
  • It must not have overdue debts for more than 90 days either on the Contract date or on 31.12.2019
  • It must not meet the reasons for exclusion as defined on article 40 of law 4488/2017 (Government Gazette 138/139)
  • It must not have any pending recovery of previous illegal and incompatible state aid according to a decision of the EU
  • In the case that the enterprise has previously joined EAT (formerly ETEAN) programs that have expired or are in-effect, should not show adverse transactional behavior in debt repayment
  • It must not exceed the amount of State Aid as this is defined by the temporary framework for the state aid measures in order to support the economy during the pandemic period.
  • All taxation and insurance liabilities must be cleared by the disbursement date.