Internal Market, Industry, Entrepreneurship and SMEs

COSME guarantee agreement: EUR 100 million for Greek SMEs

COSME guarantee agreement: EUR 100 million for Greek SMEs
Published on: 14/07/2016
The European Investment Fund (EIF) and the National Bank of Greece S.A. (NBG) have signed the first COSME guarantee agreement in Greece, benefiting from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.

The EU support will allow the NBG to provide EUR 100 million to over 350 small businesses in Greece, through the Investment Plan for Europe. The EIF will provide the NBG with a direct guarantee under the COSME programme with financial backing from the European Commission. This will allow the bank to launch three new loan products with substantially reduced collateral requirements and provide support to SMEs that would otherwise not have received financing.

Speaking at the signature ceremony in Athens, Chief Spokesperson of the European Commission, Margaritis Schinas, said: “This EFSI financing agreement signed by the EIF and National Bank of Greece today means new loans at good rates for over 350 Greek SMEs. This important deal – the second one to be signed in Greece – was made possible by the support of the Investment Plan for Europe. It is yet more proof that the Juncker Plan is working and reaching the people and businesses who need support the most. The SME financing part of the Investment Plan has shown such strong results in the first year that the Commission aims to scale it up as well as extending the lifetime of the EFSI.”

Full infographic on EU support for businesses in Greece

Businesses can contact selected financial institutions in their country. Find more details on the website access to finance