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New ESIF ERDF Guarantee Fund initiative in Greece

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    Date: 09 June 2020 - 20 July 2020

The new ESIF ERDF Greece Guarantee Fund mandate is the third ESIF mandate signed with the Hellenic Government during the current programming period, following EquiFund and the ESIF EAFRD Greece FoF. It is funded under the Operational Programme ESIF-ERDF “Epanek” and national co-financing resource, for a total amount corresponding to EUR 100 million.

The initiative’s objective is to provide better access to finance for small businesses who are the final recipients of the programme. This is achieved through loss protection provided by the EIF to financial intermediaries via capped (counter-) guarantees for portfolios of newly originated loans or leases in all business sectors in Greece. Each financing transaction included in the portfolios of our intermediaries will be covered to a guarantee rate of up to 80% and losses capped at up to 25% of the guaranteed part of the portfolio, covering expected loss.

The Hellenic Government through its Managing Authority OP has dedicated part of their budgetary resources co-financed by the European Regional Development Fund (ERDF) to setting up this new Guarantee Fund. The EIF as manager of the Fund channels these resources towards financial intermediaries selected through the application process described below.

The initiative’s investment board approved the Call for Expression of Interest to Financial Intermediaries on 2 June 2020, which completed the first phase of the Guarantee Fund’s activation, making available EUR 100 million of financing that is expected to create SMEs loan portfolios of up to EUR 465 million.

Who is eligible to become financial intermediary under this call?

This Call for Expression of Interest is addressed to public or private credit or financial institutions, in each case, duly authorised to carry out lending activities according to the applicable legislation, which shall be in all cases established and/or operating in Greece. For the complete set of eligibility and other criteria, please refer to the call documents.

How to apply?

Eligible and interested credit or financial institutions shall download the complete documentation below and submit their application package by 20 July 2020 (6 weeks from the date of the Call publication, date of receipt by the EIF). Only applications that are fully responding to the requirements set out in the Call for Expression of Interest will be considered.

The document includes important information about the ESIF ERDF Greece GF financial instrument, the eligibility and exclusion criteria for financial intermediaries, the selection process, and the template for expressions of interest. Expressions of Interest will be processed on a continuous “first come, first assessed" basis according to the selection process described in the Call.

 

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