Pancreta Entrepreneurship > EU and National Development Programmes

EU and National Development Programmes

https://www.pancretabank.gr/en/businesses-professionals/eu-and-national-development-programmes

Business Financing – Entrepreneurship Fund (TEPIX II)

The Action aims at promoting entrepreneurship, facilitating the access of enterprises to financing, and reinforcing investments by granting loans with preferential terms.

The cost of loans granted under this specific action is particularly advantageous for businesses as, due to the co-investment relationship between the Funds and the banks {1:1.5 - 40% of the loan is funded by the Entrepreneurship Fund (TEPIX II) and the rest 60% by the Bank}, and given that the funds of the Fund for Entrepreneurship are interest-free, interest charges are limited to 60% of the bank loan interest rate that the business would be charged with at any given time.

The funding application is submitted by the interested companies electronically in https://www.ependyseis.gr/mis , by choosing Pancretan Bank as the co-operating bank. The application is printed and submitted to the Bank together with all other supporting documents of the Action.

TARGET CLIENTS	Newly-established and/or existing small and medium-sized enterprises of all legal forms (sole proprietorship, general partnership, limited company, SA) that fulfill the following requirements Their registered office is on Greek territory and the investment is made in Greece. They are small and medium-sized enterprises, i.e. they employ up to 250 employees and have an annual turnover up to 50 million euros or assets of 43 million euros. The aforementioned figures include any collaborating companies or affiliates. They do not exceed the aid limit set by the De Minimis Aid Rule. They are active in eligible NACE Classification Codes. They are up-to-date with regard to their tax and social security obligations.
LOAN CHARACTERISTICS	Two categories of loans are offered: Special purpose business development loans (working capitals). - loan amount: €10,000 - € 500,000, - loan repayment term: 24 up to 60 months, with a grace period of up to 24 months. Investment loans - loan amount: € 25,000- € 1,500,000 - loan repayment term: 5 to 10 years with the option for a grace period up to 36 months.
INTEREST RATE	A favourable interest rate is applied to only 60% of the loan* since the rest 40% is interest-free due to the Bank’s participation in the co-funding scheme with the Entrepreneurship Fund (TEPIX II). *plus the Law 128/1975 levy (today 0.60%), which is applied to the part of the amount contributed by the bank (60%).
ADDITIONAL INFORMATION	The Fund's resources (€ 366.3 million), are co-financed by the European Regional Development Fund (ERDF) and the Greek State and are derived from the contribution of the Operational Program Competitiveness, Entrepreneurship and Innovation (EPANEK), and the Regional Operational Programs (ROPs).

Loans in collaboration with the European Investment Bank (EIB) and the European Investment Fund (EIF)

Pancretabank collaborates with the European Investment Bank, offering its clients, businesses and Local Government Organisations, the possibility to obtain favorable financing for the implementation of their investment plans, development projects and infrastructure projects in Crete.

Up to now, the Bank and the EIB have signed agreements for a total amount of €285 million, to be offered to Small and Medium-sized Enterprises and Local Government Organisations in the form of long-term investment loans.

Simultaneously, Pancretabank and the EIF have signed agreements of a total amount of €67.5 million, for the provision of guarantees towards the financing of Small and Medium-sized Enterprises.

Loans in Cooperation with the European Investment Bank

TARGET CLIENTS

Small and medium-sized enterprises or Midcaps.
a) autonomous Small and Medium-sized Enterprises (SMEs) which employ less than 250 employees.
b) Midcap Enterprises employing between 250 - 3,000 employees.

LOAN CHARACTERISTICS

Financing up to 100% of the business plan.

Special purpose business development loans (working capital)
- loan amount: depending on the turnover of the enterprise and its operational needs.
- loan repayment term: 2 to 12 years

Investment loans
- loan amount: up to €12,5 million
- loan repayment term: 2 to 12 years with the option for a grace period ranging from 6 months to 2 years, depending on the investment implementation timetable.

INTEREST RATE

Preferential charges in accordance with the enterprise’s credit rating
More favorable terms for enterprises that support youth employment (15-25 years of age)
Exempted from Law 128/75 levy.

Loans in Cooperation With the European Investment Fund (EIF) Through the “COSME” Programme

TARGET CLIENTS	Newly-established and/or existing small and medium-sized enterprises of all legal forms (sole proprietorship, general partnership, limited company, SA).
LOAN CHARACTERISTICS	Amount granted: The maximum financing amount is €1,500,000. If the enterprise applying for the loan fulfils even one of the eligibility criteria of the Innovfin Programme (InnovFin Innovation Eligibility Criteria), the maximum financing amount equals €150,000. Purpose of the loan: a) Investment in fixed and/or intangible assets and/or b) working capital Duration of the loan: up to ten (10) years, with a minimum repayment term of 5 years (for amortised loans).
INTEREST RATE	Variable based on Euribor with a margin of 4.00% - 7.00% (based on the credit rating of the enterprise), plus the Law 128/75 levy.
ADDITIONAL INFORMATION	Low guarantees given the existing EIF guarantee Visit: COSME - Loan Guarantee Facility (LGF)

The financing is made possible thanks to the Guarantee provided by COSME and the European Strategic Investment Fund ("ESIF") set up under the Investment Plan for Europe. The aim of the ETSC is to contribute to the financing and realization of productive investments within the European Union and to ensure increased access to finance.

Loans in Cooperation with the European Investment Fund (EIF) Under the EU Programme for Employment and Social Innovation (EaSI)

The financing is guaranteed by the European Union under the EU Programme for Employment and Social Innovation (EaSI).
The financing is supported by the European Union under the Guarantee Facility, created with Regulation (EU) 1296/2013 of the European Parliament and of the Council on a European Union Programme for Employment and Social Innovation (EaSI).

TARGET CLIENTS	Micro-borrowers or micro-enterprises with various activities, with the exception of the sectors included in the “Restricted Sectors” below: 1. Illegal economic activities (any production, trade or other activity, which is illegal under the law. For example: Human cloning for reproduction purposes is considered an Illegal Economic Activity). 2. Tobacco and distilled alcoholic beverages (production of and trade in tobacco and distilled alcoholic beverages and related products). 3. Production of and trade in weapons and ammunition. 4. Gambling (Casinos and equivalent enterprises). 5. IT sector restrictions (research, development or technical applications relating to electronic data programmes or solutions, which aim specifically at: - supporting any activity included in the Restricted Sectors referred above (1-4) - internet gambling and online casinos, or pornography or which are intended to enable to illegally: - enter into electronic data networks; - download and install electronic data. 6. Life science sector restrictions, when providing support to the financing of the research, development or technical applications relating to: - human cloning for research or therapeutic purposes; or - Genetically Modified Organisms (GMOs).
LOAN CHARACTERISTICS	The maximum financing amount per client is up to €25,000 Two categories of loans are offered: a) Amortisation Investment or Permanent Working Capital With fixed-term installments (monthly, quarterly, etc.) Up to five (5) years with a minimum repayment term of 2 years b) Working Capital (revolving credit) Interest is charged per calendar quarter Semi-annual or annual limit term.
INTEREST RATE	Variable based on Euribor plus margin (maximum 7.00%), plus the Law 128/1975 levy.
ADDITIONAL INFORMATION	No additional collateral is required for this type of financing. Further information: http://www.eif.org/what_we_do/microfinance/easi/ http://ec.europa.eu/social/main.jsp?catId=1081&langId=en

A guarantee, funded by the European Union under the Employment and Social Innovation Program (EaSI), is provided.