The Action: Youth Entrepreneurship aims at granting loans with favourable terms to businesses that are eligible under the Investment Law (Law 3908/25.01.2011). This action is co-funded by the Fund for Entrepreneurship of Hellenic Fund for Entrepreneurship and DevelopmentS.A. (ETEAN S.A., ex TEMPMPE) and the National Bank of Greece. The total amount of capitals for the Action: Youth Entrepreneurship rise to 90 million €, 30 million € of which concern the participation by the Fund for Entrepreneurship of ETEAN S.A. and 60 million € by the National Bank of Greece.
The Fund for Entrepreneurship is a holding (capital) fund created at the Hellenic Fund for Entrepreneurship and Development S.A. (ETEAN S.A., ex TEMPMPE) aiming at cooperating with banks that will come up after public request for tenders for the joint grant of revolving loans. The Fund for Entrepreneurship and selected banks co-invest and co-finance the establishment and mainly the development of Greek businesses, by providing loans with favourable terms, thus facilitating the access of businesses to finance and decreasing the total cost of borrowing.
Summary of terms of borrowing
Amount of loan: from 30,000€ to 300,000€
Duration of loan: from 5 to 10 years with a possibility of an interest-bearing grace period up to 2 years
Annual interest rate: stable during the entire period of loan and equal to 4.33%
Charge by Law 128/75: 0.60%
Administrative cost: 1,350€