The available resources of the programme have been exhausted.

The Bank of Chania, in cooperation with the European Investment Fund (EIF), offers eligible companies the possibility of granting guaranteed loans through the Pan-European Guarantee Fund (EGF) Programme.
The guarantees are offered by the EIF to support SMEs and Mid-cap businesses to respond to the economic impact of the COVID-19 pandemic and by ensuring that small and medium-sized enterprises in EU Member States have sufficient short-term liquidity to deal with the crisis and are able to continue their growth in the medium to long term.

Product Characteristics
  • Business loans of investment purpose and working capital (amortization or Open Revolving Accounts), loan amount up to 750.000 €, with the possibility of gradual disbursements. Submission of invoices is necessary to prove the purpose of the funding. Consumer and housing loans are not included in the programme.
  • Possibility of grace period, with options:
    • Payment of interest during the grace period, on the basis of the agreed periodicity of interest.
    • Payment of interest at the end of each calendar semester.
  • Favourable interest rate, similar to the company’s credit rating, with a reduced margin compared to the normal interest margin that the Bank would apply, in accordance with its pricing policy, to similar financings not covered by the EIF Guarantee.
  • Guarantee by the European Investment Fund at a rate of 70% of the outstanding balance of the loan.
  • The grant may be integrated either into the “De minimis” or “Temporary Framework” funding framework, with the restrictions on the amount of total funding applicable respectively.

Small and medium-sized enterprises – SMEs, i.e. Micro, Small and Medium-sized Enterprises according to regulation (2003/361/EC). In addition, it is possible to finance Small Mid Cap enterprises, i.e. not SMEs but with a staff of up to 499 people.

Excludes: companies in difficulty on the date of 31/12/2019 and ineligible activities (common to almost all European programs – illegal, such as tobacco, alcohol, random games and so on). There are restrictions on the purpose of the financing, based on environmental/energy criteria.

Useful Information

Interested parties can obtain further information through the Cooperative Bank of Chania  branches and at the following address of the European Investment Fund