Reinforce your business cash flow if you are affected by COVID-19

Loan amount up to 500.000€

Term loan with interest rebate for the first two years and an option of progress payments or one-time payment. Release of grant assistance within 6 months after signing the grand award agreement.
The closing date of signature of loan contracts depends on the date the program’s funds are exhausted (in order of priority).

  • Loan amount: up to 500.000€, depending on the limitations posed by the enterprise financial data.
  • Grants:
    Up to 50% of turnover as reflected in the annual VAT statement or the periodic VAT statements of the year
    Up to 50% of orders of the current year
    Up to 50% of orders of the current fiscal year or up to 80% of purchases on credit in cases of newly founded companies
    -In case the above-mentioned amounts cannot be distinguished from one another, the loan cannot exceed 100% of equity capitals .
  • Loan duration: 24 to 60 months, with the option of a 6- or 12-month grace period
  • Interest rate: For the aid covered by the Entrepreneurship Fund (pertaining to 40% of the loan) the interest rate is 0%; for the aid covered by the Bank (60% of the loan) the interest rate is floating, but fixed for the first two years, without exceeding 8%. After the first two-year period, the interest rate for the funds covered by the Bank is re-adjusted to a floating interest rate. Loan interest is rebated for the first two (2) years after the release of grant. Upon expiration of the two-year period, interest is paid by the enterprise.
  • Law 128/75 Levy: Only for the aid portion covered by the Bank (60% of the total loan), determined today at 0,60%
Release of grant/Interest rebate requirements
  • The enterprise must preserve for two years the same number of employees it employed on 19.03.2020, based on the data provided by ERGANI System.
  • Audit from EBA (European Banking Authority) in January 2020 and 2021 through ERAGANI System Πραγματοποίηση ελέγχου από ΕΑΤ τον Ιανουάριο του 2021 και 2022 μέσω του Συστήματος ΕΡΓΑΝΗ.
  • Absence of outstanding debt (exceeding 90 days) at the time of interest claim from EBA.
  • Μη εμφάνιση ληξιπρόθεσμων οφειλών (άνω των 90 ημερών), κατά τον χρόνο απαίτησης των επιδοτούμενων τόκων από την ΕΑΤ.

In case one the enterprise fails to observe any of the above-mentioned requirements, interest rebate is terminated.

In the context of Subprogram 3, the enterprise may submit more than one grant applications; However, the cumulative amount of the loan or loans per enterprise in this Subprogram cannot exceed €500.000.

Eligible Enterprises
  • Micro, small and medium-sized enterprises, according to the Commission Recommendation 2003/361/EU, legally established in Greece (up to 250 employees and €50 m. turnover or €43 m. assets)
  • Enterprises that have no outstanding tax or social security obligations
  • Enterprises that have received a guarantee from the Hellenic Fund for Entrepreneurship and Development (ETEAN SA) for programs that have been concluded or are still ongoing and keep updated guaranteed loan liabilities
  • Enterprises that do not exceed the highest amount as it is defined by the de minimis Regulation (up to 200.000€ or up to 100.000€ for the transport sector)
  • Enterprises gravely affected by COVID-19 impact, based on the NACE codes determined by the Common Ministerial Αρ. Δ1α/Γ.Π.οικ.21268/ΦΕΚ Β/1991/20.03.2020, as amended and supplemented.
  • Eligible enterprises are committed to preserve the same number of job posts during the first two years of the loan.
Non-eligible Enterprises

Enterprises that:

  • Operate in sectors exempt from the Commission Regulation (EC) 1407/2013 de minimis and more specifically in the following sectors:
    • the fisheries and aquaculture sectors
    • the primary production of agricultural products
    • processing and marketing of agricultural products (subject to conditions), when the amount of the aid is fixed on the basis of the price or quantity of such products purchased from primary producers or put on the market by the undertakings concerned or when the aid is conditional on being partly or entirely passed on to primary producers
    • the coal sector
    • the Media sector (printed media, digital media etc.)
    • the weapons systems sector
  • Have received subsidies declared illegal and incompatible with the common market
  • Have received a letter of guarantee by ETEAN S.A. for programs that are expired or are still running and have due payments for the guaranteed loan
  • Operate in the financial and trading sectors (Banks, Venture Capital companies, Venture-Capital funds, Leasing companies, Factoring companies, Insurance companies, M.F.M.C.s, Investment Funds, Brokerage companies/firms etc.)
  • Are publicly listed
  • Are in difficulty according to Regulation 1407/2013 and in accordance with point 18 of Article 2 of Regulation 651/2014
  • Public Law entities, 1st and 2nd degree local authorities, municipal and state enterprises, public bodies

Exceptions of aids:

  • aid to export-related activities towards third countries or Member States, namely aid directly linked to the quantities exported, to the establishment and operation of a distribution network or to other current expenditure linked to the export activity
  • contingent upon the use of domestic over imported goods
Eligible Expenditure
  • No documents are required.
  • VAT, regardless of final beneficiary’s status quo
Non-eligible Expenditure
  • Aid for financial activities, real-estate activities (unless they are part of productive investment) or allow for funding at the final consumer stage/level
  • Aid for export-related activities towards third countries or Member States, namely aid directly linked to the quantities exported, for the establishment and operation of a distribution network or for other current expenditure linked to the export activity and for expenses exempt from Commission Regulation (EC) 1998/2006 (de minimis)
  • Aid for the acquisition of road freight transport vehicles granted to undertakings performing road freight transport for hire or reward and in general aid for expenditure excepted by 1407/2013 EU Regulation (de minimise)
  • Aid granted to undertakings in difficulty


  • In order to secure the loan, you must provide securities, physical collateral and other eligible forms of collateral.
  • Especially for physical collateral, it must amount to up 120% of the loan.
  • The business owner’s permanent and only residence is not earmarked.
Handling cost

It consists an obligation for the borrowed and includes:

  • expenses for the examination of the request, which amount to 0,5% of the original loan (max. amount €4.000, min. amount €100)
  • entry fees (lawyer fees, land registration etc.)
  • engineer’s fees for conducting partial certifications/collateral estimation
  • annual fire & earthquake insurance fees for the mortgage property, provided that the aid is secured with a first-rank mortgage
Useful Info

For further information, interested parties can visit any of the Cooperative Bank of Chania Branches.