Some 90,000 small and medium-sized businesses in Greece will now be able to access €1.14 billion euros released this week by the European Commission to address the impact of Covid-19.
According to the news, some €600 million euros will be distributed in the form of grants, with the remainder being in the form of reimbursable assistance (financial tools). The EU Commissioner for Cohesion and Reforms Elisa Ferreira had this to add:
“We stand by all member states in their efforts to overcome the health and economic crises that affect our continent and the world. The Coronavirus Response Investment Initiative (CRII) adopted under cohesion policy provides extensive flexibility so that member states can mobilize funding to address the current challenges. I welcome Greece’s determination to take swift action to support the economy, particularly SMEs, and employment.”
Greece set up quickly a comprehensive framework for crisis response measures and, since April, launched four business support schemes: loan guarantees to companies through the creation of a Guarantee Fund for working capital loans; interest subsidy of existing SME loans; interest subsidy of new SMEs.