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Last update: 06/03/2020


Microcredit (also known as microfinance) refers to low interest rate loans ranging from € 3,000 to € 25,000 that focus on existing micro-businesses and unemployed persons aiming to materialize their business idea. They are usually provided by banks without tangible collateral, while guarantees are provided by Expertise Government/Public Agencies. Microcredits are accompanied by business development services (e.g. education, mentoring, coaching, counseling, accounting and legal support) to ensure continuous and close communication between the credit institution and the borrower. The amount of the loan can be used both as working capital and for development expenditure.


Organizations providing microcredit under the Employment and Social Innovation (EaSI) program.


National Bank of Greece

Financial support up to 25.000€ through the EaSI program backed by EIF guarantees for SMEs.


Eurobank (in Greek)

Microfinance provision to micro enterprises in cooperation with the Action Finance Initiative (AFI), micro-credits are provided to support existing and new small, micro-enterprises and self-employed entrepreneurs.


Microstars (in Greek)

Issuing microcredit loans (1.000 to 25.000€) to existing small and micro enterprises and start-ups (6 months minimum operation period) combined with Enterprise Development Services. Loan Applications are submitted online and loans are issued in cooperation with financial institutions which undertake the credit assessment of the application.


Pancretan Cooperative Bank (in Greek)

Small loans (up to EUR 25,000) are provided to very small viable enterprises, subject to an agreement on guarantees from the European Investment Fund.


Cooperative Bank of Thessaly (in Greek)

According to the agreement with the EIF (link in Greek) microfinance loans will be issued to existing or startup micro-enterprises. Loans are guaranteed at 80% by the EIF. Additional advantages for the beneficiaries are a reduced by at least 1.5% interest rate as compared to the current bank's interest rate and collateral requirements that do not exceed the 50% of the loan value.


Cooperative Bank of Karditsa (in Greek)

Microfinance loans (up to 25,000) are granted to micro-enterprises. Loans are guaranteed at 80% by the EIF and it is not necessary to provide collateral on behalf of the borrower.