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Sources of Funding

Last update: 11/7/2018

Intermediate Entrepreneurship Fund Ι (ΤΕΠΙΧ Ι) "Entrepreneurial Restart"

The Fund was set up in December 2017 by a Decision by the Investment Committee of TEPIX I and it's fiinancing was set by the no. Protocol 14/37/40/29-12-2017 Ministerial Decision (Online Posting Number ΑΔΑ: 715Ι465ΧΙ8-ΡΙΛ). Accordingly, the Action "Entrepreneurial Restart" has been activated targeted at promoting entrepreneurship, facilitating access to finance and supporting investment by providing loans and highly favorable conditions as 50% of the loan capital is interest-free thanks to the Entreprenurship Fund's ETEAN SA Funding. The Fund's resources are EUR 192 million, originate from the capital gains of Entrepreneurship Fund's I gains and will be leveraged by an equivalent amount by the participating banks. Eligible for financing are existing very small, small and middle size enterprises of selected sectors, which develop sustainable business activity in Greece.


Western Macedonia Region Development Fund (WMDF) (link in Greek)

The Fund was set up by the 12-7-2017 Agreement between the Ministry of Economy and Development, the Western Macedonia Region and ETEAN SA. The WMDF's goal is to enhaνce business access to financing, to spur investment and economic development in Western Macedonia Region. The WMDF has the ability to create and invest in more than one Financial Instruments, such as: Venture Capital Funds, Guarantee Funds, Loan providing Funds, Microfinancing, Letters of Guarantee and anything similar may be considered necessary to achieve its goals. The Fund's financing has been determined by the no. protocol 40079/12-4-2018 (Online Posting Number ΑΔΑ: 6Υ05465ΧΙ8-ΗΞ5) and by the 53331/17-5-2018 (Online Posting Number ΑΔΑ: ΨΜΔ5465ΧΙ8-97Η) Ministerial Decisions. The Greek government participation to the co-funding scheme will reach the amount of EUR 5 million through ETEAN SA, while and equivalent amount of additional EUR 5 million will be provided by the Region of Western Macedonia.


NSRF Financial Instruments 2014-2020

During the period 2014-2020, under the auspices of ETEAN SA, which is now merged with TANEO SA, the following funds will operate:.

  • Entrepreneurship Fund ΙΙ (ΤΕPΙΧ ΙΙ): The fund is a continuation of TEPIX Ι and was established with the no. protocol 7314/1819/29-11-2016 (Government Gazette B / 3904 Ministerial Decision) it as has been modified by the no. protocol 6775/1974 A1/15-12-2017 (Government Gazette B/4448) Ministerial Decision. It is planned to be funded by European and national public funds of € 528,3 million, operating as an autonomous unit within ETEAN SA. The objectives of the Fund are to support access to finance for the creation of new, innovative, outward-looking and dynamic enterprises, to develop existing enterprises through their technological and organizational modernization, to enhance their outward orientation and to introduce innovations in their organization and operation, and for empowering businesses or other organizations active in the social economy. The Fund may invest in more than one financial instrument, which will provide the final recipients with loans, guarantees and microcredit to achieve the Fund's objectives. It may also participate in investment platforms within the meaning of Article 2 (4) of EU Regulation 2015/1017 on the European Strategic Investment Fund in the context of the country's efforts to achieve the best possible leverage of available resources.

  • Savings Fund II: The fund was set up with the no. Protocol 7313/1818 / 29-11-2016 (Government Gazette B / 3905) Ministerial Decision. It is a continuation of the "Home Saving" Fund and aims to improve energy efficiency and home improvement, the use of renewable energy sources and intelligent energy management for the benefit of the environment. The Fund may invest in more than one financial instrument through which loans, guarantees, interest rate subsidies or other incentive schemes will be provided to the final beneficiaries in order to achieve the Fund's objectives. The aid will either be a grant to beneficiaries or a grant coupled with an interest-free or low-interest loan. For the Secure Fund II, € 68 million will be earmarked from the National Strategic Reference Framework of the NSRF 2014-2020 for the payment of loans from the banks to the interested parties, co-operating with the National Entrepreneurship and Development Fund (ETEAN).

  • EquiFund (link in Greek): The fund was set up under No. Prosecutor's Office 7428/1829 / 2-12-2016 Government Gazette B / 3925) Ministerial Decision. The investment fund of the Holding Fund, managed by the European Investment Fund EIF, will be funded with EUR 200 million from European and national funds (NSRF / Operational Program "Competitiveness, Entrepreneurship, Innovation"), EUR 60 million from the European Investment Fund and EUR 60 million from ESIF, while it can draw extra capital from international credit institutions and private investors. The Fund is scheduled to provide funding through venture capital holdings. The objective is to use public funds of € 200 million to raise total funds of € 1 billion for the capital support of innovative Greek companies with high growth prospects.

The Holding Fund will invest in three key areas:

(a) technology transfer - innovation window

(b) general entrepreneurship for early stage enterprises;

(c) general entrepreneurship for enterprises in growth (growth).

Funding will take place through intermediary holding funds, which will result from a competitive bidding process. The invitation is posted on the website of the European Investment Fund.



EU COSME 2014-2020 Program

The European Competitiveness SME (COSME 2014-2020) is part of the European Union's policies to develop and strengthen the competitiveness of European small and medium-sized enterprises. It is implemented on the basis of the rules laid down in Regulation (EU) No 1287/2013 of the European Parliament and of the Council of 11 December 2013 (published in the L 347 / 20.12.2013 in the Official Journal of the European Communities) and has a total budget of € 2.3 twice.

Under the COSME 2014-2020 Program, the following two distinct mechanisms for facilitating SMEs' access to finance through the European Investment Fund (EIF) are foreseen:

  • Loan Guarantee Facility (LGF) for the provision of guarantees and counter-guarantees by the EIF to its contracting financial institutions with a view to providing loans of up to € 150,000 to cover the short-term needs of small and medium-sized enterprises. Loans are addressed to all categories of small and medium-sized enterprises other than those with innovative characteristics (RDI driven), in order to ensure complementarity with the HORIZON 2020 R & I Program for Research, Development and Innovation of the SME's Small Midcaps Guarantee Facility for R & E. whereas,

  • Equity Facility for Growth (EFG) for the provision of venture capital in risk capital funds investing in all categories of small and medium-sized enterprises being in the expansion and development stages (growth, other than those with innovative features (RDI driven), to ensure complementarity with the Equity Facility for R & I of the EU's HORIZON 2020 Program for Research, Development and Innovation.


HORIZON 2020 EU Program

The Horizon 2020 program is the EU's Research and Innovation Framework Program for the period 2014-2020, with a budget of around EUR 80 billion. The program supports the Europe 2020 strategy which highlights research and innovation as key levers for smart, sustainable and integrated development, while aiming at addressing effectively major societal challenges. The three main axes of the program are:

  • Excellence Science: Global-level scientific research aimed at attracting the best scientists to the EU.

  • Industrial Leadership: Strategic investing in key technologies such as nanotechnology-microelectronics, private sector involvement, and the creation of innovative businesses.

  • Social Challenges: Addressing major societal challenges such as aging populations, depleting energy resources, tackling climate change.

Under the HORIZON 2020 Program, the SME Tool with a special budget of € 2.8 billion has been created, which aims to develop innovative SME investment projects covering expenditures such as project planning, marketing of the final product as well as with their advisory support in all phases of implementation of the investment project.


EaSI (Employment and Social Innovation) Program of the EU

The EaSI Program for Employment and Social Innovation aims to promote quality and sustainable employment, guaranteeing adequate social security, combating social exclusion and poverty and improving working conditions. The program brings together three EU programs that are managed separately during the 2007-2013 programming period: Progress, Eures and Progress Microfinance Facility, which are the three pillars of EaSI. The third pillar concerns only access to microfinance and social entrepreneurship and accounts for 21% of the total EaSI budget.


Creative Europe 2014-2020 Program of the EU

In the context of limited access to finance for businesses in the cultural and artistic sectors, the European Commission's Creative Europe (2014-2020) program has earmarked EUR 121 million in a financial mechanism acting as intermediary insurance for financial intermediaries. The program is expected to provide loans and other financial products worth 600 million euros to businesses active in the fields of culture and arts.

The European Commission's Creative Europe Program (2014-2020) set up the Financial and Cultural Sectors Guarantee Facility (CCS GF), which is focused on private SMEs and public bodies activated in the cultural and creative industries such as libraries, museums, publications (newspapers, magazines, etc.), artistic creation, fashion design, industrial design, architectural design years old building, performing arts, film and television business, developing video games, music production, television and radio programs, etc.