ew loans are about to be granted to small and medium-sized enterprises of Attica prefecture after the cooperation of Piraeus Bank and the Athens Chamber of Commerce and Industry. Loans granted through this particular program Piraeus Band laid down in cooperation with the ACCI reach a total of 1 billion euro. The enterprises concerned may apply from Monday, February 2 until March 31st.
This program will run along with the loans granted by Piraeus Bank to small and medium-sized enterprises, that is loans granted through the Credit Guarantee Fund for Small and Very Small Enterprises (ΤΕΜΠΜΕ program) and loans granted in cooperation with the European Investment Bank. It is an additional program supporting the liquidity of small and medium-sized enterprises. The "Piraeus Bank - ACCI" Program was prepared and will be promoted by the two parties jointly.
At the program launching Press conference, the Bank's Chairman, M. Sallas, stressed that, through this collaboration, Piraeus Bank lends a helping and supporting hand to the enterprising world of Attica, confirming thus its character as the bank of small and medium-sized enterprises, even in the middle of an adverse financial environment. During this truly hard situation, the new funding program of 1 billion euro will provide substantial aid to the Attica enterprises and market. We hope we'll soon be able to announce similar programs in cooperation with other Chambers, in other areas of Greece.
At the joint Press conference given by Piraeus Bank Chairman, Mr. M. Sallas and ACCI Chairman, Mr. Konstantios Michalos, the latter noted that "during this adverse situation, the ACCI and Piraeus Bank cooperate to actively support enterprises, and mainly small and medium-sized enterprises".
They send out a message of support and sensitivity during a crisis. More particularly, during one of the most difficult periods of international economy since 1929.
Under these circumstances, the ACCI attempts to offer a service no one else has ever dared to. A service that would not be possible without the cooperation of Piraeus Bank. This is why I wish to thank the Bank's Chairman, Mr. Sallas for this cooperation and our joint initiative".
Loan requirements and characteristics
Beneficiaries of the new loans are all small and medium-sized enterprises with total revenue from 50,000 euro to 5,000,000 euro that show profits in at least two of the last three fiscal years. The enterprises are required to be in operation for at least three years and be free of negative entries in Tiresias.
The loans present the following characteristics:
- More permanent working credit.
- Financing duration of up to 5 years.
- Forbearance period of up to 12 months (for the capital).
- Loan volume: Up to the 20% of the total turnover.
- Maximum loan volume: Up to 500,000 euro.
- The 30% balloon payment at the end of the period.
- More than 40,000 security for the whole sum (secured for the 70% of the loan).
- ΠΕΧ (privileged enterprising funding) interest with 7,2% security, ΒΕΧ (basic enterprising funding) without security 8,15% (plus 0,6% Law 128/75).
- Insurance coverage for uncovered funds up to 40,000 Life & ΜΟΑ (permanent complete disability).
- In case there are past due debts to our Bank paying off of past due debts will precede.
- Annual costs of 100 euro for loans up to 100,000 euro and 200 euro for loans of more than 100,000.
- Bank Services free of charge:
Standing orders (ΕΥΔΑΠ, ΟΤΕ, ΔΕΗ etc.), credit cards, winbank, cashcard etc.
Privileged wage payment pricing
The ACCI will immediately notify its member enterprises, both electronically and in writing, about the program. It will also give them information about were to apply and the documentation required for initiating the funding procedures.
The applications and respective portfolios will be submitted to the ACCI. There will be a preliminary control, in order to ensure that enterprises comply with the loan granting requirements and then the dossier will be forwarded to Piraeus Bank for final control and funding approval.