COSME Piraeus Business Working Capital

Piraeus Bank, in cooperation with the European Investment Fund, participates in the “COSME” guaranteeing tool and grants loans to support small and medium-sized enterprises on preferential terms and reduced collateral (guarantee by the Fund for 50% of the loan and collateral not exceeding 30% of the amount of the loan)
IDEAL FOR
Small & Medium businesses and professionals, with a turnover of up to € 2.5 million to cover needs for:
  • Working capital or/ and
  • Investments in tangible or intangible fixed assets
REPAYMENT METHOD
In equal monthly or 3-monthly instalments
Payment of capital and interest
INTEREST RATE
Variable, based on the
Base Loan Rate (BLR) of Piraeus Bank
or
Privilege Loan Rate (PLR) of Piraeus Bank
OTHER FEATURES
Grace period
  • Up to 1 year for Working Capital
  • Up to 2 years for Investments

Early repayment option- no fee applies

Eligibility criteria

Eligible companies, are  that meet the following criteria:
  
  • Is an SME, i.e. they employ up to 250 employees, calculated on annual labor units and the Turnover of the last closed year does not exceed € 50 million or the Asset does not exceed € 43 million.
  • Does not operate on one or more Restricted Sectors, as descripted below
  • There is no bankruptcy claim, nor is bankruptcy being liquidated or temporary - forced management
  • Is not delinquent or in default in respect of any other loan or lease either granted by the Bank or by another financial institution
  • Is established and operating in Greece


Restricted Sectors

Not eligible for funding, are companies whose business is related to:
  
  • Any production, trade or other activity, which is illegal under the laws or regulations of the home jurisdiction for such production, trade or activity – “Illegal Economic Activity” (i.e. Human cloning for reproduction purposes is considered an Illegal Economic Activity)
  • The production of and trade in tobacco and distilled alcoholic beverages and related products
  • The production of and trade in weapons and ammunition of any kind.
  • Casino and equivalent enterprises
  • Research, development or technical applications relating to:

    • Human cloning for research or therapeutic purposes; or

    • Genetically Modified Organisms (“GMOs”)

    • Electronic data programs or solutions, which:

      • Aim specifically at supporting any activity included in the Restricted Sectors referred to, internet gambling and online casinos, pornography

      • Or are intended to enable to illegally enter into electronic data networks or download electronic data.


Financing features


Purpose


Funding for Small and Medium Businesses and Professionals, with a turnover of up to € 2.5 million, for working capital as well as for investments in tangible or intangible fixed assets


Amount

From €30.000 up to €750.000
If the funding amount is in excess of €150.000 it should be verified that the company is not eligible for financing under any of the Innovfin Innovation Eligibility Criteria.



Type -Duration of Finance

Fixed maturity loans

  • Duration from 1 year up to 5 years for cases of Working Capital
  • Duration from 1 year up to 8 years for cases of Investments (Buying equipment or investments in tangible or intangible fixed assets)


Currency

The loan will be granted exclusively in Euro (€)



Interest Rate

Variable interest rate based on the:

  • Base Loan Rate (BLR) of Piraeus Bank
  • Privilege Loan Rate (PLR) of Piraeus Bank
Interest rates are also subject to the Law 128/1975 levy, currently at 0.60% (or 0.12% where this is foreseen).


Repayment

  • In equal monthly or 3-monthly instalments- Payment of capital and interest


Disbursements

  • One-off disbursement for cases of Working Capital
  • One-off or Partial instalments, depending on the purpose, for cases of Buying equipment or Investments in tangible or intangible fixed assets


Disbursements

  • Reduced collateral requirements due to the guarantee provided by the European Investment Fund (EIF)

How to get it

In order to find out about Financial Products through the “COSME Loan Guarantee Facility” and the process to get them:

Visit any Piraeus Bank branch

Find the nearest branch

Call 18 2 18

This financing is made possible thanks to the Guarantee provided by COSME and the European Strategic Investment Fund (" ESIF ") set up under the Investment Plan for Europe. The aim of the ETSC is to contribute to the financing and realization of productive investments within the European Union and to ensure increased access to finance.