Recovery from Natural Disasters Microloans Fund

From €3,000 to €25,000

From 1 to 8 years, inclusive of any grace period up to 6 months.

Two options:

• Fixed interest rate (based on BEX) or
• Variable interest rate Euribor 3M

both reduced by 75% due to HDB’s interest-free participation in these loans.

All interest rates are charged with the contribution of Law 128/75 for 25% of the loan, currently amounting to 0.60%.

The final customer’s interest rate is shaped according to the Bank’s current pricing policy and the borrower’s creditworthiness evaluation.

Monthly installments of principal and interest combined.

Up to 6 months (only due interest is paid during the grace period).

Supporting eligible Very Small, Smal Businesses operating in Thessaly to recover from the effects of natural disasters that have occurred, regardless of whether they have suffered proven damages, with the goal of supporting employment in the region.

• Refinancing/repayment of existing loans
• Financing dividend payments or share buybacks
• Financing acquisitions and mergers

Beneficiaries Very Small and Small Enterprises as defined below, operating in Thessaly (base or branch) with eligible NACE codes (based on the list issued by EAT- HDB).

Loans must cover expenses included in the company’s business plan (max 24 months duration), submission of which, is mandatory. All expenses must be accompanied by the corresponding supporting documents in order to ensure their eligibility and their correlation with the submitted business plan.

Expenses incurred up to 6 months before the financing request submission date are eligible.

A. Working capital expenses covering liabilities related to the business’s commercial cycle such as development/expansion costs, raw materials, stock, payroll, etc. Direct personnel expenses are eligible if in line with the usual practice or applicable national law/collective agreements.

B. Investment expenses for fixed assets (equipment, vehicles, buildings, etc.) are financed, provided they do not exceed 40% of the total funding. Depreciation expenses during the business plan period (24 months) are eligible under EKT+ and are not counted toward the 40% limit.

C. Consulting and mentoring expenses up to €900 per final recipient (TIN), covered via subsidy. Services are provided by the Bank after the loan contract signing and before the business plan completion. Subsidy payment is one-off per loan.

Until December 31, 2029 (deadline for loan contract signing and disbursements completion) or until fund budget is exhausted, whichever occurs first.

Euro

Partial or full early repayment allowed without penalties. The capital repaid cannot be refinanced.

Disbursements may be lump sum or partial.
First disbursement (full or initial tranche) must occur within 4 months from contract signing and always before the eligibility period end (31.12.2029) with no extension. Remaining disbursements must be completed within 24 months from contract signing and no later than 31.12.2029.

Collateral Only personal guarantees accepted.

The program requires beneficiaries to attend mandatory mentoring as part of the implementation of their business plan. The net value of the invoice is covered 100%, up to a maximum amount of €900 per final recipient (TIN) and a maximum amount of €100 per hour. These services are provided by consulting firms partnered with the Bank after the loan agreement is signed and can be disbursed after the first disbursement is made and up to 12 months. The grant is paid lump sum.

Download eligibility criteria here.

Eligible businesses:

• Very small and small enterprises as defined in Annex I of Regulation (EU) 651/2014. Specifically:

According to para. 2 of Article 2 of Annex I of Reg. (EU) 651/2014, a small enterprise employs fewer than 50 people and has annual turnover and/or balance sheet total not exceeding €10 million.

According to para. 3 of Article 2 of Annex I, a very small enterprise employs fewer than 10 people and turnover and/or balance sheet total not exceeding €2 million.

• Legally operating in Greece (holding necessary licenses if required).
• Not listed on any regulated stock exchange.
• Established with legal form and VAT number, or started activity at least 1 year before the funding application date in OPSKE.
• Belong to any legal form provided they conduct business activities as per EAT’s posted list of legal forms.
• Have headquarters or branch (main or secondary) within Thessaly before funding application, regardless of whether they suffered proven natural disaster damage.
• Operate in any eligible NACE code per EAT’s published list.
• Comply with de minimis aid limits and eligibility criteria per De Minimis Regulation.
• Meet conditions of Regulation (EU) 2831/2023 (de minimis).
• Creditworthy per bank’s credit policies and internal procedures.
• Not under collective insolvency or bankruptcy procedures under Law 4738/2020 or other applicable laws.
• Bank accounts are current (arrears ≤ 90 days at funding application date and at loan contract signing).
• No exclusion reasons under Articles 39 and 40 of Law 4488/17.
• Tax and social security compliant at application and disbursement times.
• No pending recovery orders of prior illegal or incompatible state aid.
• Have not participated in the Tepix III Microcredit Fund before application.
• Registered in the Registry of Beneficial Owners as per article 20 of Law 4557/2018 before application.
• Completed self-assessment of ESG criteria via EAT’s ESG Tracker and submitted Performance Report or submission confirmation PDF/email to the Bank at financing application. ESG results are not eligibility criteria or affect credit profile evaluation.

1. Select Piraeus
2. After automated eligibility checks, the bank expresses preliminary interest (“Interested” status)
3. The potential borrower receives a unique code per application to be entered in the OPSKE application

1. Log into app.opske.gr (register if no account)
2. Complete application including the unique KYC code
3. Choose Piraeus Bank for submission
4. Finalize and submit application

Complete ESG self-assessment and submit ESG Tracker Performance Report PDF to bank at financing application. ESG assessment does not affect eligibility.

After OPSKE submission and having the ESG report, visit Piraeus Bank branch with printed OPSKE application form and ESG report PDF or submission confirmation. The ESG report must be submitted before loan contract signing.