Development Capital - COSME Piraeus Open Business Working Capital POS

Piraeus Bank, in cooperation with the European Investment Fund (EIF), participates in the COSME guarantee scheme and finances the development of small and medium-sized enterprises on preferential terms and reduced collateral (the required collateral does not exceed 30% of the loan amount).

With COSME Piraeus Business Open POS, it is provided to your business a financial tool linked to your POS sales. It is about a “double feature” account that operates both as a Deposit Account as well as Open Business Working Capital.

Benefits

COSME Piraeus Business Open POS ensures
 
  • Effective management of the company’s fund through an account that operates as a Deposit Account as well as an Open Working Capital
  • Autonomy and Flexibility in transactions, 24/7, as it provides the ability for instant online funding via winbank
  • Automatic revolving, through direct credits from the POS, which provides the user with reduced interest costs and increased available funds
IDEAL FOR
Small & Medium businesses and professionals, with a turnover of up to € 2.5 million, to cover recurring liquidity needs against future receivables from POS sales
REPAYMENT METHOD
  • Repayment of the Capital:
    • automatically through POS transactions
    • free deposits
  • Minimum monthly payment of 5% of the outstanding balance (including interest and principal)
INTEREST RATE
Variable

Base Loan Rate (BLR) of Piraeus Bank
OTHER FEATURES
  • Ability to perform all of the company's payments through this account
  • Ability to use the account through winbank
IDEAL FOR
Small & Medium businesses and professionals, with a turnover of up to € 2.5 million, to cover recurring liquidity needs against future receivables from POS sales
REPAYMENT METHOD
  • Repayment of the Capital:
    • automatically through POS transactions
    • free deposits
  • Minimum monthly payment of 5% of the outstanding balance (including interest and principal)
INTEREST RATE
Variable

Base Loan Rate (BLR) of Piraeus Bank
OTHER FEATURES
  • Ability to perform all of the company's payments through this account
  • Ability to use the account through winbank

Financing features


Purpose

Funding for Small and Medium Businesses and Professionals, with a turnover of up to € 2.5 million, for working capital against future receivables from POS sales


Amount

From €4.000 up to €300.000
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

Duration of credit up to 10 years

  • First 5 years: Open Revolving Working Capital with annual renewal
  • Next 5 years: Fixed repayment plan Working Capital


Currency

The working capital will be granted exclusively in Euro (€)



Interest Rate

Variable interest rate based on the:

  • Base Loan Rate (BLR) 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

First 5 years
  
  • Minimum monthly payment of 5% of the outstanding balance
  • Automatically repaid through the transactions performed by the POS
  • Option of free reusing the capital

 Next 5 years

  • In equal monthly instalments (capital and interest)


Collaterals

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

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.


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.