COSME Piraeus Development 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
Businesses that are included in Development Programs and wish to receive the approved subsidy in advance.
REPAYMENT METHOD
  • Capital: as soon as the subsidy is paid
  • Interest: in monthly or 3-monthtly instalments
INTEREST RATE
Variable

Base Loan Rate (BLR) of Piraeus Bank

or

Euribor 1M/3M
OTHER FEATURES
Early repayment option- no fee applies
IDEAL FOR
Businesses that are included in Development Programs and wish to receive the approved subsidy in advance.
REPAYMENT METHOD
  • Capital: as soon as the subsidy is paid
  • Interest: in monthly or 3-monthtly instalments
INTEREST RATE
Variable

Base Loan Rate (BLR) of Piraeus Bank

or

Euribor 1M/3M
OTHER FEATURES
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
  • Have a final decision to join / join subsidized programs

Restricted Sectors

Not eligible for funding, are companies whose business is related to:
  1. 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)
  2. The production of and trade in tobacco and distilled alcoholic beverages and related products
  3. The production of and trade in weapons and ammunition of any kind
  4. Casino and equivalent enterprises
  5. 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:

      1. Aim specifically at supporting any activity included in the Restricted Sectors referred above, internet gambling and online casinos, pornography
      2. Or are intended to enable to illegally enter into electronic data networks or download electronic data


Financing features

Purpose

Funding Businesses that have joined subsidized programs and wish to discount an approved grant originating from:

  • NSRF 2014-2020
  • Actions of the Rural Development Program / LEADER
  • Development Law

Amount

From €5.000 to €750.000, and in any case the amount of the loan will not exceed the amount of the total subsidy.
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


Duration

Up to 3 years, with the option of extending it.
Interest Rate

Variable interest rate based on the :

  • Base Loan Rate (BLR) of Piraeus Bank
  • Euribor 1M/3M

The customer's final interest rate is determined on the basis of an assessment of its Creditworthiness.
Interest rates are also subject to the Law 128/1975 levy, currently at 0.60% (or 0.12% where this is foreseen).


Disbursements

One-off or Partly, in accordance with the terms of the enrollment decision and the regulations / guidelines of each program


Currency

The loan will be granted exclusively in Euro (€)  


Repayment At the end of the subsidy, as specified by the organization managing the development program:

  • Payment of capital as soon as the subsidy is paid
  • Payment of interest every 1 or 3 months

Collaterals

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

Early repayment option

Without penalties, for all or part of the subsidy.

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