Development Capital - COSME Piraeus Business Working Capital Agribusiness

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 that are operating in the agricultural labor supply sector and need working capital. 
REPAYMENT METHOD

Capital: Direct linking of the company's loan account with the Piraeus Bank's installed POS and impairment of the debit balance 

Capital repayment at anytime


Minimum monthly payment of the outstanding balance (interest and capital included)

  • 5% monthly
  • 15% 3 monthly

In cases of Privilege Loan Rate (PLR)
  • 15% 3 monthly in cases of Euribor 3Μ
INTEREST RATE
Variable

based on the Base Loan (PLR) of Piraeus Bank

or


Euribor 3M
OTHER FEATURES
Ability through Winbank to determine how to allocate to the sub-limits of the available amount resulting from the settlement of POS transactions.
IDEAL FOR
Small & Medium businesses and professionals, with a turnover of up to € 2.5 million that are operating in the agricultural labor supply sector and need working capital. 
REPAYMENT METHOD

Capital: Direct linking of the company's loan account with the Piraeus Bank's installed POS and impairment of the debit balance 

Capital repayment at anytime


Minimum monthly payment of the outstanding balance (interest and capital included)

  • 5% monthly
  • 15% 3 monthly

In cases of Privilege Loan Rate (PLR)
  • 15% 3 monthly in cases of Euribor 3Μ
INTEREST RATE
Variable

based on the Base Loan (PLR) of Piraeus Bank

or


Euribor 3M
OTHER FEATURES
Ability through Winbank to determine how to allocate to the sub-limits of the available amount resulting from the settlement of POS transactions.

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 million that are operating n the agricultural labor supply sector for working capital to exclusively meet their obligations associated with specific companies (their suppliers)


Amount

From €10.000 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

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 loan will be granted exclusively in Euro (€)



Interest Rate

Variable interest rate based on the :

  • Privilege Loan Rate (PLR) of Piraeus Bank
  • Euribor 3M
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 (interest and capital) of the outstanding balance

  • In cases of Privilege Loan Rate (PLR) 5% monthly and 15% 3 monthly
  • In cases of Euribor 3M 15% 3 monthly

With the option of reusing the capital

Next 5 years

  • In equal monthly or 3monthly instalments (capital and interest)


Collaterals

  • 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