Cosme Covid Open 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, i.e. reduced collateral (guarantee by the Fund for 50% of the loan and collateral not exceeding 30% of the amount of the loan)
IDEAL FOR
  • Covering recurring liquidity needs
REPAYMENT METHOD
Payment of interest only for the capital you have used and Capital repayment at any time
or 
Minimum monthly payment of 5% of the outstanding balance
INTEREST RATE
Variable

Base Loan Rate (BLR) of Piraeus Bank
or
Euribor 1Μ/3M
OTHER FEATURES
  • Ability to use the account through winbank
IDEAL FOR
  • Covering recurring liquidity needs
REPAYMENT METHOD
Payment of interest only for the capital you have used and Capital repayment at any time
or 
Minimum monthly payment of 5% of the outstanding balance
INTEREST RATE
Variable

Base Loan Rate (BLR) of Piraeus Bank
or
Euribor 1Μ/3M
OTHER FEATURES
  • 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, that wish to cover their emergency, seasonal or regular liquidity needs


Amount

From €7,000 to €150,000 with the amount being determined based on the turnover and the transaction volume of each business.
The working capital amount is renewed every 12 months.


Type -Duration of Finance

Up to 10 years

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

Interest Rate

Variable based on the

  • Base Loan Rate (BLR) of Piraeus Bank or
  • 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%.


Currency

The loan will be granted exclusively in Euro (€)


Repayment

First 5 years

  • Payment of interest only. The capital will be paid whenever you wish
ή

  • Minimum monthly payment of 5% for interest and capital on the respective debit balance

It is noted that there is the possibility of free reuse of capital


Next 5 years

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


Collaterals

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

Eligibility criteria

Eligible companies, those that meet the following criteria:
  
  • Are 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
  • Do 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
  • are 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
  • are not in an Exclusion Situation
  • are not engaged in illegal activities in accordance with the applicable national law of the registered office in which the Bank or the Company is established
  • They have not been taken against them or are not subject to restrictive measures


In addition the following specialized criteria must be met:
  • The purpose of financing is to meet the needs of the company in working capital.
  • The amount of funding should not exceed the amount of 150,000 euros
  • The contract must have been concluded within the period 6/4/2020-30/6/2021



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 be informed about the Financial products through the program "COSME COVID 19 Sub-window" as well as about the process of their acquisition:

Visit any Piraeus Bank branch

Find the nearest branch

Call 210 32 88 000

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.