EaSI Piraeus Microloan

Piraeus Bank, in cooperation with the European Investment Fund, participates in the “EaSI” guaranteeing tool and grants loans to support very small businesses and vulnerable groups on preferential terms and reduced collateral

DESCRIPTION
Piraeus Bank, in cooperation with the European Investment Fund, participates in the “EaSI” guaranteeing tool and grants loans to support very small businesses and vulnerable groups on preferential terms and reduced collateral
REPAYMENT METHOD
In equal monthly instalments Payment of capital and interest
INTEREST RATE
Variable, based on the Base Loan Rate
(BLR)
of Piraeus Bank
OTHER FEATURES
  • Capital Grace Period (with interest only paid) up to 12 months
  • Early repayment option- no fee applies
DESCRIPTION
Piraeus Bank, in cooperation with the European Investment Fund, participates in the “EaSI” guaranteeing tool and grants loans to support very small businesses and vulnerable groups on preferential terms and reduced collateral
REPAYMENT METHOD
In equal monthly instalments Payment of capital and interest
INTEREST RATE
Variable, based on the Base Loan Rate
(BLR)
of Piraeus Bank
OTHER FEATURES
  • Capital Grace Period (with interest only paid) up to 12 months
  • Early repayment option- no fee applies

Eligibility Criteria

Eligible companies, are that meet the following criteria:

  • Very Small enterprises, i.e. they employ up to 10 employees calculated in annual labour units and turnover or the annual balance sheet of the last closed financial year does not exceed €2 mn.
    • Start-ups, Start-ups in development phase
    • Very Small enterprises and Freelancers who have problems accessing finance
  • Do not operate on one or more Restricted Sectors, as described below
  • Have not been subjected to insolvency, bankruptcy or other similar proceedings, nor have they met the conditions under the domestic legislation to which they are subject to collective insolvency, bankruptcy or similar proceedings at the request of its creditors.
  • They are not, in their knowledge in a state of exclusion and in particular:

    1. Have not been declared bankrupt or in liquidation, or forced administration, have not ceased or suspended their business, nor have it initiated a similar procedure in such matters or are in any other similar situation resulting from a similar procedure provided for in national laws or regulations
    2. Are not registered, as far as there are aware, in the central exclusion database established under Regulation (EC) No 1782/2003. Commission Regulation (EC) No 1302/2008 of 17 December 2008
    3. For the last five (5) years:
      1. Have not come to an agreement with the creditors
      2. He/She, or in the case of a legal person, its representatives or persons who take decisions or exercises control over it, have not been convicted of an offence relating to the performance of their professional duties by a judgment having the force of res judicata, which would affect its ability to fulfil its obligations under the contract of the programme;
      3. No judgment has been issued against him/her, or in the case of a legal person, against its representatives or persons who take decisions or exercise scans there, a court order with the force of res judicata for fraud, corruption, participation in a criminal organization , money laundering or any other illegal activity which is harmful to the financial interests of the European Union

In the event of assistance from the situations under iii)b. and c. and the adoption of a conviction, appropriate measures must be taken against its representatives or persons taking decisions or exercising control, to which that judgment relates. The evidence of such measures must be submitted to the Bank.

  • Do not engage in illegal activities in accordance with the applicable national law of the country in which the company is established. Illegal activities shall mean any of the following illegal activities or activities carried out for unlawful purposes: tax evasion, tax fraud, fraud, corruption, coercion, collusion, interference, money laundering, terrorist financing or any other activity affect the European Union's financial interests, in accordance with the applicable law
  • To be established and operate in Greece



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. Casinos 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.



Additional Information about EaSI:
  

For additional information on the EaSI program you can refer to the information websites of the European Union and the European Investment Fund in the following links:

http://ec.europa.eu/social/main.jsp?catld=1081&langld=el

http://ec.europa.eu/social/main.jsp?langId=el&catId=1081

http://ec.europa.eu/social/microfinance

http://ec.europa.eu/social/socialentrepreneurship

http://www.eif.org/what_we_do/microfinance/easi/



Features


Purpose
Funding for Very Small Businesses and Professionals, with a turnover of up to € 2 million, for working capital as well as for investments in tangible or intangible fixed assets


Amount
From €3.000 up to €25.000


Type -Duration of Finance
Fixed maturity loans with duration from 1 year up to 5 years


Currency
The loan will be granted exclusively in Euro (€)


Interest Rate
Variable interest rate based on the Base Loan Rate (BLR) of Piraeus Bank

The final interest rate will be reduced by at least 0,7% compared to the interest rate that the company would have if it were financed with a Bank product without the guarantee of the European Investment Fund and could not exceed 8%
Interest rates are also subject to the Law 128/1975 levy, currently at 0.60% (or 0.12% where this is foreseen).


Repayment
In equal monthly instalments- Payment of capital and interest



Disbursements
One-off or Partial instalments



Collaterals
Exclusively personal (collateral) guarantees as a basic condition of the Guarantee Tool and the guarantee provided by the European Investment Fund



Annual Charges
Application fees: € 200

Financing features

Within the framework of the Employment and Social Innovation Program (EaSI), Piraeus Bank's specialized partners, with many years of experience in developing and delivering educational and consulting products and services to support entrepreneurship and improve business viability indicators, provide educational and consulting services to program beneficiaries in order to support their business. To support beneficiaries, tailor-made products, tools and services have been designed and developed with criteria, including the provision of basic knowledge that covers the modern needs of micro-enterprises and the use of a methodology that helps learning and understand better the thematic modules that are being developed.

1. Educational programs and tools

In the context of EaSI, programs and tools were designed to support the sustainable development of micro-enterprises and self-employed professionals. Given the limited time of entrepreneurs, programs are provided through an e-learning platform so that beneficiaries can have immediate access to the information, wherever they are, at the time they need it.

Support for Small Businesses and Start-ups

For small businesses and start-ups, we provide:

•The training program "Effective Sales Skills and Techniques" (e-learning).
•The Supplier Evaluation Tool.

2. Consulting services

We provide specialized consulting support to all interested beneficiaries, regardless of the sector they operate. Businesses can easily and reliably identify the strengths and elements of their activity, by utilizing a specially designed Diagnostic Tool. They will, then, plan all the appropriate actions which will  help with their further development.


Use diagnostic tool and two hours of Skype counseling 

This benefit is optional and not related to the pricing/costs of the loan. It’ s about additional charge for the beneficiary.


More information about educational programs and consulting services can be found in Piraeus bank's branch network.




How to get it

In order to find out about Financial Products through the “EaSI Guarantee Facility” and the process to get them:

Visit any Piraeus Bank branch

Find the nearest branch

Call 210 3288000


The supported financing benefits from the support of the European Union under the Guarantee Facility established under Regulation (EU) No 1296/2013 of the European Parliament and the Council establishing a Union Programme for Employment and Social Innovation (“EASI”) and the European Fund for Strategic Investment (“EFSI”) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.