Over 2,500 Greek Tourism SMEs to Receive Funding

A total of 411.5 million euros will be allocated to 2,527 small and medium-sized tourism enterprises in Greece, the Greek Economy and Development Ministry announced recently.

The announcement follows the evaluation of 7,297 investment plans – for hotel ventures, furnished rooms or apartments, etc. – that had been submitted to the “Strengthening the Establishment and Operation of New Small and Medium-sized Tourism Enterprises” 2014-2020 funding scheme.

Out of the 7,297 investment plans, 2,527 were considered eligible for funding. Out of the SMEs in question, 1,786 are part of the “Competitiveness, Entrepreneurship and Innovation (EPAnEK)” operational program and 741 are part of the regional operational programs.

The program was originally budgeted at 120 million euros but the high investment demand and the need to support as many quality investment projects as possible led to a decision to triple funding, as announced in September, to some 400 million euros.

Subsidies for each eligible enterprise can start at 25,000 euros and reach 400,000 euros.

“This action is a very important opportunity to utilize public and community resources in developing tourism investments with multiple benefits for the economy and substantial support for employment in the country and its regions,” said Deputy Minister of Economy and Development Stathis Giannakidis.

It is noted that the program’s results will be posted on the websites of the operational programs within the next few days.