Greece Sets October 15 Deadline for Small Business Funding Applications

Very small (VSB) and small business ventures have until 15 October 2019 to apply for funding out of a 150-million-euro program run by the Greek Economy Ministry offering incentives to business ventures that will stimulate the real economy.

Eligibility applies to VSBs – enterprises with fewer than 10 employees and less than 2 million euros in an annual turnover – and to small businesses operating with fewer than 50 employees and yearly turnover under 10 million euros.

Of the total budget, 145 million euros will cover various subsidies, wage grants and support for new job positions, while 5 million euros will go toward tax deductions.

Photo: GTP

Minimum investment size eligible for funding has been set at 150,000 euros for small ventures, 100,000 euros for VSBs, and 50,000 euros for social cooperative enterprises (known as Koinseps in Greek) as well as for agricultural cooperatives, producer groups and agricultural partnerships.

Projects seeking financial aid should be “first-time investments” and concern setting up a new unit, extending existing unit capacity, diversifying products or services, altering production processes, or acquiring assets of a folded business.

Eligibility applies to individual enterprises, companies, partnerships, social cooperative enterprises or agricultural cooperatives, producer groups and agricultural partnerships, companies currently under establishment or in mergers, consortiums, and public and municipal enterprises as well as their subsidiaries.

Press here for information in Greek.