Within the framework of the action, projects of existing micro and small enterprises in Attica will be financed, in the priority areas of the National Smart Specialization Strategy, as they are specialized for other regions. The funding concerns investments for technological transformation, extroversion and upgrading of products or services, with an emphasis on innovative technologies, energy upgrading and circular economy.

Action in detail

The Public Expenditure of the Action amounts to € 65,000,000 with the possibility of overcommitment of 185% (up to €120,250,000)  and includes aids under EU Regulation No.  2831/2023 (De Minimis).

The subsidized budget of each investment project can range from €30,000 to €200,000. 

Investment projects with a budget of less than €30,000 are considered ineligible from the outset and cannot be submitted and included in this Action. In the case of budgets over €200,000, the surplus amount will be deemed as 100% private participation for the implementation of the plan and, although the surplus expenditure is not subsidized, the entire investment project, including the surplus cost, is subject to assessment and monitoring/control.

The percentage of Public Funding amounts to 50% of the subsidized budget of the funding application. 

 

Existing, Micro and Small Enterprises, whose investment plan is documented as being linked to at least one Smart Specialization Priority for the Region of Attica, exclusively under one of the following forms of business:

Sole Proprietorship, General Partnership (O.E.), Limited Partnership (E.E.), Limited Partnership (E.E.) by Shares, Limited Liability Company (Ltd.), Single-Member Limited Liability Company (M.E.P.E.), Société Anonyme (S.A.), Single-Member Société Anonyme (S.A.E.), Private Capital Company (I.K.E.), Single-Member Private Capital Company (M.I.K.E.), Limited Liability Civil Cooperative Enterprise, Unlimited Liability Civil Cooperative Enterprise, Civil Profit Company, Other For-Profit Legal Entity under Private Law (N.P.I.D.), Social Cooperative Enterprise under Law 4430/2016 as in force (KOINSEP), Limited Liability Social Cooperative (KOI.S.P.E.), Pleasure Craft Marine Company (NEPA)

 
  • The business must have at least two (2) complete, closed business years.
  • It must be substantially active (Main Activity Code or Activity Code with the largest revenues) for two (2) business years in one (1) eligible Main Activity Code. The selected eligible activity code numbers (CAD) are specified in the Detailed Action’s Call.
  • The proposed investment plan must relate to at least one of the eligible KADs (business activity codes):
  • The business must have at least one (2) AWU (Annual Work Units) of employees in the calendar year (n-1) prior to the date of submission of the financing application.
  • The amount of the subsidized budget of the investment plan may not exceed twice the highest turnover achieved in one of the two full closed business years, i.e. 01-01-2022 to 31-12-2022 and 01-01-2023 to 31-12-2023, with a maximum of €200,000, and a minimum of €30,000.
  • The business must submit one and only funding application per TIN. 
  • It must operate legally in its substantially declared activity (i.e. in the main one or in the one with the highest revenues) and have the appropriate licensing document.
  • It must maintain single or double-entry account books under Law 4308/2014, as in force.
  • It must be registered with the Beneficial Ownership Register.
  • The creditors of the company must not be under bankruptcy, liquidation or compulsory administration or should not have filed an application for resolution.
  • The potential beneficiary has received rescue aid, has repaid the loan and the guarantee agreement has been terminated, or if the beneficiary has received restructuring aid, such restructuring has been completed.
  • It must not be subject to an order for the clawback of aid, following a prior decision of the European Commission or the Court of Justice of the European Union, declaring aid unlawful and incompatible with the internal market.
  • It must meet all the conditions for the application of Regulation (EU) 2023/2831 (De Minimis) on which the Action is based. 
  • It must not have completed or fully implemented the physical object of the investment before submitting the funding application.
  • It must undertake that the expenditure included in this funding application will not be, and has not been, funded, included or submitted for approval for funding in another program financed by national or EU funds.
  • It must undertake that the place of implementation of the investment will not be the residence of the beneficiary (primary or secondary).
  • It must undertake that there are no grounds for exclusion under article 39, par. 1-4 and article 40 of Law 4488/2017 (A137/13.09.2017).
 

The main expenses covered by the Program relate to:

  • Personnel costs 
  • Costs of Equipment, Means of Transport & Instruments 
  • Expenditure on Buildings, Land Plots, Facilities & Surrounding Areas 
  • Expenses for the Provision of Services 
  • Software Costs 
  • Promotion, Marketing & Networking Expenses 
  • Indirect expenses (7% of the eligible direct expenses of the investment project) 

The eligible costs are detailed in the Call File.

 
The percentage of Public Funding amounts to up to 50% of the budget, while the remaining amount should be covered by private participation.
The percentage of the subsidy may be increased by: 
A. 10% of the Public Subsidy, provided that expenditures of the category "Equipment (GREEN)" are included in the investment plan at a rate of at least 20% of the eligible budget at the time of submission of the funding application. 
and/or 
B. 5% if the investment is made in one of the following areas of Attica (Regional Unit of Islands) and specifically the Municipalities of Agistri, Aegina, Kythira, Poros, Salamina, Spetses, Trizinia-Methana, Hydra.
 

WHAT WE DO FOR YOU:

Communicate today with your (Business Banking RM) and get informed about our financing products and the tools we offer for the implementation of your development plans.

During the implementation phase of the investment through the program:

Bridge Financing
Coverage of part of the private participation, with the appropriate financial instrument
Issuance of an Advance Letter of Guarantee

 

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