Covid-19 Business Guarantee Fund (3rd cycle) of the Hellenic Development Bank for very small businesses

Cover the emergency liquidity needs of your business on favorable terms.

The product at a glance

Purpose of funding

You can receive a working capital loan to support the increased liquidity needs of your business that arise due to the current situation created by COVID 19.

Reduced interest rate

You can have a reduced interest rate compared to the corresponding loans of the National Bank of Greece due to the guarantee of the COVID-19 Business Guarantee Fund at a rate of 80%.

Duration of financing

You can repay the loan in up to 5 years, including any grace period of up to 6 months.

Maximum loan amount

You can receive 25% of the total turnover of your business in 2019, up to €250.000.

Method of repayment

Repayment is made through equal quarterly or semi-annual installments.

Deadlines for implementation

Disbursements shall be made in a lump sum or installments no later than 31 December 2021.
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Detailed information

If your business is established by 31/12/2019, the amount will not exceed the lesser of the following amounts: 

  • €250.000
  • 25% of your total turnover in the year 2019. 

If your business was established in 2020 or 2021 or 2022, the loan amount will not exceed the lesser of the following amounts: 

  • €250.000  
  • the amount resulting from the liquidity needs you will have to cover from the loan date and for the next 18 months, which must be demonstrated with sufficient justification and documentation.

The following are not permitted:

  • the refinancing/repayment of existing borrowings or lines of credit
  • the financing of a dividend payment plan or the purchase of shares
  • the financing of mergers and acquisitions.
The usual collateral and possibly securities (pledging of deposits, pledging of cheques/counterparts, collateral security, etc.) are required, up to a maximum of 20% of the amount of financing.
The fees you will have to pay are according to the bank's general invoice. To find out more, click here.
The guarantees of the Hellenic Development Bank (HDB) Guarantee Fund are part of the "Temporary Framework for State Aid Measures to Support the Economy during the Current COVID-19 Outbreak".

You can receive 25% of the total turnover of your business in 2019, up to €502,000, or for businesses established in 2020 or 2021 or 2022, that do not have financial data for 2019, the amount will be based on the liquidity needs that the beneficiary has to cover from the date of grant for the next 18 months, up to €50,000.250.000.

Eligible are Very Small Enterprises, established before the submission of the application to the bank and operating in an eligible Activity Code Number (ACN), regardless of their legal form, which operate legally in Greece, except for foreign companies, holding companies, financial sector companies, public entities, and their subsidiaries, local authorities and their subsidiaries, which meet the following criteria:

  • as of 31.12.2019, had a turnover of up to €1.000.000 or have been established up to the time of submitting an application for financing to the bank,
  • as of 31.12.2019 are not considered problematic (as referred to in point 18 of Article 2 of Regulation 651/2014). For Micro Enterprises, as in this case, even if they were in difficulty on 31.12.2019, they are eligible under the following cumulative conditions:
  • have not been subject to collective insolvency proceedings under national law up to the date of submission of the application for financing to the Bank; and
  • have not received rescue aid or if they have received rescue aid, have repaid the loan or terminated the guarantee agreement at the time of submission of the application for funding to the Bank; and
  • have not received restructuring aid or, if they have received restructuring aid, are no longer subject to a restructuring plan at the time of the application for funding to the Bank
  • are deemed creditworthy under the applicable credit policy and the bank's internal procedures,
  • are bankable and have no outstanding debts more than ninety days overdue on the date of application,
  • there are no grounds for their exclusion under paragraph 1 of article 40 of Law 4488/2017 (A137/13.09.2017),
  • there is no pending order for recovery of previous unlawful and incompatible State aid in an EU or CJEU decision,
  • has not received funding guaranteed by the HDB under the Guarantee Fund (Cycle A and B),
  • if they have been or have been included in HDB programs that have expired or are currently in force, have not exhibited any unfavorable transactional behavior in the repayment of their debts, such as loan cancellation or related arrears of more than ninety (90) days or in case they have exhibited unfavorable transactional behavior:

(a) in the case of a guarantee scheme, the amount of the guaranteed debt has not been paid by EBA; or 
(b) have paid their debt in full before the submission of the application for funding; or
(c) if the debt in question has been established at the competent tax office, they have entered into a regularisation scheme, which continues to be in force on the date of submission of the funding application.
Excluded from participation in the program are enterprises active in the production and trade of arms and ammunition, the manufacture, processing, and marketing of tobacco and tobacco products, genetically modified foodstuffs, and illegal activities under national law.


Discover more financing solutions

Get access to more financing solutions for your business, such as Leasing.

Learn more

Loan in 4 steps

Step 1: Submit your application
Visit and submit your application in the State Aid Information System (SAIS).
Step 2: Visit an NBG branch
After the final submission of your application to SAIS, you will need to visit an NBG branch to get information, provide us with the necessary documents and submit your application.
We assess your application
After studying your documents, we will carry out a credit check for your business. 
Step 4: We disburse your loan
If your application is approved by both the National Bank and the Hellenic Development Bank, you will need to visit your partner branch to sign the relevant loan agreement. Once the financing agreement is signed, the approved amount is disbursed to your current account with the National Bank of Greece. 



The supported financing is guaranteed by the COVID-19 Enterprise Guarantee Fund of HDB, co-financed by the European Regional Development Fund (ERDF) and the Greek State, and with the contribution of the Competitiveness, Entrepreneurship, and Innovation Operational Programme (CEIOP).

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