The objective of the program is to strengthen access of SMEs and MidCaps to bank financing on particularly favourable terms, with particular emphasis on supporting businesses that promote youth employment under the EIB's "Skills and Jobs – Investing for Youth (Jobs for Youth)" initiative, as well as businesses that encourage support for women’s empowerment in the workplace, in line with the EIB Group's Strategy for Gender Equality and Women's Economic Empowerment.

For as long as the financed business satisfies all eligibility criteria for financing by the EIB, NBG grants to the beneficiary of this loan a financial bonus reflected in the interest rate, which is at a discount compared with the annual interest rate that would be charged by NBG on a similar loan without the participation of the EIB.

In addition, companies that promote youth employment under the “Jobs for Youth” Initiative or support female professional empowerment and meet the eligibility criteria set by the EIB are offered an additional financial bonus in the form of an interest rate reduced by 0.20% (or 20 bps) compared with the annual interest rate that would be charged by NBG on a similar loan without the participation of the EIB.

The purpose of the financing is to support investment or business plans by SMEs and MidCaps under total budgets of up to €25 million, with maximum amount of financing of eligible expenses of €12.5 million, by all companies established, operating and planning to invest mainly within Greece, without excluding companies that are established and operate in other EU member states, which projects have been undertaken in the last three (3) years as of the date of signing the financing agreement with the firm and have not reached completion six (6) months before that date.

Investments and expenses that may be included in the investment or business plan include:

• Purchase, renovation and expansion of tangible assets, including land, only if it is essential for the investment, by up to 10% of the amount of the financing. Purchase of farmland is not included.
• Intangible assets including:

i. RDI expenses (including gross wages directly linked to the company's research, development and innovation assets and development costs of concessions, patents, licenses, trademarks and similar rights and assets);
ii. Purchase of processing licenses/patents, software and other rights and assets with inherent production potential;
iii. Purchase of other intangible assets, such as licenses to use non-generated public resources (non-generated public resources refer to "monopoly rights" that do not require investment to create such rights, such as the right to use a broadcasting frequency), patents, trademarks and similar rights and assets, by up to 10% of the cost of the investment.

• Change of generation (e.g. retirement of the previous owner) or staff-related change of business status. Financing in such cases aims at keeping the firm in business, provided however that the buyer and the business for sale meet the eligibility criteria and the total financing does not exceed €5 million (excluding own funds). 
• Working capital of a more permanent nature. More specifically, business obligations related to the firm’s transaction turnover as part of its ordinary business activities can be financed. Expenses that can be financed include (by way of example) the purchase of raw materials and other components of the manufacturing process, inventories and general expenses, commercial claims, and claims from sales to non-end consumers.

The following expenses are not included:
i. Purely financial transactions not related to capital expenditure or the company’s business activity, including change in the ownership structure (e.g. mergers and acquisitions);
ii. Tariffs and Taxes such as Value Added Tax (VAT);
iii. Purchase of goodwill, licenses or rights for mineral resource exploitation and production rights in the agricultural sector;

It is clarified that the amount of financing shall not be used for refinancing/repayment of existing loans.

It is noted that the loan may not be used for real estate activities or for the provision of consumer loans.

Real estate activity that is excluded from the EIB financing includes the purchase, construction or renovation of real estate with the purpose of selling or renting the building to a third party.

However, the loan may be used for the purchase of assets other than real property (e.g. construction equipment), for the purposes of renting such to third parties. 

The option of a further reduction of the applicable interest rate margin is offered to businesses that support employment of young people aged 15-29 years on the date on which they obtain the relevant benefit of employment, training or work experience (“Jobs for Youth” Initiative).

Beneficiaries of the “Jobs for Youth” Initiative are businesses that meet one of the following criteria: (a) they have employed over the last six months (five in the case of MidCaps) at least one young person, or plan to employ at least one young person (five in the case of MidCaps) in the next six months (from the date of signing the agreement), and they undertake to continue such employment for at least one year, and/or

(b) in the last six months they have provided a vocational training or internship position to at least one young person (five in the case of MidCaps) or in the next six months (from the date of signing the agreement) they plan to provide a vocational training or internship position to at least one young person (five in the case of MidCaps). The training/internship must last at least three months and be provided for in a valid cooperation agreement with a technical school, university or public employment organization and/or be confirmed by a letter signed by such Organizations and/or be part of the standard vocational training or internship program of the business financed hereunder, and/or

(c) in the last six months they have participated in a young entrepreneurship program of a Non-Governmental Organization or educational institution, or they plan to participate in such a program in the next six months.

It is noted that interested companies can only join one of the two programs providing an additional reduced interest rate by 20 bps, i.e. either through the "Jobs for Youth" Initiative or through the female empowerment program.

The option of a further reduction of the applicable interest rate margin is offered to businesses that support female professional empowerment and meet one of the two following criteria:

i) Female business leadership:

Women participate by more than 50% in the executive management/ administration of the company or the BoD/Investment Committee thereof, if there is such; or

ii) Female Entrepreneurship: 

Women hold more than 50% of the company shares and participate in the executive management/administration of the company by more than 50%.

For the inclusion of the Borrower in the financing program, the Borrower shall provide a relevant solemn declaration, followed by the relevant supporting documents, depending on the legal form of the borrower. 

It is noted that interested companies can only join one of the two programs providing an additional reduced interest rate by 20 bps, i.e. either through the "Jobs for Youth" Initiative or through the female empowerment program.

• The total budget for each investment or business plan may be up to €25 million for SMEs and MidCaps, with maximum amount of financing of eligible expenses up to €12.5 million.
• The purpose of financing concerns investments in tangible or intangible fixed assets or working capital of a more permanent nature.
• The minimum loan term is 2 years and shall not exceed the economic and technical life of the investment being financed.
• Loan repayment can be made in quarterly or half yearly principal instalments with a grace period option of up to two (2) years.
• Base Rate: 3month Euribor (in the event of a negative rate, the value of zero shall apply instead).
• Margin: There is a discount on the applicable interest margin compared with the annual interest rate that would be charged by NBG on a similar loan without EIB participation.
• Exemption from the obligation to pay the charge under Law 128/75 (currently 0.6%).
• Interest is posted on 30/6 and 31/12 of each year.