"Development Law Financial Instrument Guarantee Fund (DeLFI GF)" Programme

• Small, Very Small and Medium Enterprises (as defined in Annex I of EC 651/2014).
• They have received a confirmation that they are included in the Development Law 4887/2022.
• No work has been started prior to the submission of the application in the KYC information system.
• They have an establishment and operate legally in Greece until the time of submitting the financing application to the bank.
• They have not been subject to insolvency.
• They are not considered problematic enterprises (within the meaning of article 2, point 18 of Reg. 651/2014).
• They are considered credit-acceptable according to the current credit policy and the bank's internal procedures.
• Enterprises which have not received rescue or restructuring aid, or Enterprises have received rescue aid, but have repaid the loan and the guarantee contract has been terminated, or Enterprises have received restructuring aid, which has been completed.
• They have no delays in repaying the company’s debts to the bank (debt < 90 days) on the date of application.
• There are no grounds for exclusion of Article 40 of Law 4488/17 (Government Gazette Α΄137/13.09.2017).
• There is no pending order for the recovery of previous unlawful and incompatible State aid based on an EU or CJEU decision.
• If they have joined HDB programs, which have expired or are in force and:
• Have not shown adverse transactional behavior in repaying their debts (loan termination or overdue debts for a period of more than 90 days) 
• Have shown adverse transactional behavior (loan termination) but have paid their debts in full before submitting the financing application
• If it is a guarantee scheme, the amount of the guarantee debt has not been paid by HDB
• If the debt has been confirmed by the Public Fiscal Service (PFS), it has entered into a regulatory regime, which continues to be in force on the date of submission of the financing application
• They do not belong to the Non-Eligible Businesses.

For more information please visit the Hellenic Development Bank's Q&A document.

The following expenses are eligible:

a) Investment costs in tangible and intangible assets;

b) Salary expenses to cover new positions

c) Their combination

 

• The investment is maintained in the region where the aid is granted for at least three years.

• Acquired assets must be new.

• Expenditure on intangible assets is eligible if the assets:

   - Are used exclusively in the business establishment that receives the aid

   - Are depreciable

   - Are purchased in accordance with the terms of the purchase by third parties unrelated to the buyer and

   - Are included in the assets of the beneficiary and remain connected to the supported project for at least 3 years.

•  In the case of an initial investment referred in Article 2, point 49. β) or point 51. β) of the General Exemption Regulation (GER), only the costs of purchasing the assets from third parties unrelated to the buyer are taken into account. However, if a family member of the original owner, or one or more employees, takes over a small business, the condition that the assets will be purchased by a third party unrelated to the purchaser does not apply. The transaction will be carried out under market conditions. In case that aid has already been granted for the acquisition of assets prior to their purchase, the cost of those assets is deducted from the eligible costs associated with the acquisition of a business establishment. Buying shares is not an initial investment.

• The beneficiary confirms that, in the two years preceding the aid application, they have not relocated the business establishment in which the initial investment will be carried out and for which the aid is requested. Also undertakes not to do so within a maximum period of three years after the completion of the initial investment for which the aid is requested.