ProCredit Bank and the EIF expand support to Greek small and medium-sized businesses

January 12, 2021

ProCredit Bank and the European Investment Fund (EIF) have signed a new guarantee agreement, financed by the ESIF (European Structural Investment Funds) and ERDF (European Regional Development Fund) under the Operational Programme for Competitiveness, Entrepreneurship and Innovation for 2014-2020 and national co-financing resource.

ProCredit Bank and the EIF have been working together for the last 10 years and our close relationship gives us the opportunity to help the development of businesses in the region, sustain employment, and strengthen the competiveness of companies. This particular agreement with the European Investment Fund (EIF) will enable ProCredit Bank to support SMEs predominantly in less developed regions of Greece such as East Macedonia-Thrace, Central Macedonia, Thessaly, Epirus and West Greece. Ultimately, these will promote the sustainability and growth of businesses in those regions. The expectations are to provide investment and working capital financing of at least EUR 70 million to a minimum of 200 companies at significantly more favourable collateral conditions as well as advantageous interest rates.

Kameliya Mineva, Member of the Management Board and Executive Director of ProCredit Bank stated: “ProCredit Bank has been a major partner for small and medium-sized enterprises in Greece since it started operations in 2015. The bank has already supported around 600 Greek companies with almost EUR 300 million. The new agreement with the European Investment Fund together with our in-house expertise and experience will strengthen our efforts to support SMEs in upgrading and expanding their activities. Access to such financing in less-developed regions is a crucial prerequisite for enabling these companies to invest, grow and create new jobs, as well as helping to sustain the development of the Greek economy.”