Subsidies of 456 million euros for smaller companies

Over 450 million euros has been set aside for the funding of small and medium-sized enterprises from mid-2013, Development Minister Costis Hatzidakis announced on Thursday.

The program to support SMEs concerns the sectors of manufacturing, tourism, commerce and services and will be proclaimed on January 14 with a two-month deadline for the submission of proposals by entrepreneurs.

With another two months needed for the evaluation of proposals, the ministry expects the disbursement of subsidies adding up to 456 million euros to start from the summer of 2013. These funds form part of the National Strategic Reference Framework (ESPA).

Subsidies will concern spending on building and installation improvement, the supply of equipment, machinery, energy-saving systems etc, software, promotion as well as operating expenses.

“We have committed ourselves to using every single euro from ESPA and place particular emphasis on programs concerning entrepreneurship and SMEs,” said Hatzidakis while presenting the initiative that concerns existing as well as new enterprises.

“We are already above the European Union average in subsidy absorption, but that is not enough for us. ESPA is a liquidity instrument and it is a necessity for the country at the moment,” the minister added.