BUSINESS

Corporate loan demand covers supply

TAGS: Finance

In just seven hours, as many as 10,000 companies applied for low-interest loans that are guaranteed by the state through the Guarantee Fund, exhausting the amount available at this initial stage of the process, Development Minister Adonis Georgiadis announced on Thursday.

The applications submitted add up to 3.7 billion euros, while the sum disposable at this stage comes to €3.6 billion, which includes €1.2 billion in state resources as well as capital from banks. The huge demand highlights the market’s thirst for this liquidity, which is being offered at particularly favorable terms.

The credit sector responded to the application submission immediately, and both Alpha Bank and National Bank have already allocated the amount they have contracted with the Hellenic Development Bank, amounting to some €800 million each. Piraeus Bank has secured €1 billion for the program.

National announced it is offering approval within 48 hours and immediate disbursement at a favorable interest rate.

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