ECONOMY

Commission approves program to support Greek startups

commission-approves-program-to-support-greek-startups

The European Commission has approved the Development Ministry’s 60-million-euro invitation to very small, small and medium-sized enterprises with the offer of support for businesses affected by the pandemic.

According to an announcement by the ministry, the invitation is expected to be announced soon and will target very small, small and medium-sized enterprises registered in the National Startup Registry platform “Elevate Greece,” or who register there before submitting their application for funding up until September 30.

The businesses must have launched their activity by December 31, 2020 and be active in areas of Smart Specialization/RIS3 and in the affected sectors. State support will be provided in the form of direct grants to help ensure adequate working capital for businesses. The amount of the grant can be up to 80% of the working capital expenditure for the reference year 2019 or 2020. Public funding of companies will range from €5,000 to €100,000.

The Commission has found that the invitation is in line with the conditions set out in the Provisional Framework for State Aid to support the economy during the current outbreak of Covid-19.

Development and Investments Minister Adonis Georgiadis stated, “Not only has the pandemic not stopped our efforts to support investment, but new tools, such as the approval of startup loans, are being added to our weapons for future economic prosperity.”