Loans with favorable terms for 60,000 SMEs

Loans with favorable terms for 60,000 SMEs

More than 60,000 enterprises currently excluded from banking loans will acquire access to banks through the new tool “Know Your Customer” created by Hellenic Development Bank, which was presented on Friday during an event attended by Prime Minister Kyriakos Mitsotakis and the leadership of the Development and Investment Ministry.

Addressing the event, Development and Investment Minister Adonis Georgiadis said that through this product, HDB will replace banks in evaluating small enterprises and offer guarantees to banks for approving loans.

These enterprises would be those excluded from the banking system because of their small size.

The new product will help achieve a goal of offering credit to 100,000 enterprises as demanded by GSEVEE, the union of small and medium-sized enterprises.

“We will do the job for banks, we will guarantee lending and open the door for enterprises to access the banking system and bring growth, job positions and business justice,” Georgiadis said.

The new tool is expected to begin operation in one month. The “Know Your Customer” initiative includes four funding programs worth 2.5 billion euros.

The program will be interconnected by the IT systems of the tax authority, the social insurance fund and Teiresias – the banks’ credit watchdog – in order to be able to certify the tax and social security status, and the credibility of the enterprises.

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