Eurobank Ergasias signed a contract with the state-run National Entrepreneurship and Development Fund (ETEAN) on Wednesday for the ?supply of collateral for the issue of letters of guarantee in favor of very small, small and medium-sized enterprises.?
The program will allow small companies to be granted letters of guarantee from ETEAN and enable them to bolster their cash flow in a period when vital liquidity is hard for struggling firms to gain access to.
The contract?s budget amounts to 45 million euros and is seen covering letters of guarantee adding up to 90 million euros, while the portfolios concerned will be 10,000 euros to 150,000 euros per company.
Enterprises eligible for the scheme are those employing up to 250 people and with a turnover of no more than 50 million euros per year.