ECONOMY

Greek SMEs able to borrow working capital from 550-mln fund at half normal interest rate

A 550-million-euro program allowing Greek small- and medium-sized enterprises to borrow at half the normal lending rate was launched on Tuesday.

Development Minister Costis Hatzidakis announced that there had been an agreement between the Hellenic Fund for Entreneurship and Development (ETEAN) and 14 banks to provide the loans to businesses.

ETEAN will provide half of the total amount and its share of the loans will be interest free, bringing down the overall rate to 50 percent of what banks normally charge SMEs.

The program is designed to provide companies with much-needed working capital.