ECONOMY

High approval rate for new loan issues

high-approval-rate-for-new-loan-issues

Almost four out of five loan applications (78%) submitted by companies in the second phase of the Guarantee Fund, an initiative that started on November 17, have been approved by the credit sector.

In just over six weeks, Greek banks have approved the issue of loans to 7,470 enterprises, of which 7,360 are small and medium-sized firms and the remaining 110 are large ones.

According to data from the Hellenic Development Bank, the planning of the second phase of the Guarantee Fund in favor of SMEs has been vindicated by the high rate of approval for such businesses, reaching up to 82%.

For over half of those SMEs (3,685) the loan contracts have already been signed and 3,265 companies have received a sum of 830 million euros, averaging at about €250,000 each. Half of the 100 large enterprises have also collected their credit, with their average loan coming to €2.3 million.

This second phase of the Guarantee Fund’s application is open to all enterprises, regardless of whether they have received any credit through other programs of the Hellenic Development Bank to date.