January 31 is the deadline for all interested parties wishing to gain access to subsidies under the new development law estimated by the end of 2020 to distribute some 4.2-4.3 billion euros.
Specifically, the Greek Economy, Development and Tourism ministry is receiving applications in the areas of general entrepreneurship and new independent media and expects by the deadline to have received more than 600 applications.
The application procedure for the remaining two categories – equipment & supplies support and major investments – will be open until the end of April.
Aiming to reverse the country’s dire economic standing by facilitating fresh investments in the private sector and creating new jobs and growth, the new development law foresees a wide range of aid.
According to the latest ministry data, plans for more than 150 investment projects budgeted at just over 500 million euros have been submitted for inclusion in the new law thus far.
Half of the proposals concern investments in industry, 40 percent in tourism and 10 percent in the services sector. Of the 150 applications, 98 came under the general entrepreneurship program, 32 in equipment & supplies support, and 20 in new independent media. Meanwhile, over 1,700 investors have already registered with the ministry’s data bank.
In order to be considered, investment projects must be valued at no less than 50,000 euros for cooperatives, 100,000 euros for very small businesses, 150,000 euros for small enterprises, 250,000 euros for medium-sized and cluster businesses and 500,000 euros for large businesses. The new development law foresees tax exemptions over a 12-year period for large investment projects as well as direct funding for all investments.
The procedure is carried out online with interested parties able to monitor the progress of their applications.