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Attica Region Announces SME Covid-19 Funding Scheme

Athens © GTP

Athens © GTP

Small and medium-sized businesses impacted by the coronavirus (Covid-19) pandemic will be able to tap into a support package of 200 million euros, the Attica Region announced this week.

More specifically, the support scheme to run through the Attica Region provides eligible parties with working capital ranging from 5,000 euros to 50,000 euros with the requirement to maintain the sum for at least three years after the completion of the process in June 2021.

Eligibility will depend on the number of employees as recorded in the labor ministry’s Ergani information system; the estimated loss of income in the second quarter of 2020 compared to the corresponding period in 2019 based on VAT returns; and business sustainability based on pre-tax profits and turnover.

The application procedure opens on 23 October at 1pm on and the dealine is 20 November 2020 and at 3pm.

Attica Regional Governor Giorgos Patoulis said the funds were aimed at supporting businesses recover and at keeping jobs.

Athens, Greece

Piraeus Chamber of Commerce and Industry President Vassilis Korkidis welcomed the announcement as “particularly important” adding that the boost of liquidity will help mitigate losses.

Athens Chamber of Commerce President Giannis Hatzitheodosiou also viewed the decision as a positive step in the right direction adding that “it is very important for the economy and society to keep as many companies as possible open with employees in their positions in order to reduce the losses brought about by the economic recession”.

Earlier this year, the European Commission announced that approximately 90,000 small and medium-sized enterprises in Greece would benefit from a total of 1.14 billion euros in funds released to address the impact of Covid-19.

Meanwhile, small and very small enterprises can also tap into a support scheme announced last month, which includes tax breaks and the allocation of a total of 150 million euros to businesses with up to 10 employees and reporting an annual turnover of / or total assets under 10 million euros.

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