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Elevate Greece Announces Funding for Startups

Startups that have enlisted on the registry of Greece’s national startup entity Elevate Greece will be able to apply for 60 million euros in funding for working capital in the form of non-repayable grants, the development ministry announced.

Very small, small and medium-sized companies registered on the national registry are eligible for non-repayable financing for working capital in order to cover expenses, such as the purchase of consumer goods, raw materials and consumables, employee costs, and operating expenses.

Projects are subsidized between 5,000 euros and 100,000 euros with the grant amount covering at least 50 percent of expenses for 2019.

The ministry is expected to announce the opening date for applications this month. Interested parties should apply here by 30 June 2021.

The funding is open to very small, small or medium-sized businesses, operating legally in Greece, before 1 January 2020. The sum of 2019 working capital expenses should be equal to or greater than 10,000 euros, companies must be among Covid-19 affected activities (KAD), and be clear of any “problematic” issues.

Proposals will be evaluated immediately and in order of priority (first in – first out), according to the date of electronic submission.

The allocated sum should be consumed by beneficiaries in 2021 and listed on the relevant E3 tax declaration for 2021.

The funding is aimed at providing startup companies impacted by the coronavirus pandemic with support during their first steps.

Development & Investments Minister Adonis Georgiadis described the initiative by Elevate Greece as a “special financial tool for start-ups” and an additional incentive for those firms which chose to register, demonstrating “the ministry’s support of startup entrepreneurship”.

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