State subsidy program for business loans to reach 600 million euros

Between 100,000-150,000 enterprises and self-employed people will benefit from the introduction of a new ‘GEFYRA’ program offering state subsidies to business loans, Finance Minister Christos Staikouras said on Tuesday.

Speaking in Parliament, Staikouras said this program, combined with a gradual implementation of a new debt settlement framework and a new bankruptcy legislation “ will contribute essentially in dealing with the private debt problem and in preventing the creation of a new generation of non-performing loans. The new Gefyra program is expected to exceed 600 million euros”.

“ The Finance ministry, with this program, offers proof that it will support entrepeneurship in the country, awarding consistency and enhances payment culture,” Staikoura said, adding that participation in the program will be simple, fast and fully automated.