The Secretary General of Public Investments (NSRF) of the Ministry of Development, George Gianoussis, announced a program amounting to €80 million, through the Hellenic Fund for Entrepreneurship and Development (ETEAN), aiming at boosting entrepreneurship on Greek islands, with more favorable terms for small islands.
This program concerns more than 5,500 businesses that will be funded with loans from €10,000 to €30,000 for working capitals and/or investment expenditure. These loans will be given through the new program Island Entrepreneurship, which will start operating in the first week of June.
These loans will have an interest rate of 2.8 percent, their payment can be made within four years, while the loan will be interest-free for islands with a population of fewer than 3,100 residents, as Gianoussis announced.
The subsidy concerns 70 percent of the loan, while the remaining 30 percent must be covered by the investor with his own money, and concerns current or new, or under establishment companies of tourist interest.
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