As the cost of money has soared due to successive interest rate hikes by the European Central Bank, hundreds of small and medium-sized businesses are turning to the Recovery Fund and its loan program to finance their investments.
A total of 500 investment projects with a budget of 18.1 billion euros have already been submitted to the loan program of the Recovery Fund, with 60% coming from small and medium-sized enterprises. The investment plans submitted concern different sectors of the economy, such as industry, retail trade, investments in Renewable Energy Sources projects, telecommunications, tourism and services.
Following the approval of the revised plan submitted to the European Commission, combined with the request for additional loans of 5 billion euros through REPowerEU, the resources of the Recovery Fund for the financing of private investments for Greece increased the amount of the loan program to 17.73 billion euros.
The Fund’s loans are particularly attractive due to low interest rates. It is recalled that the Recovery Fund finances up to 50% of the investment. The investor’s own participation must be at least 20% and the bank loan at least 30%.
