The Ministry of Development & Investment and Digital Government and the Hellenic Development Bank – HDB announced today the opening of the first Loan Guarantee Fund for Audiovisual Production Companies.
In this way, the Hellenic Development Bank-HDB implements the initiatives to support specific sectors of Greek entrepreneurship with the aim of expanding the number of companies financed by the banking system, as noted in a relevant announcement.
This is the first Loan Guarantee Fund for Audiovisual Production Companies, with a total potential loan budget of 62.5 million euros.
Each beneficiary company has the opportunity to apply for a bank loan, in the two cooperating Banks (Piraeus Bank and Optima Bank) amounting from 25,000 euros to 900,000 euros, to cover the needs either in working capital or for the financing of investment projects.
The Audiovisual Production Loan Guarantee Fund provides an 80% guarantee on the loan amount.
This facilitates access to the banking system to a much larger number of companies. With the guarantee of the Guarantee Fund, the beneficiary company enjoys either a lower interest rate on the loan or less (or no) collateral.
According to the terms of the loan:
-Banks will not require collateral for loans up to 50,000 euros
-In all loans -regardless of their amount- the pre-notation of a permanent and unique residence is prohibited
-Facilities are provided for the repayment of loans on favorable terms (grace period and long repayment period of loans).
Beneficiaries of the Program
Small and Medium Enterprises active in the sectors:
-Production of movies, videos and television programs (KAD 59.11)
-Activities accompanying the production of movies, videos and television programs (KAD 59.12)
-Production of computer game software prototypes (KAD 62.01.21)
-On the date of first disbursement of the loan they are tax-aware and insurance-aware.
-Companies which according to the application to the State Aid Information System (PSE) are not considered Problematic.
– Deemed credit in accordance with current credit policy and internal procedures of credit institutions
-They are bank informed (they owe <90 days)
Duration of loans – guarantee
A. 5 years for Working Capital loans
B. 10 years for Investment Purpose loans
(including any Grace Period)
The HDB Audiovisual Production Business Guarantee Fund is funded by the Public Investment Program (PIP).
The start date for the submission of applications by the interested companies to the PSKE, is Thursday 13.1.2022, at the following e-mail address:
https://www.ependyseis.gr/
“The Greek Government with coordinated actions strengthens the production of audiovisual works in Greece”, said the Minister of Development & Investment Adonis Georgiadis commenting on the start of the program and added: “Today, through the Hellenic Development Bank, it creates an important development tool for professionals “Our goal is to make Greece an international film production center and we will succeed.”
For his part, the Minister of State and Digital Government Kyriakos Pierrakakis said: “In recent years, Greece, which has always been a natural film studio, is developing into an international destination for audiovisual producers. This is due to the fact that a concerted effort is being made The country’s natural advantage with financial incentives for productions.The Audiovisual Production Loan Guarantee Fund is added to the tools available to Greece in the field of audiovisual productions. “They are active in the field. And this is clearly reflected through the process that we have designed and implemented, which is distinguished for its speed, functionality and transparency”.
Undersecretary of Development Giannis Tsakiris noted: “Another specialized financial product is coming to fill the financial gap in a developing and promising market in our country, that of audiovisual media. With a drafted program, we proceed to utilize and leverage national and European The Hellenic Development Bank is once again leading the way and proving that it can be the most important helper in the above effort.
Finally, Athena Hadjipetrou, President and CEO of Hellenic Development Bank-HDB, stated: “The Audiovisual Production Loan Guarantee Fund is an important development tool for audiovisual professionals, an industry that is increasingly attractive and attracting we implement our goals but also to support our role as Hellenic Development Bank in creating better and more favorable conditions in the financing of Greek companies ”
Watch the presentation video of the program here
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Source From: Capital
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