AUDIOVISUAL PRODUCTIONS PORTOFOLIO GUARANTEE FUND
LOANS FOR WORKING CAPITAL AND INVESTMENT LOANS IN THE AUDIOVISUAL PRODUCTION SECTOR
The Fund for the Guarantee of Loans for Audiovisual Production Businesses was established to provide guarantees for loans through cooperating Banks, to facilitate access to financing for Small and Medium-sized Enterprises operating in the field of audiovisual production.
What is the aim of the project?
The aim of the program is to cover liquidity needs as well as needs arising from medium-term investment planning of these enterprises by providing guarantees to participating Credit Institutions for the provision of Working Capital and Investment Purpose loans, with a disbursement horizon until December 31, 2025.
Who is it for?
Micro, Small, and Medium-sized Enterprises (MSMEs) (definition according to Annex I of Regulation (EU) No 651/2014) are those:
- Engaged in the sectors (NACE codes 59.11, 59.12, 62.01.21) ANNEX/NACE of the said sectors.
- At the date of the first disbursement of the loan, are tax compliant and social security compliant.
- Enterprises that as of December 31, 2019, are not considered as Problematic Enterprises (according to the definition in point 18 of Article 2 of Regulation 651/2014).
- Are considered creditworthy according to the prevailing credit policy and internal procedures of credit institutions.
- Are banking up to date (overdue liabilities < 90 days) as of the date of application.
What is the economic advantage for the enterprise?
Given the guarantee provided by the Guarantee Fund, the beneficiary enterprise enjoys either a lower interest rate on the loan or reduced (or no) collateral requirements.
What is the budget?
Loan portfolio of €62.5 million.
What is the maximum loan amount?
A. INVESTMENT LOANS
From €25,000 to €900,000 per enterprise as an upper limit.
B. WORKING CAPITAL LOANS
From €25,000 to €900,000 per enterprise as an upper limit.
What is the guaranteed rate provided by the Hellenic Development Bank?
The guarantee rate provided by the Hellenic Development Bank is 80% per loan.
What is the maximum collateral percentage from the enterprise (Beneficiary)?
The maximum insurance coverage percentage provided by the business (beneficiary) is 50% per loan.
What is the maximum loan guarantee duration?
The maximum loan guarantee duration is:
- 5 years for Working Capital Loans, including any Grace Period.
- 10 years for Investment Purpose Loans, including any Grace Period.
What is the guarantee commission?
The guarantee commission is calculated as follows:
The commission in favor of the Hellenic Development Bank for providing the guarantee amounts to (0.4%) x (loan amount) x (guarantee percentage) x (years) and is borne by the enterprise.
The collaborating Credit Institutions -banks that distribute the Audiovisual Productions Portfolio Guarantee Fund are:
- Piraeus Bank
- Optima Bank
How do submit an application?
The expression of interest by enterprises is carried out through the Information System of State Aid (ISSA), at the electronic address www.ependyseis.gr, by declaring the cooperative bank from which they wish to be financed.
