COVID-19 Pandemic: The actions of the Hellenic Development Bank (HDB): "COVID-19 Loan Guarantee Fund and the Entrepreneurship Fund II (TEPIX II)"



The role of the Hellenic Development Bank is being strengthened. HDB is in the final stages of its internal transformation, completing its recruitment process. It continues to intervene catalytically with new, targeted and innovative programs and collaborations covering the needs of Greek companies, facilitating access to sources of funding while paving the way for sustainable development.

It has now shown that it is able to respond quickly and efficiently to the implementation of financial products that have a measurable impact on the economic activity of companies.

Hellenic Development Bank, having a new organizational structure, new corporate governance and capitalizing on existing collaborations, is in its full essence a development-oriented bank.

Hellenic Development bank is the reliable and effective partner of all domestic and international financial institutions that want to approach the Greek company, to help it grow into a new international competitive environment.


The Hellenic Development Bank was called upon to act as a catalyst during the pandemic, while at the same time to make the first steps to its internal transformation process.  Within a period of less than 90 days, the Hellenic Development Bank designed and implemented 2 modern and effective financial instruments, reforming the “Entrepreneurship Fund II” and presenting the “Covid-19 Business Guarantee Fund”, significantly leveraging the available public funds. Indicative of the successful course of the Bank’s tools is the fact that only for 2020 the number of disbursed loans, amounting to 6.6 billion euros, to be ten times higher than the corresponding one for the five years 2015-2019 and four times higher respectively decade 2010-2019. The significantly positive impact of HDBs programs was recognized in the 8th Interim Report of the Greek Economy by the European Commission.

Equifund’s participation in the financial instruments increased, reaching 65 million euros. Digital Transformation was enhanced by improving process performance. Operational Restructuring was accelerated with the reorganization and modernization of the internal structure, but also the improvement of the business model and the internal operation. Collaborations were established with international financial organizations (EIB group, EBRD, Black Sea Trade and Development Bank, etc.) and with innovation support institutions (Innovation Norway, Demokritos, National Technical University of Athens).


Hellenic Development Bank was established in 2019 as a National Promotional Institution (NPI) to provide an equal playing field for SMEs through the efficient allocation of funds, bridging existing gaps in the business environment, attracting alternative funding sources, improving the overall business environment and, assisting the economy in growing and the businesses in becoming innovative and extrovert.


ETEAN S.A. is founded as a successor of TEMPME S.A, under the supervision of Bank of Greece and the Ministry of Development with Own Capital of 1.7 BIL. Euro. ETEAN designed the National Fund to support enterprises, particularly SMEs, providing leverage financing through revolving debt, bank guarantees and counter guarantees, joint ventures, and equity participation, as well as the Credit Guarantee Fund and a Fund Manager for recycling credit enhancement facilities for Greek SMEs. As of 31/12/2016 ETEAN became a group of companies with its subsidiary the ‘’New Economy Development Fund S.A.-TANEO’’, a VC Fund of Fund for SMEs.


TEMPME S.A. is founded as a financial institution under the supervision of Bank of Greece and the Ministry of Development Hellenic in order to design financial products that share part of the risk that financial institutions assume when they finance businesses and to counterpart the financing gaps through product customization so that SMEs and Mid-caps can realistically access financing at all stages of development. TEMPME S.A. introduced Guarantees, for the first time in the Greek Financial market (Credit Guarantee Fund).

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