Piraeus Bank, in an extremely difficult period for Greek economy, implements a new financing program for small and medium enterprises in the light of protecting or creating new job positions. The basic criterion of the financing program that amounts to a total of 2 billion euro is the number of employees in each enterprise.
This program forms part of the Bank's policy for the financial support of Greek enterprises, under favourable terms.
In this specific case, the program aims at protecting 50,000 job positions and mainly regards small and medium enterprises, but also larger enterprises in all sectors.
More specifically, on the basis of this program Piraeus Bank:
-Grants a loan per enterprise, up to 2 million euro, on the basis of the number of employees.
-The amount of the loan is configured by calculating 40,000 euro per employee in the enterprise receiving the financing.
-Furthermore, if wished so, the credit limit of the borrower is automatically increased by 40,000 euro for every new recruitment.
-This way and based on the total amount of 2 billion euro of the program, 50,000 job positions are secured.
-The number of employees shall be calculated on the basis of the Social Insurance Institute (SII) lists and shall be confirmed every three months.
-The duration of the loans shall be four years, with two years grace period (when only interest shall be paid).
Through this program, Piraeus Bank supports the efforts made by Greek enterprises in a crucial period, by laying emphasis in protecting employment and raising the number of employees.
It should be reminded that Piraeus Bank already disposes through other programs of 1 billion euro for working capital to small and medium enterprises of Attica Prefecture, in cooperation with the Chamber of Commerce and Industry of Athens (CCIA), 250 million euro to small and medium enterprises of Thessaloniki Prefecture, 150 million euro to the respective enterprises of Achaia Prefecture and 100 million euro to small and medium enterprises of Magnesia Prefecture, in cooperation with the respective Chambers.
In addition, the Bank participates in the action plan by the Ministry of Development regarding the support of cash-flow for Small and Very Small Enterprises (TEMPME SA), having so far approved over 1,350 applications exceeding 160 million euro.
Moreover, in cooperation with the European Investment Bank (EIB), Piraeus Bank has undertaken further financing investments for small and medium enterprises, by an amount of 300 million euro, a project that is also already under implementation.
Finally, it should be reminded that the Bank has announced the suspension of real estate auctions, as well as the freezing of loan instalments for the unemployed, whereas also for 2009, has given the opportunity, to all customers that wish so, to decrease their mortgage loan instalment by half.