Greece to offer state guarantee on bank loans to enterprises

Τhe Greek government on Thursday announced that it would offer state guarantees on bank loans offered to Greek enterprises by December 31, 2011.
A circular issued by Finance Deputy Minister Filippos Sahinidis, said that the guarantee will cover 70 pct of loans offered by commercial banks in a move aimed at boosting liquidity in the domestic market.
All enterprises, set up by July 18, 2011, are eligible to receive state guarantees on loans to small- and medium sized enterprises, and large enterprises to finance investment plans or to boost working capital. The state guarantee will have a maximum duration of up to 10 years and repayment of the loan will be made every six months in equal tranches. The loan could not exceed the company’s annual payroll cost for 2010.

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