The institution of microfinance was officially launched in Greece on Tuesday,
The institution of microfinance was officially launched in Greece on Tuesday, February 11 during an event held by the Bank of Greece, with the establishment of the Microfinance Fund by the Hellenic Development Bank.
The Hellenic Development Bank established the Microfinance Fund, with aim to provide funding for small businesses with up to 10 employees. This initiative aims to support 3,300 businesses, including 1,000 focused on promoting female entrepreneurship.
According to a European Commission study for the 2021-2027 period, the financing gap in the microloan market in Greece is estimated at a minimum of 578.1 million euros per year, with the figure potentially reaching up to 750 million euros.
These are the funding needs of the country’s small and very small businesses and freelancers, many of whom are currently unable to meet the requirements of traditional banks and may turn to microfinance institutions for support.
Yiannis Stournaras, Governor of the Bank of Greece, citing a study by the European Microfinance Network in collaboration with the Microfinance Centre (2023) revealed that 64% of the customers of European microfinance institutions are located in rural areas.
This indicates that the Microfinance Fund could become an additional tool for the development of the
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