enterprises, and the launching of a “one-stop-
shop” in early April.
ETEAN, which has already been established by
means of a law, will be instrumental for rekindling
and restarting the Greek economy. The National
Hellenic Fund for Entrepreneurship and
Development (ETEAN) is a financing instrument,
a national fund that will intervene in the economy
and the financial system, injecting large quantities
of liquidity with the aim of supporting enterprises.
Its realization is a response to a collective request
made by the business world, and SMEs.
This specialized agency is expected to be the cat-
alyst of capital flows towards enterprises, upgrad-
ing and supplementing the existing financial sys-
tem, and leveraging, by means of revolving loan
facilities, guarantees and back-to-back guaran-
tees, co-investments and participations, total
funds of more than €2.5 billion by May, plus guar-
antees amounting to €250 million.
With ETEAN we are now able to offer effective
and targeted support to businesses, emphasizing
on SMEs and innovative businesses, extrovert
enterprises, or firms that produce high added-
value products and services.
The operation of ETEAN can provide Greek
enterprises with access to funding and resources
that are currently not available by the domestic
financial market, a fact that puts them at a disad-
vantage against their foreign competitors even if
they have better ideas and growth prospects.
Moreover, ETEAN is expected to be the most
important ally in the Greek enterprises’ fight
against the credit asphyxia.
In a nutshell, ETEAN is an umbrella fund, com-
prising other sub-funds, such as the
Entrepreneurship Fund (€1.2 billion), the Social
Economy Fund (€150 million), the Marine Fund
(€105 million), the Rural Entrepreneurship Fund
(€450 million) and the “Saving at Home” Fund, a
pilot fund which has been leveraging resources of
€800 million and is already bearing fruit.
Moreover, ETEAN modernizes the banking sys-
tem, by introducing new practices such as the
provision of mezzanine financing to SMEs, early-
stage financing, and business angels.
Finally, the newly-formed fund is a pillar of the
new investment incentives law, enabling investors
to choose among tax exemptions, subsidies,
leasing, and low-interest loans from ETEAN.
In a few words, by means of ETEAN and the new
law on private investment (3908/2011) we are not
only creating reliable institutional and financing
instruments: we are laying the foundations for a
new model of operation and perception in regard
to entrepreneurship, the role of the state, and the
relationship between them. A relationship based
on respect for public resources, clear proce-
dures, transparency and the promotion of public
interest.
Trade with Greece
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