COUNTRY PROFILE
Greece
A standardised profile of the microfinance ecosystem — regulation, actors, funding, and the latest news. Expand any section below.
01 · REGULATION OF LENDING
Regulation of lending activity
Regulation of lending activity
Regulatory scenario
With microcredit regulation
Dedicated law regulating microcredit
Hellenic Ministry of Finance Law 4701 “Framework for Microcredit provision, financial sector regulations and other provisions”
Dedicated law passed (year)
2020
02 · SUPERVISORY FRAMEWORK
Supervisory framework for non-bank lending
Supervisory framework for non-bank lending
Supervisory authority
Bank of Greece
Authorised non-bank lender — type 1
Microfinance Institutions: Capital companies (S.A., limited liability companies)
Type 1 — profit orientation
For-profit
Type 1 — minimum capital
EUR 250.000
Authorised non-bank lender — type 2
Civil companies (non-profit organizations under the civil code)
Type 2 — profit orientation
Non-profit
Type 2 — minimum capital
EUR 250.000
03 · PRODUCTS
Products
Products
Business microcredit — max. amount
EUR 25.000
Business microcredit — max. term
10 years
Business microcredit — interest cap
Not defined in the law but by decision of the Minister of Finance, a ceiling of microfinance interest rate may be set
Business microcredit — purpose
To cover investment needs or working capital
Business microcredit — target clients
Micro-businesses, individuals willing to start a micro-business, self employed and organisations belonging to social and solidarity economy
Business microcredit — mandatory non-financial support
Consultancy services Business training
Personal microcredit — max. amount
EUR 25.000
Personal microcredit — max. term
10 years
Personal microcredit — interest cap
Not defined in the law but by decision of the Minister of Finance, a ceiling of microfinance interest rate may be set
Personal microcredit — purpose
Socio-economic integration of vulnerable groups: to support individuals that fall into unemployment or that experience and unexpected suspension/reduction of working time
Personal microcredit — target clients
Individuals belonging to vulnerable groups with at least ten years of tax residence in Greece and natural persons for the purposes of covering expenses related, directly or indirectly, to their education, or post-education
Personal microcredit — mandatory non-financial support
Consultancy services Business training
04 · INCENTIVES & SUPPORT
Incentives and support
Incentives and support
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05 · DEVELOPMENT OF FRAMEWORK
Development of existing framework for non-bank microcredit provision
Development of existing framework for non-bank microcredit provision
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06 · NEWS & INSIGHTS
Latest from the Repository
Latest from the Repository
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