Expert Mission on studying the most advanced experiences

Expert Mission on studying the most advanced experiences and application mechanisms in the field of allocation of state concessional loans to entrepreneurs organised by TAIEX, DG Enlargement in co-operation with National Fund for Entrepreneurship Support of Azerbaijan Republic Baku, 9. 1. 2012

The Greek National Fund for Entrepreneurship and Development ETEAN SA Themistoklis Kossidas Scientific Collaborator/ Auditor Ministry of Interior, Decentralisation and E-government

1. The company 2. Purpose - Mission 3. Human Resources 4. Legislation 5. Programs/ products 6. Frequently Asked Questions for New Programs 7. Press Release 8. Partnerships 9. Questions and Answers

1. The company By Law 3912/2011 (Government Gazette A 17/17. 2. 2011) established a new public "financier" of Greece, the National Fund for Entrepreneurship and Development with special title ETEAN, with an initial share capital of 1. 7 billion euros, of which 1. 5 billion are Greek government bonds and approximately 213 million cash. The ETEAN SA is the universal successor of TEMPME SA. and serve as an additional means of financial and financial market taking into account in formulating new economic conditions and policy and philosophy of the European Commission, which wants to promote recycled products instead of financial grants.

2. Purpose - Mission The ETEAN aims to promote entrepreneurship and facilitate small and medium enterprises (SMEs) to access smart financial products primarily for the implementation of investment projects. Companies that want to increase production, create new products, expanded and become international will be helped, apart from the guarantees and the provision of low and concessional financial products ETEAN. The ETEAN SA will support all types of businesses, whatever their age (under formation, start and existing) and three sectors (primary, secondary, tertiary) of the economy. Particular emphasis will be given to supporting businesses focused on activities and products of the new demands of the 21 st century and a viable, profitable businesses and extroverted.

3. Human Resources The ETEAN responses effectively to changing market conditions, develop new financial products and tools to support businesses and improve their access to finance. This is possible thanks to the important role of the Company's employees, who help to strengthen the dynamic growth of the Company on a daily basis.

4. legislation The ETEAN SA is regulated by the Founding Act and the 3912/17 -2 -11 2190/1920 on public limited companies as at present. - Beyond and in the course of activity (guarantee, participation in Portfolio Funds, etc. ), the company is governed by EU regulations, as well as joint ministerial decisions (for the implementation and management of the Funds). Laws - Recommendation 3912/17 -2 -11 National Fund for Entrepreneurship and Development - 2190/1920 on PLCs - 3066/2002 Establishment Fund for Small and Very Small Enterprises - L 3614/2007 (FEK 267/A/03. 12. 07) Manage, control and implementation of development assistance for the programming period 2007 -2013 Ministerial Decisions - JMD 12, 017 (GG V 1697/27 -10 -2010) Ministers of Regional Development and Competitiveness and Finance for the 'Establishment of Enterprise Fund - KYA 31654/EFTHY 1415 (GG 1262/V/2010) Ministers of Finance, Regional Development and Competitiveness and the Environment, Energy and Climate Change 'Creation Fund spare Residence'

4. legislation Ministerial Decisions - JMD 1871/25 -10 -2010 (GG 1741/V/5 -11 -2010) Finance Ministers, Regional Development and Competitiveness and Rural Development and Food for the 'Creation of the Fund ENALION' - 28020/EFTHY 1212/30. 06. 2010 2 nd Amended Management System YPASYD) (GG 1088/V/19. 07. 10) - 43804/EFTHY 2041/07. 09. 2009 1 st Amended Management System (YPASYD) (GG 1957/V/09. 09) - 14053/EFS 1749 for the System Management (YPASYD) (GG 540/V/27. 3. 2008) EU Regulations - Regulation EC 1998/2006 (06/12/15) on the application of Articles 87 and 88 of the Treaty to de minimis aid (deminimis) - General exempting regulation EC 800/2008 on state aid - Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium enterprises - Regulation (EC) No. 1083/2006 of 11 July 2006 laying down general provisions on the European Regional - Regulation (EC) No. 1080/2006 of the European Parliament and the Council of 5 July 2006 on the European Regional Development Fund - Regulation (EC) No 1198/2006 of 27 July 2006 on the European Fisheries Fund, as amended by Regulation (EC) No 744/2008.

5. Programs / products The mission, purpose and goals of ETEAN conducted in accordance with its founding law, to: a) The provision of guarantees or sureties for the Very Small Business, Small and Medium-sized to meet their obligations to credit or financial institutions or venture company, arising from any form of credit facilities, such as loans, invoice discounting factoring, leasing, hybrid financing. b) The co-investment of funds administered by the Company with financial engineering instruments such as loan funds for businesses that operate either as a separate legal entity or as separate parts of existing financial institutions or financial institutions, guarantee funds, venture capital funds, seed funds, supporting innovative new businesses. c) The co-investment of funds administered by the Company in investment funds, shapes concession or PPP, or other appropriate partnerships that invest in sustainable and environmentally friendly urban development or other areas, either to save energy or to promote activities utilize new and renewable energy.

6. Frequently Asked Questions for New Programs Subject: Inclusion in the "Guarantee by TEMPME AU soft loans for the coverage of tax and insurance liabilities ME / VSE 'and' Guarantee by TEMPME SA low-interest loans to cover costs for raw materials, goods and services" business wholesale service stations sale of tobacco products If a company applies for membership in the programs during the preceding fiscal year did not employ staff and are therefore not obliged to submit the form E 7 then what make? Answer: If the company did not employ staff then submitted by the firm affirmation of Article 8 of Law 1599/86 which, inter alia, to declare that during the previous fiscal year did not employ staff.

6. Frequently Asked Questions for New Programs It is ultimately eligible for inclusion companies operating in the road freight transport? Answer: Yes, they are eligible for membership. For businesses operating in road transport the maximum amount of public funding (de minimis aid - de minimis) can receive up to three years, set the amount 100. 000 €. In particular, aid granted under a guarantee scheme to non-problematic companies operating in road transport considered as transparent de minimis aid when the guaranteed part of the underlying loan provided under such scheme does not exceed 750. 000 € per company.

6. Frequently Asked Questions for New Programs It is ultimately eligible for inclusion companies active in exports to third countries or Member States? Answer: Eligible for membership because the aid is to cover tax liabilities and insurance coverage or purchase of raw materials, goods and services, so we have nothing to do with payments linked to the creation and distribution network, with quantities exported. or to other current expenditure linked to export activity. Company is a subsidiary of a foreign group company, headquartered But Greece and taxed in Greece is subject to action? Answer: If, based in the Greek territory, taxed in Greece (which means it has the required documents) and contained, among other things, the independence criterion may then be subjected to the action.

6. Frequently Asked Questions for New Programs Company showing negative figures in Tiresias may join or not? Answer: The existence or absence of adverse information in Tiresias and the overall evaluation of these is the sole responsibility of the banks. Partnership has two partners with a stake in each company's capital of 50%. One of the partners has a personal business. Both companies want to join the program because they have the conditions laid down by the Implementation Guide. Question arises whether or not exclusion as ¨ non-independent "? Answer: The sole proprietorship is not an obstacle for integration. Contrast to GP, according to the above mentioned, no impediment inclusion, unless within the exceptions to the Community definition is reflected in the Implementation Guide.

6. Frequently Asked Questions for New Programs If a business has ceased operations, but due to the IRS and / or insurance funds may be included in the program to cover insurance and tax obligations? Answer: No, because the program is aimed at existing small and micro enterprises. If the legal document / offer or invoice presented to the Bank is worth € 400. 000 (plus VAT), ie exceeds the maximum loan amount is 300. 000 €, is eligible for inclusion in the program to cover costs for raw materials, goods and services? Answer: In that case the legal document / offer or invoice are eligible only for an amount up to € 300. 000 and under the additional condition that the document will be repaid in full together with the receipt of loan which is an addition to attributable / VAT due must be pay to the bank and the corresponding difference ie € 100. 000 (400. 000 -300. 000), to be repaid in full the relevant document.

6. Frequently Asked Questions for New Programs What kind of Services is eligible for inclusion in the program to cover costs for raw materials, goods and services? Answer: In accordance with the provisions of the Guide as a service is any act that does not constitute good delivery. (Such as consultancy, accounting services, advertising services, security services, cleaning services, maintenance, etc. ) Therefore, eligible costs are associated with both the production - commercial activity and to serve the needs of the enterprise, provided: a) be accompanied by relevant deliverable, b) a certified copy of the contracts filed with the Tax Office, where provided c) a legal document and d) do not constitute an intangible fixed asset in accordance with laws Also, in accordance with section 5. 1 of the driver is not eligible costs and receipts relating to assets of the company (eg intangibles, equipment, machinery, land, property, etc). Clarifies that are not eligible costs and receipts of and additions, extensions and improvements on the assets of the company.

6. Frequently Asked Questions for New Programs Eligible expenditure on payment of rents and wages? Answer: No. They are eligible expenses. Eligible for funding self-employed? What can be seen from the data presented? Answer: In accordance with the provisions of the drivers are not eligible for funding self-employed sole proprietors. This can be seen in order for professionals - personal business, including the form E 3 Table F d, g, h (fields professions) in combination with CAR 2008 and the provisions of Article 48 of N. 2238/94 Several Billing Service is no obligation to withhold tax under the relevant provisions of Income Tax.

6. Frequently Asked Questions for New Programs Business to business, marketing alcoholic goods in the market by the supplier are charged excluding VAT and Special Consumption Tax (EFK). Qualify the above excise tax for funding? Answer: In accordance with paragraph 5. 1 of the driver is not an eligible expense, including VAT, fees and other taxes. Therefore the above EFK not eligible.

7. Press Release The process of the International Open Tender for the selection of banks for their participation in the Program "HOME SAVER" on interventions to improve energy efficiency and renewable energy use in buildings of the residential sector. Specifically, the banks in which interested parties can submit an application after the start of the program are: National Bank of Greece, EFG Eurobank, Piraeus Bank and Alpha Bank. Note that the implementation of the program has established a special fund portfolio. The Greek government, through the NSRF, contributed € 241 million fund, which will be invested with the amount of approximately € 400 million from banks. Of these amounts of € 640 million will be diverted to the Greek market of approximately € 600 million in the form of loans on very favourable terms even in these circumstances to individuals / homeowners, while the remaining € 40 million will be awarded as an incentive to the form of interest subsidy to individuals / households of low income class.

7. Press Release Over € 640 million will be provided by ESPA and other € 155 million for the implementation of the "HOME SAVER" which will be used to grant investment costs to individuals / households of low and middle income class and the cost of energy surveyors.

8. Partnerships European Investment Fund (EIF) In October 2004 under the Multiannual Programme of the European Union for Enterprise and Entrepreneurship and in particular for Small and Medium Enterprises (MAP 2001 -2005), signed a cooperation agreement for inclusion in the portfolio of the counter-EIF € 29, 2 million securities investment loans (business development, fixed and intangible assets, etc. ). After achieving the initial objective of the agreement was extended to 31/12/2007 with a total membership guarantees worth € 45 million goal well achieved. Initially, the surety concerned over the longer term loans over 3 years and more than 1. 5 micro-year maximum guarantee of 70% (presence of additionality), and later joined both loans and leasing contracts with interest rate subsidies.

8. Partnerships MED "Measures to Accelerate the Mediterranean Business Angel Market - MACC-BAM" - The ETEAN involved in transnational project «Measures to Accelerate the Mediterranean Business Angel Market» under the MED is co-funded by the EU / ERDF. The project aims to develop a framework that will accelerate and enhance the development of networks of Business Angels (Business Angels' Networks) in the Mediterranean region. - Specifically, the project partners through the exchange of knowledge and study of best practices aimed at creating appropriate tools and implement actions to support innovation and growth, enhancing thereby entrepreneurship and synergies at international level. - The project involves 8 partners representing 4 EU countries: - Greece: ETEAN, EOMMEX, BIC Attica, Italian: Provincia di Milano, Finlombarda Sp. A, France: Chambre de Commerce et d'Industrie Marseille, Chambre de Commerce et d'Industrie Drome United Kingdom: Exemplas Holdings Limited

8. Partnerships GO Network 'Guarantee Organization Network Interreg III B – Medocc The ETEAN participated in the project 'GO Network' Guarantee Organization Network (Programme Interreg III B - Medocc) during the period 2005 -2008 for the development of Schemes guaranteeing the Mediterranean countries and the improvement of relations of SMEs to Financial Institutions.

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