20 May 2025

140.000.000€ for Existing Businesses in the Region of Central Macedonia under the New “Key to Progress” Action

Introduction

The action “Key to Progress: Innovation, Extroversion and Sustainable Development in Central Macedonia” is implemented under the “Central Macedonia” Programme of the NSRF 2021–2027 and targets existing very small, small and medium-sized enterprises (SMEs) located in the Region of Central Macedonia.

It aims to support investments that enhance extroversion, competitiveness, environmental sustainability, and the adoption of technological and organizational innovation.

The action applies to eligible NACE codes across all main sectors – manufacturing, tourism, trade and services – and focuses on helping businesses strengthen their presence in international value chains. At the same time, it contributes to the growth of the regional economy by upgrading key productive sectors.

Eligible Beneficiaries & Participation Requirements

Eligible beneficiaries are existing very small, small, or medium-sized enterprises (SMEs), as defined by the European Commission and relevant legislation.

They must operate or plan to operate within the Greek territory, with the investment being strictly implemented in the Region of Central Macedonia.

An enterprise is considered “existing” if it was legally established before January 1, 2023.

Basic Participation Terms

  • The investment plan must be directly related to an activity code (NACE) in which the enterprise had substantial activity during the most recently closed fiscal year (either the primary NACE code or the one generating the highest gross revenue, as reported in the 2024 tax form E3. This NACE code must be included among the Eligible Activity Sectors listed in the call
  • The business must operate (or plan to operate) under one of the following legal forms: Individual Business, General Partnership (G.P.), Limited Partnership (L.P.), Limited Liability Company (L.L.C.), Private Company (P.C.), Société Anonyme (S.A.), Civil Cooperative, Civil Profit-Making Company, Legal Entity under Private Law, Social Cooperative Enterprise, Mental Health Social Cooperative, Agricultural Cooperative, or a Foreign Company Branch
  • The enterprise must demonstrate sufficient financial capacity to cover at least 25% of the total investment cost
  • A land use certificate must be submitted for the declared investment location(s), confirming that the installation of the investment activity is permitted at the site(s)

Specific Requirements

In the case of individual businesses, the investment implementation site cannot be the beneficiary’s place pf residence (main or secondary)

Applicable to All Enterprises

  • They must be registered in the Beneficial Ownership Registry, if this registration is required by law
  • The investment project must not have been completed or fully implemented before the submission of the funding application. In other words, the investment should still be in progress or planned at the time of application
  • The business must not be under bankruptcy, liquidation, or compulsory administration. Additionally, no creditors of the business should have filed a request for restructuring or financial recovery
  • There must be no pending recovery orders for any financial aid or grants previously received by the business.

For investment projects in the tourism sector (NACE Code 55), the projects must meet specific conditions upon their completion. For primary hotel accommodations, a classification of at least three stars and a minimum of 8 beds is required, while for non-primary accommodations, at least 3 tourist residences or 10 beds for rental rooms are required.

It is important to note that businesses operating in non-eligible NACE codes, as well as in sectors such as fishing, aquaculture, and agriculture, which are not eligible for support, can participate only if there is a clear distinction between the activities and accounts within the business.

Project Budget, Funding Amount, and Aid Intensity

The eligible budget for each investment plan ranges from 25.000€ to 500.000€.

Investment plans with a budget lower than 25.000€ are not eligible and cannot be submitted. If the investment plan exceeds 500.000€, the additional amount is considered as private participation.

The public expenditure covers 50% of the eligible budget, while the remaining amount is covered by private participation, which may be financed through own funds or bank loans.

The loans may be either bank loans or bond loans and are supported by the financial tools of the NSRF. The combination of grants and NSRF financial tools cannot exceed the total amount of the expenditure, and state aid rules must be adhered to. The loan may be in foreign currency.

Upon submission of the application, the potential beneficiary must submit proof of available funds to demonstrate that it is possible to cover at least 25% of the total amount of the investment plan. When certifying the physical and financial implementation of the investment, the private contribution is proven by the settlement of the expense receipts.

Basic Categories of Eligible Expenses

The start date for the eligibility of expenses is defined by the publication date of the Action’s invitation, which is May 6, 2025. Expenses incurred or contracted before this date, even if not yet invoiced, will not be eligible for funding.

In order for the expenses to be eligible, the investment plan and its related expenses must be connected to at least one of the eligible NACE codes listed in the invitation. Below is the table with the eligible categories of expenses:

Evaluation Factors

The evaluation process for funding applications is based on specific factors that aim to highlight investment plans with strong growth potential. The evaluation is comparative, combining both qualitative and quantitative aspects, as outlined below:

  • Factor 1 – Financial Capacity: Assesses the percentage of the enterprise’s available equity in relation to the total proposed investment budget.

Maximum Score: 30 points

  • Factor 2 – Turnover Growth Rate: Evaluates the change in turnover over the past two years, indicating business growth dynamics and sustainability.

Maximum Score: 30 points

  • Factor 3 – Operating Profitability (EBITDA): Assesses the ratio of earnings before interest, taxes, depreciation, and amortization (EBITDA) to turnover over the past two years, reflecting the business’s financial health.

Maximum Score: 30 points

  • Factor 4 – Registered Patent: Takes into account the existence of a registered patent related to the business plan, as an indication of innovation and intellectual property protection.

Maximum Score: 10 points

Submission Period, Submission Method, and Duration of Implementation of Investment Plans

The submission of funding applications and candidate files begins on May 20, 2025, and ends on August 11, 2025, at 15:00.

The support application is submitted exclusively electronically through the integrated Information System for State Aid (iSAMIS). Only one application per Tax Identification Number (TIN) is allowed. The beneficiary logs into iSAMIS using the business’s TaxisNet credentials and assigns an iSAMIS project coordinator for this specific action in their profile (under the “iSAMIS Relationship” tab). The Coordinator must be a human representative who also has a profile in iSAMIS.

The evaluation process is comparative and includes administrative checks, scoring, determination of eligible budget, and public funding.

The implementation of the project must be completed within 24 months from the date of approval of the application.

For further details on this specific program, other available funding opportunities, or any support related to the planning and implementation of your investment projects, please do not hesitate to contact us at 2310 552 000 or 210 958 0000, or via email at [email protected].