6 November 2025

Smart Development in the Region of Thessaly

Introduction

The Action “Growing Smart in the Region of Thessaly” is part of the “Thessaly” 2021–2027 Program under the European Structural and Investment Funds (ESPA) framework. Its objective is to strengthen existing small and medium-sized enterprises (SMEs) that are implementing investment projects within the Region of Thessaly. The Action focuses on sectors identified through the Entrepreneurial Discovery Process (EDP) and further specified in the Smart Specialisation Strategy (RIS3) of Thessaly. Its main goal is to promote the production of innovative products and services, enhance exports, create new job opportunities, and improve business competitiveness through targeted productive investments. The Action is co-financed by national and European Union resources through the European Regional Development Fund (ERDF) and falls under the “Thessaly” 2021–2027 Program, Priority 1: “Strengthening the Competitiveness of the Economy.” The total Public Expenditure amounts to 20,000,000€.

Eligible Enterprises & Participation Requirements

Beneficiaries must be existing very small, small, and medium-sized enterprises (SMEs) whose proposed investment plan concerns at least one of the eligible NACE activity codes (ΚΑΔ). For the purposes of this Action, “existing enterprises” are defined as those established with a registration date at the Independent Authority for Public Revenue (AADE) prior to 1 January 2023. Main Participation Requirements for Potential Beneficiaries.

Eligible enterprises must:

  • Have completed at least two full fiscal years (2023 and 2024), with duly submitted and finalized tax forms E3 and N.
  • Hold at least one eligible NACE activity code (ΚΑΔ) in their most recently closed fiscal year (2024).
  • Ensure that the investment budget exceeds the minimum threshold of 50,000€, and does not exceed the highest turnover achieved in either of the two most recent full fiscal years (2023 or 2024), increased by 40%.
  • Demonstrate availability of funds to cover at least 25% of the total eligible expenses.
  • Maintain single-entry or double-entry accounting records, and operate under one of the following legal forms: S.A. (Α.Ε.), Ltd (Ε.Π.Ε.), P.C. (Ι.Κ.Ε.), G.P. (Ο.Ε.), L.P. (Ε.Ε.), sole proprietorship, Social Cooperative Enterprise (ΚΟΙΝΣΕΠ), Social Cooperative of Limited Responsibility (ΚΟΙΣΠΕ), Civil or Agricultural Cooperative, Civil Profit Company, or other legally recognized business forms.
  • Operate legally both in their main business activity and in the one generating the highest revenue, as well as in at least one eligible activity sector (Annex III), possessing the required operating license, or a Declaration of Exemption, or an application for the issuance or renewal of such license.
  • If the investment proposal includes construction or expansion of premises, beneficiaries must provide proof of property availability (Annex II).

For investment projects falling under NACE Code 55 – Accommodation, the following classification requirements must be met upon completion of the project:

Main hotel accommodations:

  • Hotels: minimum classification of 3 stars and capacity of at least 8 beds.
  • Hotels housed in traditional buildings (as defined by Presidential Decree 33/1979).
  • Tourist campsites (camping): minimum classification of 3 stars.

Non-main accommodations:

  • Self-catering or furnished residences: minimum of 3 independent units, all registered under the same EOT registration number (MHTE).
  • Rented rooms or apartments: minimum classification of 4 keys and capacity of at least 12 beds.

Special Conditions for Investments under Eligible NACE Codes 56.10.11 (Full-Service Restaurants) and 56.10.13 (Self-Service Restaurants)

For investment projects classified under the eligible NACE codes 56.10.11 (Full-service restaurants) and 56.10.13 (Self-service restaurants), eligible expenses are strictly limitedto the following categories:

02.05: Equipment for environmental protection and energy efficiency
02.22: Equipment related to circular economy practices
04.08: Preparation and submission of the funding application
04.11: Consulting services for project implementation

Any expenditure outside the above categories is considered ineligible and will be deducted from the total eligible project budget.

Entities Not Eligible to Apply for Funding

The following entities are not entitled to submit a funding application:

  • Financial or insurance institutions, public enterprises, and public sector bodies (including Legal Entities under Public Law – ΝΠΔΔ, local authorities – ΟΤΑ, and their subsidiaries), as well as companies in which these entities hold more than 25% ownership.
  • Sports clubs, associations, and sports joint-stock companies (S.A.).
  • Franchise businesses, shop-in-shop models, agency networks, or any entities operating under intellectual property licensing/concession agreements.
  • Offshore companies.

Subsidized Budget

The subsidized budget for each investment project ranges from 50,000€ to 425,000€.

Investments with a budget below 50,000€ will not be accepted, while any amount exceeding 425,000€ will be considered as private contribution and will not be subsidized.

Amount and Intensity of Support

The implementation of each investment project is covered by a combination of public funding and private contribution.

  • The Public Funding for all investment projects amounts to 70% of the subsidized budget, while the remaining 30% must be covered by the private contribution.

The private contribution may be provided through own funds, bank financing, or a combination of both

Scoring Criteria

Submitted investment projects are evaluated based on specific scoring criteria, focusing on the company’s financial situation, employment, project sustainability, and the strategic alignment of the project with the priorities of the Region of Thessaly. The total score determines the eligibility and funding priority.

Criterion 1 – Availability of Funds in Relation to the Total Project Budget (30 points)

The adequacy of the company’s available funds relative to the total budget of the investment project is assessed, whether these funds come from own capital, borrowed funds, or a combination of both. It is mandatory to document the coverage of at least 25% of total project expenses.

Criterion 2 – Operating Profitability of the Beneficiary (EBITDA) (20 points)

The company’s operating profitability for the two most recent closed fiscal years (2023 & 2024) prior to the publication of the call is evaluated. The score is determined according to whether EBITDA is positive or negative: positive EBITDA receives a higher score.

Criterion 3 – Completeness, Clarity, and Sustainability of the Project (20 points)

The clarity and completeness of the project description are assessed, with emphasis on the project objectives: production of innovative products/services, increase in exports, and job creation in sectors of the new industrial revolution. Consideration is given to the implementation methodology, justification of expenditure utilization in relation to objectives, analysis of technical details and specifications of requested expenses, and the realism of the budget and timeline. Additionally, the sustainability of the investment project is evaluated for five years after project completion.

Criterion 4 – Number of Employees of the Beneficiary (FTEs – full-time equivalents) (10 points)

The company’s current employment in FTEs during the calendar year 2024 is assessed. Scoring is based on the number of employees: companies with more than 5 FTEs receive the maximum score, while companies with fewer employees are scored proportionally.

Criterion 5 – Alignment of Project Expenditures with the Regional Specialization of RIS3 for the Region of Thessaly (20 points)

The alignment of the project’s expenditures with the investment priorities of the RIS3 Regional Specialization sector selected by the beneficiary for Thessaly is evaluated.

The beneficiary may choose only one eligible sector from the Annex, and scoring is conducted exclusively based on the priorities of that sector.

Eligible Expenses

The start date for expense eligibility is set as 7 August 2025, corresponding to the date of approval of the Action’s specialization.

Period, Submission Method, and Implementation Duration of Investment Projects

The submission of funding applications starts on 27 November 2025 at 13:00 via the OPSKE platform.

The evaluation and inclusion of investment projects is a comparative process, and a funding application must achieve a minimum total score of 50 in the scoring evaluation criteria to be considered.

The formal end date for expense eligibility is defined as the final completion date of the project, i.e., 24 months from the date of electronic notification of the final approval of the funding application (evaluation result or appeal evaluation result). In any case, this date cannot exceed 31 December 2029.

The deadline for submission of proposals is set for 30 January 2026 at 15:00.

For more information regarding the program “Smart Development in the Region of Thessaly” and the planning of your investment projects, you can contact us at +30 231 0 552000 & +30 210 9580000 or via email at [email protected].