6 November 2025

Smart Entrepreneurship in the Region of Thessaly

Introduction

The action “Smart Entrepreneurship in the Region of Thessaly” is part of the “Thessaly” 2021–2027 Program of the ESPA and aims to support new and emerging SMEs implementing investment projects in the Region. It focuses on sectors identified through the Entrepreneurial Discovery Process and specified in Thessaly’s Smart Specialisation Strategy (RIS3).

The main objectives are the production of innovative products and services, the enhancement of exports, the creation of jobs, and the improvement of business competitiveness through targeted productive investments. The action is financed by resources from Greece and the European Union via the ERDF and falls under the “Thessaly” 2021–2027 Program, Priority 1: Enhancing the Competitiveness of the Economy. The total public expenditure amounts to 20,000,000€.

Eligible Enterprises & Participation Requirements

Eligible beneficiaries must be new or emerging very small, small, and medium-sized enterprises (SMEs) whose proposed investment project concerns at least one of the eligible NACE codes. Beneficiaries must have been active in the selected NACE code no later than the submission of the first request for grant disbursement (including any advance payment).

Key Participation Requirements for Prospective Beneficiaries

  • Emerging enterprises: must not have registered with the Tax Office prior to submission.
  • New enterprises: must have registered on or after 01/01/2023.
  • Single participation limitation: the same entity may not participate in more than one investment project of an emerging enterprise.
  • Geographic scope: the investment must be implemented exclusively in Thessaly.
  • Eligible activity: the investment project must concern an eligible NACE code (Annex III).
  • Financial proof: mandatory documentation showing the availability of at least 25% of the project’s expenses.
  • De Minimis Regulation: application of EU Regulation 2831/2023, with a maximum aid limit of 300,000€ over three years.
  • Eligible legal forms: S.A. (A.E.), Ltd (E.P.E.), Private Company (I.K.E.), General Partnership (O.E.), Limited Partnership (E.E.), sole proprietorship, Social Cooperative Enterprises (KOINSEP), Agricultural & Urban Cooperatives, etc.
  • Licensing: required operating license or pending application/renewal.
  • Land and space documentation: submission of land use certificate and proof of available space for the investment.
  • Compliance obligations: adherence to environmental and social principles, including equality, non-discrimination, sustainability, and accessibility for persons with disabilities.

For investments in NACE code 55 “Accommodation,” the completion criteria are as follows:

Main Hotel Accommodation:

  • Hotels: minimum 3 stars and at least 8 beds.
  • Hotels in traditional buildings (Presidential Decree 33/1979).
  • Tourist campsites (camping): minimum 3 stars.

Non-main Accommodation:

  • Self-catering – furnished apartments: minimum of 3 units, all under the same MHTE registration.
  • Rooms/apartments for rent: minimum of 4 keys and 12 beds.

Entities Not Eligible to Submit a Funding Application:

  • Financial/insurance institutions, public enterprises & bodies (Legal Entities of Public Law – NPID, Local Authorities – OTA, subsidiaries) or companies with more than 25% participation from the above.
  • Sports clubs, associations, and sports corporations (S.A.).
  • Franchising businesses, shop-in-shop models, agency networks, or other entities under intellectual property licensing 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€ are not eligible, while any amounts exceeding 425,000€ are considered private contribution and are not subsidized.

Amount and Intensity of Support

The implementation of the investment project is covered by public funding and private contribution.

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

The private contribution can be financed through own funds, bank loans, or a combination of both.

Scoring Criteria

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

Criterion 1 – Available Capital in Relation to Total Investment Budget (30 points)
The adequacy of the enterprise’s available capital in relation to the total investment budget is assessed, whether from own funds, loans, or a combination of both. A minimum of 25% of total project expenses must be documentedas available capital.

Criterion 2 – Experience of Owner or Partner/Shareholder with Largest Stake (30 points)
The professional experience of the owner or partner/shareholder holding the largest stake in the enterprise is evaluated. Maximum points are awarded for five years or more of documented experience. If the primary partner or shareholder is a legal entity, experience is measured based on the years of the company’s operation.
In cases of equal shareholding, the beneficiary selects which individualwill be evaluated.

Criterion 3 – Completeness, Coherence, and Sustainability of the Project (20 points)
This criterion assesses the clarity and completeness of the project description, emphasizing its objectives: production of innovative products/services, export growth, and job creation in sectors of the new industrial revolution. Consideration is given to the implementation methodology, justification of expenses relative 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 for five years after completion is evaluated.

Criterion 4 – Alignment of Investment Expenses with the Regional Specialisation of RIS3 Thessaly (20 points)
This criterion evaluates the alignment of project expenses with the investment priorities of the Regional Smart Specialisation sector (RIS3 Sector) chosen by the beneficiary for Thessaly.
The beneficiary may select only one eligible sector from the Annex, and scoring is done exclusively based on the priorities of that sector.

Eligible Expenses

The eligibility start date for expenses is set as 7 August 2025 (the date of approval of the action’s specification).