RRF Loans for Innovation, Research and Development

For natural or legal persons

To take out an RRF loan for innovation, research and development you can be either a natural or a legal person, provided that you:

• Use the loan to incur eligible expenditures.
• Have your registered or actual office in Greece.

Eligible expenditures

• Purchase, use (depreciation / leasing) and landscaping of land plots

• Purchase / construction and use of buildings (depreciation / leasing)

• Purchase / construction and use of equipment (depreciation / leasing

• Purchase and use of vehicles (depreciation / leasing)

• Purchase / construction and use of intangible assets (amortisation / subscriptions)

• Payroll linked to the investment plan

• Travel / expense report

• Third-party services

• Consumables

• Operating expenses (communication, energy, maintenance, lease payments, administrative expenses, insurance etc.)

• Cost of capitals

• Working capital (operating expenses, costs linked to the company’s transaction cycle, VAT etc.)

• Marketing and communication expenses

Restrictions on eligible expenditures

• The purchase of land plots must pertain to the investment plan and must not exceed 30% of its eligible expenditures, otherwise it is not considered eligible.

• The working capital and the marketing and communication expenses cannot cumulatively exceed 30% of the eligible expenditures of the investment plan.

2 categories of investments

The projects under this pillar fall within 2 categories of investments, based on specific benchmarks:

• Innovation 
• Research and development

Eligibility criteria

2 criteria must be met:

• At least one innovation and/or research and development benchmark must be eligible.
• At least 10% of the total budget of the investment plan must pertain to investments in innovation and/or research and development.

If the investment plan does not commit a minimum of 10% for innovation and/or research and development investments, we review whether it is eligible with independent RRF loan quota at 30%. This means that at least 30% of the total budget of the investment plan must cumulatively pertain to investments in green transition, digital transformation, extroversion, and innovation, research and development.

Eligible investments 

The eligible investments must exclusively pertain to private investments. 

Benchmarks for investments in innovation

• Funding for science, technology, engineering, and mathematics (STEM) doctoral researchers from the investment plan.
• Percentage of new STEM jobs over total jobs created by the investment plan.
• Business investment plan that creates a new product / new service (not a new brand).
• Investment plan that provides for trademark registration expenses in a country that uses the MADRID system, provided a new product or a new service is created.
• Investment plan that provides for design registration expenses in a country that uses the HAGUE system.
• Percentage of the investment plan for product sales abroad relating to the business activity codes (KAD) 21, 26, 27, 28, 29 and 30.
• Percentage of the investment plan for sale of services abroad relating to the business activity codes (KAD) 58.2, 62, 63, 71.2 and 72.

Benchmarks for investments in research and development

Research object related to the:

• Missions of Horizon Europe.o Axes of the Research and Innovation Strategies for Smart Specialisation (RIS3) Greece.
• Development of new products / services or significantly improving existing products / services.
• Development of new or significantly improving existing methods for production, distribution and application of products / services.

Investment plan that provides for: 

• Systematic industrial research and/or experimental development.
• Research by an experienced research team with many years of experience in the object of the investment plan.
• Patent registration expenses in a country that uses the PCT system.

Additional benchmarks:

• The investors and/or the principal investigators of the research team have participated in research projects co-funded by the Greek state or the European Commission or any other OECD country for 5 years before the loan application.
• The investor has received confirmation from the General Secretariat of Research and Innovation (GSRI / former General Secretariat of Research and Technology – GSRT) for scientific and technological research expenses for 5 years before the loan application. The confirmation should also include the expenses for the principal investigators of the research team.
  

RRF loan amount for innovation, research and development

The final percentage of the investment plan that will be financed with an RRF loan is determined based on the percentage of the budget that corresponds to investments in innovation, research and development.

Budget percentage for eligible investments in innovation, research and development	10%	20%	40%
RRF loan quota over the investment plan budget	30%	40%	50%

For example, if 20% of the total investment plan budget corresponds to investments in innovation, research and development, then the RRF loan can finance up to 40% of the investment plan.

Financing scheme

Investments in innovation, research and development must be financed:

• 50% maximum through an RRF loan
• 30% minimum through a co-financing loan
• 20% minimum investor own funds
  

From 3 to 15 years

The RRF loan term is between 3 and 15 years.
It is the same or less than the term of the respective co-financing loans and is determined based on the nature of the investment and our lending policy.

0.35% minimum interest rate

The minimum interest rate of the RRF loan is 0.35% and is determined by ministerial decision. Due to the low interest rate of the RRF loans, the total interest for financing is very competitive.

3+ years grace period

You may get up to 3 years grace period to repay the RRF loan and the co-financing loan principal.
Provided the eligible expenditures take up more time, the grace period may increase up to 5 years, in line with our lending policy.

Lump-sum or multiple disbursements

The RRF loan may be disbursed in a lump sum or in multiple disbursements, depending on the progress of the eligible investment.
In all events, disbursement must be concluded by 31/08/2026.

Shared collateral with the co-financing loan

The RRF loan may be secured with assets and/or guarantees, in line with our lending policy.
The co-financing loan is secured with the same collateral on a pari passu basis.

Pari passu principle 

The pari passu (ranking equally) principle applies for all RRF and co-financing loans in terms of repayments, prepayments and collaterals.