RRF loans for innovation, research and development

Based on your budget

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

If the investments in innovation, research and development correspond to:

• 10% of your budget, you take out a loan for up to 30% of that percentage.
• 20% of your budget, you take out a loan for up to 40% of that percentage.
• 40% of your budget, you take out a loan for up to 50% of that percentage.

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.

Up to 50% from the RRF

Digital transformation must be financed:

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

With personal guarantees or collateral

The RRF loan may be secured with assets and/or guarantees, in line with our lending policy.

The same collateral is also used for the co-financing loan, according to the pari passu principle.

Lump-sum or multiple disbursements

The RRF loan and the co-financing loan may be disbursed in a lump sum or in multiple disbursements, depending on the progress of the eligible investment.

Minimum interest rate depending on business size

The minimum interest rate of the RRF loan is determined by ministerial decision:

• 0.35% for small and micro businesses
• 1% for medium-sized and large businesses

Due to the low interest rate of the RRF loans, the total interest for financing is very competitive.

From 3 to 15 years

The RFF loan term is 3 to 15 years, depending on the nature of the investment and our lending policy.

In case you are interested in project finance, the loan term may go up to 20 years from 1st disbursement. 

Up to 5 years grace period

You may get up to 3 years grace period to repay the RRF loan and the co-financing loan.

The grace period may be extended by up to 5 years, if the eligible expenditures take up more time.

2 categories of investments

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

• Innovation
• Research and development

The eligible investments must exclusively be private.

At least one innovation and/or research and development benchmark must be eligible.

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.
• 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.

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