Piraeus Bank has joined the government program "Affordable Loans 5-7-9%" by signing a cooperation agreement with Business Development Fund. The program was initiated by the President and the Government of Ukraine and is being implemented with their support. The Program aims at supporting micro, small and medium-sized businesses.
The main objectives of the Program are the implementation of investment projects for business development, anti-crisis measures to overcome the effects of COVID-19 and refinancing of existing loans.
Under the terms of the Program, the state subsidizes part or whole amount of the UAH loans’ interest expense the business are facing by reimbursing it to banks. One of the prerequisites for borrowers is the creation and preservation of employment and depending on their number of employees, the loan interest rate for the business entity can be adjusted and decreased.
"It is well known that the success of small and medium-sized businesses is the driving force of any country's economy. Piraeus Bank, the international reputable financial institution operating in the country for 14 years, is strategically targeting the SME sector and is ready to implement the Program. The Program facilitates synergies between businesses and banks, simplifying financing and promoting the development of entrepreneurship in Ukraine," Christos Bougiouklis, Member of the Management Board of Piraeus bank in Ukraine.