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Greek Leisure Business Secures $62.5 Million Mortgage Assure

The Greek movie business is getting a serving to hand from the Hellenic Improvement Financial institution (HDB), which has launched a €62.5 million ($62.48 million) mortgage assure program aimed on the audiovisual sector.

Introduced by the Audiovisual Producers’ of Greece (SAPOE) on the Thessaloniki Movie Pageant’s Agora Talks business part, this system is particularly focused at movement image, video and tv manufacturing, and laptop sport improvement.

The HDB presents a assure price of 80% for low-interest loans of between €25,000 and €900,000 offered by accomplice lenders Piraeus Financial institution and Optima Financial institution.

The assure fund is seen as an added financing device that dietary supplements the nation’s 40% money rebate program obtainable to function movies, documentaries, TV drama collection, animated movies and digital video games.

Chatting with a crowded room of movie and TV producers, HDB CEO Athina Chatzipetrou (pictured) defined: “It’s the device that funds your organization, your organization’s funding, primarily based on a marketing strategy, evaluated by the funding committee.

“You personal an organization, you might be artistic, you’ve got your merchandise, however you might be additionally an entrepreneur, so that you want to keep in mind that you should test the basket of economic instruments you need to use. You’ve got the money rebate for the product; you’ll be able to have this product for the investments, which matches on to your small business.”

Chatzipetrou added that producers additionally had different choices from HDB that aren’t essentially restricted to the movie and TV sector, reminiscent of its new €800 million Progress program geared toward facilitating firm mergers.

The HDB chief additionally touted the financial institution’s InnoAgora digital networking platform, created with the French Improvement Financial institution, which permits corporations, buyers and enterprise help buildings to enter into funding agreements and business partnerships.

“It’s like Fb for corporations and since it’s not solely addressed to Greece, however to a wider European vary, it turns into much more fascinating.”

Simos Manganis, head of Inexperienced Olive Movies, careworn the necessity for a cash-flow certificates to safe bridge financing, notably for overseas productions taking pictures in Greece that intend to make use of the money rebate. “We’re creating an ecosystem, we’ve received the coverage, the instruments, the movie producers, we’re simply lacking that a part of the creation chain, of this straightforward, sustainable dynamic.”

Leonidas Christopoulos, common secretary on the Greek Ministry of Digital Governance, agreed with Manganis, assuring that there could be discussions on making a cash-flow certificates attainable.

Christopoulos careworn that the money rebate had the sturdy help of the federal government.

“We would like the money rebate scheme to proceed and that’s the reason we’ve succeeded in extracting one other €200 million, primarily from European funds, already having secured the €75 million of the nationwide price range. On the similar time, we are going to proceed to focus on simplifying the regulatory framework, for there’ll all the time be a necessity for replace.”


Greek Leisure Business Secures $62.5 Million Mortgage Assure



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