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New type of state subsidies for small and medium businesses in difficulty

18 February 2010 / 10:02:04  GRReporter
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A new program is starting for repayment of liabilities to tax and social security funds through the treasury for support of small and medium businesses (ΤΕΜΠΜΕ). Government considers the legal aspects and possibilities for change in the law on investment and the possibility of extending the activities of the treasury to support small businesses. Thus, entrepreneurs who are in financial difficulties will be able to borrow funds in the form of reductions on the new loan program for repayment of current liabilities. At the moment the aim is to promote and enhance market liquidity as a priority for small traders so they can retain their businesses in time of crisis. 

The decision was announced by the minister of economy, competitiveness and commercial fleet Louka Katseli at a press conference in relation to changes in the law on investment and the management of the National Strategic Development Framework (EMPA). Upcoming is an introduction of facilities in the application procedures for public procurement, similar to the projects before the Olympic Games. With the innovation, activity permits will be issued within two days and not for a month and a half as is the practice to date. The main objective of the changes in the law is the acceleration of investment projects in the country, and the goal of the ministry is to increase the rate of implementation of public investment with a minimum of 15 percent by the end of 2010. 

Culture, tourism and health are the three new sectors in which the National Strategic Development Framework will develop new programs to obtain state subsidies. "Revitalizing the economy is a top priority for our government, and improving the production of the country, which is a key to improving the competitiveness of the local market," said Louka Katseli to reporters. Following is decentralization of financial resources management of the EMPA programs in municipalities, which every two months will present a detailed report on the extent of utilization of allocated subsidies.

Tags: State subsidies Louka Katseli Economy of Greece
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