Greek Leisure Trade Secures $62.5 Million Mortgage Assure

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The Greek movie trade 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.

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

The HDB presents a assure charge of 80% for low-interest loans of between €25,000 and €900,000 offered by associate 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 out there to characteristic movies, documentaries, TV drama collection, animated movies and digital video games.

Talking to 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, based mostly on a marketing strategy, evaluated by the funding committee.

“You personal an organization, you’re artistic, you will have your merchandise, however you’re additionally an entrepreneur, so that you want to keep in mind that it’s essential to verify the basket of economic instruments you should utilize. You have got the money rebate for the product; you’ll be able to have this product for the investments, which works on to your corporation.”

Chatzipetrou added that producers additionally had different choices from HDB that aren’t essentially restricted to the movie and TV sector, equivalent to 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 allows firms, buyers and enterprise assist constructions to enter into funding agreements and industrial partnerships.

“It’s like Fb for firms 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, burdened the necessity for a cash-flow certificates to safe bridge financing, notably for overseas productions capturing in Greece that intend to make use of the money rebate. “We’re creating an ecosystem, we’ve obtained the coverage, the instruments, the movie producers, we’re simply lacking that a part of the creation chain, of this easy, 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 doable.

Christopoulos burdened that the money rebate had the robust assist of the federal government.

“We wish 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 at all times be a necessity for replace.”

 

Greek Leisure Trade Secures $62.5 Million Mortgage Assure

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