A significant step toward strengthening entrepreneurship in Crete is being taken by the Heraklion Chamber of Commerce, which, in collaboration with TMEDHE Microfinance Solutions, is creating the Microfinance Support Center — the first of its kind operating under a licensed microfinance institutional provider in Greece.
The goal of this new structure is to offer accessible, flexible and affordable financing to very small businesses, self-employed professionals and new entrepreneurs, giving them a real opportunity for growth through the microloan program of the TEPIX III Fund.
What are the Microloans of the Hellenic Development Bank (HDB)?
These are financing products ranging from 3,000 to 25,000 euros, designed specifically for businesses that struggle to access traditional bank lending. Microloans are offered:
- with a low interest rate,
- with a fast process,
- without collateral providing a strong tool for boosting the local economy.
The TEPIX III Microfinance Fund, managed by HDB, is funded by the European Social Fund+ (ESF+) through the “Competitiveness” Program of the NSRF 2021–2027.
Who is eligible
Microloans are aimed at very small businesses and professionals who do not exceed two of the following limits:
- Staff of up to 10 people
- Assets up to €450,000
- Turnover up to €900,000
Eligible applicants include:
- Very small businesses
- Startups and new entrepreneurs
- Women entrepreneurs
- Freelancers and self-employed individuals
- Sole proprietorships and family businesses
What can be financed
Microloans can cover either 100% working capital or a mix of 60% working capital and 40% fixed equipment.
Examples of eligible expenses:
- Equipment purchases
- Supplies and raw materials
- Operating expenses
- Payroll costs
- Small development investments
- Marketing and extroversion actions
Non-eligible expenses: debt interest, taxes, duties, contributions, land, second-hand equipment.
Financing terms
- Loan amount: €3,000 – €25,000
- Duration: up to 96 months
- Grace period: up to 6 months
- Interest rate:
- up to 4% for General Entrepreneurship
- up to 2.5% for Women’s Entrepreneurship
- Zero file fees
- No collateral required
- Free mentoring and business coaching
The benefits of microfinance
The program is designed to provide real liquidity and growth support to small businesses. Key advantages include:
- Easy and human-centered evaluation process
- Low financing cost
- Fast access to capital
- Support for innovation, digital transformation and extroversion
- Transparency and guidance from specialized advisors
The role of the Heraklion Chamber of Commerce
The Chamber undertakes the entire support process, from information and eligibility assessment to submission and monitoring of the application, managing all necessary platforms:
- KYC
- ESG Tracker
- OPSKA
- TMEDHE Microfinance Solutions platform
The applicant participates only where physical presence or the use of personal credentials (e.g. taxisnet) is required.
Through this system, Chamber members benefit from particularly favorable terms and access to a reliable financing mechanism.
How to apply
- Contact the Heraklion Chamber of Commerce.
- Gather supporting documents and the financing plan.
- The Chamber submits the application on all required platforms.
- Identification and additional actions where needed.
- Updates on the progress of the application.
- Approval and disbursement of the amount.
- Implementation of business activities.
