New CRSN “Competitiveness” Program 2021-2027 – Economic analysis


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August 30e2022, the Deputy Minister of Development and Investments presented the new CRSN “Competitiveness” program concerning support for small and medium-sized enterprises. The new program amounts to 4 billion euros and is confined to four pillars:

  • Strengthening entrepreneurship and competitiveness (41%)

  • Access to financing and financing tools (24%)

  • Improve research and innovation (20%)

  • Development of human capital (requalification and specialized training of personnel (13%).

The rest of the budget will cover the technical assistance necessary for the implementation of the programme.

According to the deputy minister, the program will operate on a “first come, first served” basis. The invitations – which should be launched at the beginning of October – will remain open until the funds concerned are exhausted. The first company to apply will be the first to be assessed”with simplified and almost automated criteria”.

If accepted, the company will be granted a deadline to implement the investment and the government is authorized not to grant extensions of the predetermined deadlines.

The aid is divided into three main areas of action:

  1. Financing and financing toolsincluding co-financed loans and social capital support tools;

  2. Green transition small and medium enterprises;

  3. Digital transformation small and medium enterprises.

As for the green transition, the program provides for three sub-cases:

  • Energy improvements regarding the efficiency of equipment, machinery and buildings
    • Promotion of the circular economy (recycling practices, waste treatment)

    • Improving the green production procedure by incorporating green and renewable energy sources

When it comes to digital transformation, we notice a different set of sub-options:

  • Basic digital transformation (basic tools)
    • Enhanced digital transformation (for companies wishing to extend their technological and digital maturity by implementing systems such as ERP)

    • “Cutting edge” digital transformation (for companies that have already integrated technologically advanced options and are aiming for “cutting edge” solutions from the 4e industrial Revolution

It is obvious that all lines of action are focused on minimizing the cost of production and increasing the competitiveness of companies. The final interesting part of this program is that actions can – and eventually will – be changed as long as invitations are still open. As the Deputy Minister said, the solicitation will be amended to incorporate eligible costs that did not exist when it was first issued. Each company may submit an amended request or a second request relating to these costs.

For further information or assistance, please contact Ms. Maria Sarantopoulou, Chief Tax and Legal Advisor and Ms. Alexandra Theologou, Junior Legal Advisor, at our Eurofast office in Greece at [email protected]

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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