“The project «covering the expenses of insurance and tax liabilities” with the highest loan at 100.000 Euros expires on 31.12.2010, while the project “covering the expenses of the purchase of raw materials, merchandise and services” with the highest loan at 300.000 Euros expires on 31.12.2011”, underlined the chairman of ΤΕΜΠΜΕcompany, Mr. Alexander Papasernos.
It is a special project -he continued- in order to support viable enterprises in the middle of the crisis. It is a project that corresponds to the demand of all productive units, like the Chambers of Commerce and Industry, ΓΣΕΒΕΕ and ΕΣΕΕ. It simultaneously combines both the support towards enterprises and financial support of the public sector and the insurance companies.
Enterprises that available funds inflow has ceased–he mentioned- due to lack of insurance and tax maintenance, can get a low interest loan through ΤΕΜΠΜΕ and fulfill their responsibilities towards the Public Finance Department or /and the Insurance Companies up to 100%. Now, they can have again the potentiality to regain their insurance and tax maintenance and therefore smoothly continue their productive and functional activity.
It has to be noted that the companies that employ less than 10 workers can move on and cover both their insurance and tax liabilities.
Question: When does the project for the fluid capital expire and how many years will the repayment last?
Answer: The project for the fluid capital which by the way has the lowest interest today in the Greek market (3%) regards loans which are 80% guaranteed by the ΤΕΜΠΜΕ, with the highest loan of 125.000 Euros and 3 years time span. The project according to present conditions expires on 31.12.2010.
Question: Concerning the project that regards insurance, tax liabilities and invoice payment, how many years will the repayment last, the time-period and what documents are required?
Answer: The project “covering expenses of insurance and tax liabilities” with the highest loan at 100.000 Euros expires on 31.12.2010, while the project “covering the expenses of the purchase of raw materials, merchandise and services” with the highest loan at 300.000 Euros expires on 31.12.2011. The loans of the two projects have a time span of 6 years with two years benefit, when only interest is paid. In case that a company is assessed by a Bank in order to raise a loan guaranteed by ΤΕΜΠΜΕ limited company, there are some documents that are required such as Ε3 of the last closed management use, Ε7 that refers to just before the last management use, or a document of equal probative value and an entry in the depts on the day of the appeal in the Public Finance Department or /and the Insurance Companies.
Question: What must those who are interested to cooperate with the banks have in mind?
Answer: Those who are interested should be aware that when they are about to sign a loan contract with the Banks if the loan is up to 40.000 Euros they do not have to ensure guarantees or in other words the guarantees are zero. If the loan is higher than 40.000 Euros, then the Bank has the potentiality to require guarantees of any form, but if they are real, they cannot exceed 10% of the loan. Moreover, the spread of the loan should not be higher than 6%.
THE FACTS OF THE PROJECT ARE:
The Budget of the Project
The original Budget of the Project comes to up 700 million € guarantees, covering loans of a total amount of 875 million €. Given guarantees are supplied with the help of the existing own capitals of ΤΕΜΠΜΕ limited company. With a more recent decision, the final Budget of the Project is about to come to the amount of 1 billion € guarantees, covering loans of a total amount of 1, 25 billion €.
However, the Guarantee of ΤΕΜΠΜΕexcludes:
− Public Law Bodies and Institutions, Local Government Organizations of 1st and 2nd degree, Public and State Enterprises, Public Organizations
− ΜΕ/ΠΜΕ of the Field of Economics (Banks, Venture Capital companies, ΕΚΕΣ, Leasing companies, Factoring companies, Insurance companies, ΑΕΔΑΚ, ΑΕΕΧ, ΕΛΔΕ etc.)
− Legal Entities or People’s Associations or Non-Governmental Companies (associations, groups etc.)
− Freelancers. More specifically, freelancers are those who are under the provision of the article 48, Law.2238/94 (Income Tax)
Chosen Loan Forms
The Project refers to the guarantee of new bank loans, of fixed maturity in order to cover the responsibilities of ΜΕ/ΠΜΕ in the Public Finance Department or /and the Insurance Companies during the date of the appeal to entry into the debts after the approval of the Project.
It has to be noted that signing a loan contract and proceed to loan disbursement is not a prerequisite, within the limitations of the present project, to subject a tax and/or insurance maintenance according to the existing legal framework (paragraph.2, article.63 Law.2084/92 – Greek Official Gazette165 Α’ as it was formed in paragraph.2 article.90 Law.3842/2010 Greek Official Gazette 58 Α’ & ΠΟΛ 1051/3.5.10 Greek Official Gazette 675/18.5.2010/Β regarding the completion of 1109793/6134- 11/0016/24.11.99 (Greek Official Gazette 2134/Β/99).
The lowest chosen loan amount to guarantee is 5.000, 00€. The highest chosen loan amount to guarantee is 100.000, 00€.The highest loan amount per ΜΕ/ΠΜΕ is determined according to the number of workers in the company.
Time Activation for the Loan Contracts
Loan contracts are activated, in other words we have a one-off benefit loan disbursement and payment of the amount in a crossed check to the Public Finance Department or /and the Insurance Companies, no later than a month since the date of the guarantee approval by ΤΕΜΠΜΕ limited company and final date on 31-12-2010.
Form of Payment of the Amount of the Loan directly to the Public Finance Department or /and the Insurance Companies.
Paying the obligations towards the Public Finance Department or /and the Insurance Companies is realized through the issue of cross checks in favor of the Public Finance Department or /and the Insurance Companies. ΜΕ/ΠΜΕ should submit to the Bank, within a month since the date of the issue of a cross check, a document of maintenance or relative regulation in order to cover its liabilities not only by the Public Finance Department but also by the Insurance Companies as well, in favor of which there was a loan payment according to the aims of the loan. The Bank should keep it in a loan file.
Bail-outs processes
The Bank receives demands from the ΜΕ/ΠΜΕ to fund loans in order to cover the responsibilities towards the Public Finance Department or /and the Insurance Companies. These demands should come along with a Formal Declaration by ΜΕ/ΠΜΕ (Model 2, Annex ΙΙΙ of the Guide), legally signed, as well as the necessary documents. The Bank checks and evaluates the demands of the ΜΕ/ΠΜΕ and rates their credit standing at the specific time having the commitment to implement the existing current internal regulations and financing criteria. It also checks if ΜΕ/ΠΜΕ fulfills the requirements of incorporating in the Project and the eligibility of expenses.
In case that the Bank decides that ΜΕ/ΠΜΕ is financially viable and fulfills the requirements of incorporating in the Project, then the electronic form «Request for the Supply of Guarantees to Fund Enterprises» (Model 1, Annex ΙΙΙ of the Guide) is filled with the facts asked by ΤΕΜΠΜΕ limited company. The Bank sends the Request for the Supply of Guarantees to Fund Enterprises electronically to the ΤΕΜΠΜΕ limited company through the Central Services (and not through the branches), in a file in the form of XML.
CURRICULUM VITAE
Alexander Papasernos chairman of the Board of Directors of ΤΕΜΠΜΕ limited company is a Doctor of Economics, Docteur es Sciences Economiques, of the University of Sorbonne, Paris I. He has years of professional experience in the management and the administration of limited-liability companies, organizations and institutions of the private and public sector, especially in the financial field. Also, he has specialized experience and technical know-how in the establishment and operation of new companies in Greece. In ΤΕΜΠΜΕ limited company, he was employed as a General Manager since its establishment for five years, from 2004 until 2008.
He was a member, executive or not, in the Board of Directors of Organizations, Institutions and companies in Greece and abroad. More analytically: he was a member of the Board of Directors of the European Association of Mutual Financial Guarantees companies, Vice-president of the Board of Directors of OMEGA ΑΕΔΑΚ, Chairman of the Board of Directors of FIST limited company, member of the Board of Directors of the Center of Renewable Energy Sources / ΚΑΠΕ, member of the Board of Directors of the Portfolio Investment company DΙΑΣ ΑΕΕΧ.
Furthermore, he was the Project Manager and Program Manager of many significant Greek and International works. More specifically we can refer: Project Manager of the Operational Plan of the Paraefxinia Bank for account of the European Committee, Program Manager of the Mediterranean Integrated Program in the Periphery of Attica for account of the European Committee, Project Manager of the work «Strategies, Policies and Risk Management of Guarantee Organizations» which was funded by the European Committee, Project Manager of the work “Gap Analysis of SME financing needs in Greece” within the framework of the Community Initiative entitled Jeremie for account of the European Investment Fund as well as project manager of the work “financial infrastructures and small and medium-sized enterprises” for account of ΓΣΕΒΕΕ (May 2009). He has also realized more than 100 operational plans concerning Greek enterprises.
Additionally, he participated and still participates as a speaker in numerous scientific conferences and workshops, educational programs and seminars. Furthermore, he writes articles in daily, weekly newspapers and magazines.
Source of publication 10th edition In-On