Small and medium-sized enterprises (SMEs) in Greece will have easier access to loans following a recent series of agreements between the European Investment Fund (EIF) and Alpha Bank and Piraeus Bank.

The agreement will leverage $458 million to promote the growth of the organizations.

"Facilitating access to finance for small and medium-sized businesses is a crucial element of the European Commission's strategy to promote jobs and growth in Greece and across Europe,” European Commissioner for Migration, Home Affairs and Citizenship Dimitris Avramopoulos said in a press release. “Today's agreements will allow some 2,000 more SMEs to finance expansion, innovation and job-creation which will, in turn, contribute to securing Greece's economic recovery.”

The agreements are supported by the European Fund for Strategic Investments and the European Commission’s Investment Plan for Europe. The funding will allow SMEs to access loans without prohibitive collateral requirements, with a prioritization on innovative companies within the European Commission’s InnovFin EU Finance for Innovators initiative.

“Today’s EFSI signatures with Alpha Bank and Piraeus Bank re-confirm EIF’s commitment to Greek businesses,” EIF CEO Pier Luigi Gilibert said. “In less than a year, EFSI will allow EIF to support a total portfolio of over EUR 1 billion of loans to Greek businesses.”