AEGEAN Airlines is planning to access the Greek government’s COVID-19 Enterprise Guarantee Fund by submitting loan requests to four local banks totalling €150 million.
AEGEAN will approach Alpha Bank, EUROBANK, National Bank and Piraeus Bank for loans that will be 80% guaranteed by the Greek state. The government loan guarantee extends for five years and is available to cover up to 25% of a company’s turnover – AEGEAN’s loan equals 11% of revenues.
In addition to the government backed loan AEGEAN is already accessing the Greek government’s employee support mechanism which covers 60% of earnings until the end of 2020. The carrier said that it would be necessary for this programmer to be extended.
“Similar programs are already in place across the EU, especially in Northern Europe, providing significantly greater support for payroll costs. The measures, therefore, must continue and evolve. It is necessary to extend their validity, until the beginning of the tourist season of 2021.
AEGEAN will strive once again based on its own means, its own reserves and the determination of its people,” the firm said in a statement.