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.
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