HDB launches a Microfinance Fund to support women's entrepreneurship

The Hellenic Development Bank-HDB supports women's entrepreneurship through targeted programs that support the easier and cheaper access of small and medium enterprises to financing. HDB aims to create a Microfinance Fund for women's entrepreneurship.

The Fund will provide not only funds but mainly advice and guidance, networking so that a small women's business can find the best partners, suppliers, sales networks, partnerships, in order to achieve its investment goal.

The provision of corporate governance on the basis of which, for the first time in Greece, a mandatory quota for the participation of women by 25% on the Boards of Directors of companies was established was an innovative provision that was an important precursor for European developments, as the European Commission used it as a point reference for the corresponding European measures that were adopted and aim at the balanced representation of women on the Boards of Directors of the companies.

• "As long as there is a statutory framework, it is up to the supervisory authority, which is the Capital Market Commission, whether the listed companies actually apply this provision", he added.
• "Indeed, some relative progress has been made if one takes into account that the representation of women on Boards of Directors reached 15.4% in 2021 and increased to 23% in 2022. Of course, this is not enough and every necessary effort should be made because the A European directive provides that in 2026, 40% of the non-executive members of the Boards of Directors of companies should be women, as well as 33% of all managers".

The Hellenic Development Bank provides the Innovation Fund which provides return funds - 5% of the loan - is returned as a bonus, to companies that apply ESG criteria. At the same time, he created the ESG tracker tool, which is provided free of charge on the HDB website, where all companies can self-assess the application of ESG criteria and receive a report that highlights their gaps and areas that need improvement. The new financing tools that HDB plans for 2024 and beyond, all businesses that submit a request for financing should first submit a report on the application of ESG criteria. The purpose is for female minds not to develop entrepreneurship out of necessity, but with the support of the state to create dynamic and competitive businesses from the pillars of the social fabric that are women.