Learn the language of credit

At this stage, your business plan should be less theoretical and more data driven. Focus on actual performance, updated market insights, clear growth opportunities, and financial projections based on real numbers. It should act as a decision-making tool, not just a document for funding.

Ideally, review it quarterly and update it annually. However, you should revisit it whenever there’s a major change—like entering a new market, launching a new product, or facing significant cost increases.

Look beyond profit. Monitor cash flow, gross and net margins, operating costs, and debt levels. A healthy business consistently generates cash, maintains sustainable margins, and has enough reserves to handle unexpected downturns.

At minimum: profit and loss (P&L), cash flow statement, and balance sheet. These give you a full picture of performance, liquidity, and financial position—helping you make informed decisions.

Forecast cash flow monthly, tighten payment terms, follow up on receivables, and plan for seasonal fluctuations. Growth often increases pressure on cash, so proactive management is key.

Reinvest when you have clear opportunities for growth with predictable returns. Maintain reserves to cover at least 3–6 months of operating expenses, especially if your revenue is inconsistent.

The rate depends on your credit history, income, loan amount, term, and the type of loan. Lenders also consider risk factors, such as past defaults or excessive existing debt.

Also known as the Total Annual Effective Rate (TAEG), it includes the nominal rate plus all additional fees (like origination and service charges) and reflects the total yearly cost of borrowing. This is the best rate to use when comparing loans.

Fixed rates remain the same throughout the loan term, making payments predictable. Variable rates can change, often tied to an index (like the ECB rate), meaning your monthly payment may rise or fall.

Arrears are missed payments on a loan. They can lead to penalties, added interest, and negative records at the credit bureau (Tiresias).

Yes. Contact your lender early. Credit providers may offer restructuring options like extending the term, reducing the instalment, or temporarily suspending payments.

If you have consistent revenue, a clear use for funds, and visibility on how the investment will improve performance, you’re likely in a strong position. Lenders look for stability, but also for a clear growth story.

Most established businesses use financing for working capital, expansion, inventory, equipment, or bridging cash flow gaps. The key is having a defined plan for how the funds will support your operations or growth.

This depends on your revenue, profitability, and cash flow. A good rule is to borrow within a range that your business can comfortably repay without putting pressure on day-to-day operations.

Not if it’s structured correctly. The right loan aligns repayments with your cash flow and supports an activity that strengthens your financial position over time.

It’s an organization that collects and shares credit information with credit providers to assess lending risk.

Tiresias SA (Τειρεσίας Α.Ε.) is the main organization that maintains credit data such as loan defaults, unpaid debts, bounced checks, and other financial obligations.

It includes negative financial data (like unpaid loans and court judgments), as well as information about credit facilities, guarantees, and bankruptcy filings.

Depending on the type, listings can stay for 2 to 5 years. For example, unpaid loans can remain for up to 5 years after settlement.

It can limit access to financing or increase costs. Repeated issues create a pattern that makes lenders cautious—even after past entries expire.

It means having more debt than you can afford to repay, often leading to arrears, stress, and potential legal consequences.

It’s when the lender agrees to change the terms of your loan—extending the repayment period, reducing the interest rate, or adjusting monthly payments to make them more manageable.

Yes. After repeated missed payments, the credit provider may initiate legal proceedings, including wage garnishment or asset seizure.

It’s a structured agreement to pay off debt gradually, making the burden more manageable while avoiding legal consequences.

Stick to your budget, build emergency savings, use credit carefully, and stay informed about your financial rights and responsibilities.

The Code of Conduct under Law 4224/2013 was drawn up by the Bank of Greece for the management of the non-performing debts of individuals and businesses and is in force today as revised by Decision No. 392/1/31.05.2021 of the Credit and Insurance Committee (Government Gazette B′ 2411/07.06.2021) and amended by the corresponding Decision No. 197/3/21.12.2021. It establishes general principles of conduct and best practices, with the aim of strengthening the climate of trust and the exchange of the necessary information between the institution and the borrower, so that each side can weigh the benefits and consequences of alternative solutions for the restructuring or definitive settlement of debts in arrears, and the most appropriate solution can be selected on a case-by-case basis. ORIVA Microfinance, as a microfinance institution licensed by the Bank of Greece under Law 4701/2020, applies the Code in the event of a non-performing debt, in accordance with the express provision of paragraph 3 of Article 21 of Law 4701/2020. Microfinance institutions are expressly included within the scope of the Code (Chapter One, Sections A and B thereof).

This is the process established by the Code of Conduct and applied both by the institution and by borrowers facing financial difficulties. The ARP sets out the stages, the deadlines and the minimum content of the information that the institution and the borrower must mutually provide, so that the risks and the repayment capacity of each borrower can be properly assessed and the most appropriate solution can be selected on a case-by-case basis.

Borrowers (debtors and guarantors) — natural persons, professionals and very small enterprises — who either face financial difficulties and are unable to meet the repayment schedule of their debts or show indications of likely default. A “very small enterprise” means an enterprise – legal person whose annual turnover over the last three tax years has not on average exceeded the amount of one million euros (€1,000,000). Every provision that applies to a borrower applies correspondingly to the guarantors of the debt.

The following are excluded from the application of the ARP:

claims arising from contracts that had already been terminated before 01.01.2015;

claims against a borrower that do not exceed, as the total sum of the borrower’s debts towards the beneficiary of the claim, the amount of €1,000 (natural persons) or €5,000 (legal persons – very small enterprises);

claims against legal persons that do not constitute “very small enterprises.”

ORIVA Microfinance is not obliged to initiate, or may suspend an already initiated ARP, in particular: where the borrower has filed an application for out-of-court debt settlement or has been served with an invitation to out-of-court restructuring under Article 8 of Law 4738/2020, for the duration of that process; where a debt-restructuring agreement binding on the institution has been signed; where an application for ratification of a reorganisation agreement or an application for the borrower to be declared bankrupt is pending; where an application for subjection to the procedures of Laws 3588/2007, 3869/2010, 4605/2019 or 4469/2017 is pending; where the borrower – legal person has been placed into liquidation; as well as where third-party creditors have commenced legal action to secure their claims. In the event of re-initiation following a suspension, the ARP continues from the stage at which it stood, with appropriate adjustment of the data under assessment.

Contacting the borrower. Collecting financial and other information from the borrower, through the submission of the “Standardised Financial Statement” (SFS) for natural persons, or a standardised financial-information form for legal persons – very small enterprises. Assessing the financial data and the overall financial situation of the borrower, taking into account, for natural persons, the “reasonable living expenses” as well. Submitting to the borrower, in writing, the “Standardised Document Proposing Restructuring or Definitive Settlement Solutions.” The Objections Examination Process (OEP), conducted by a competent Objections Committee, for borrowers who have been characterised as non-cooperative.

In the event of a payment delay, ORIVA Microfinance first attempts contact of an advisory nature with the borrower, in order to investigate the causes of the delay and to consider, in good time, the borrower’s inclusion in the ARP. The borrower’s failure to respond to this contact does not entail the loss of the borrower’s characterisation as “cooperative.” If the payment delay exceeds thirty (30) calendar days, ORIVA Microfinance sends the borrower a Notice in writing within the following fifteen (15) calendar days, unless full payment of the debt in arrears is made in the meantime. Through the Notice, the borrower is informed of their inclusion in the ARP and is invited to submit the completed SFS or the standardised financial-information form, as applicable. Subsequently:

the proposed solution is delivered by the institution at the latest within two (2) months of receipt of the SFS or the standardised form;

the borrower, within the fifteen (15) working-day deadline provided for in the definition of the “cooperative borrower,” either consents to the proposed solution, or submits a counter-proposal in writing — requesting, if they wish, the mediation of a third-party body of their choice — or declares in writing that they refuse to consent;

in the case of a counter-proposal, the institution assesses it and responds within one (1) month of receiving it, either by consenting, or by rejecting it with reasons while maintaining the original proposal, or by submitting a new, final proposal.

At every stage of the process, the borrower is entitled to request advisory assistance and information from authorised public or private bodies or third parties of their choice, in particular those referred to in Articles 3 and 4 of Law 4738/2020.

Yes. ORIVA Microfinance is obliged to admit directly into Stage 3 of the ARP (assessment of financial data) any borrower who comes forward and submits, on their own initiative, the information required under the Code for the assessment of their debt-repayment capacity, unless one of the above grounds for exclusion or suspension applies.

Pursuant to Article 39 of Law 4818/2021, Stages 2 and 4 of the ARP (collection of financial information and submission of the proposed solution) are conducted exclusively through the Code of Conduct digital platform of the General Secretariat of Information Systems and Digital Governance. Access to the platform is carried out using the borrower’s personal TAXISnet credentials.

A borrower is characterised as “cooperative,” in accordance with the definition of the Government Council for Private Debt Management, when they:

A borrower is characterised as “cooperative,” in accordance with the definition of the Government Council for Private Debt Management, when they:

provide complete and up-to-date contact details and take care to designate an authorised representative for communication in any case where they themselves are unavailable;

are available for communication with the institution and respond honestly and clearly to calls and letters within fifteen (15) working days;

disclose honestly information about their current financial situation or any change to it, within fifteen (15) working days of the change or of the relevant request for information;

disclose information that will have a significant impact on their future financial situation, within fifteen (15) working days from the day it comes to their knowledge;

consent to the investigation of an alternative restructuring proposal.

The starting point of the deadlines connected with maintaining the borrower’s characterisation as “cooperative” is, in each case, the date on which the borrower receives the institution’s relevant request for the provision of data.

The cooperation between the institution and the borrower allows the appropriate solution to be found in good time, in a climate of trust and honest exchange of information; it ensures transparency and detailed information; it takes into account the reasonable living expenses for natural persons; and, where an agreement is reached, it leads to the smooth repayment of the debts while avoiding judicial disputes.

Based on the assessment of the borrower’s financial data, the following are considered, indicatively: Restructuring solutions: amendment of the contract with new terms for servicing the debt, because of the difficulties the borrower is facing (e.g. extension of the term, reduced instalment), in the context of which a renegotiation of the total debt is also not excluded. Definitive settlement solutions: an agreement between the institution and the borrower, following the investigation and ruling out of a restructuring solution, for the definitive discharge of the debts. A definitive-settlement proposal applies and is activated only if no restructuring solution is agreed.

The borrower’s failure to respond to the prescribed communications and deadlines may lead to their characterisation as non-cooperative, which entails the risk of exclusion from special beneficial provisions of the applicable legislation. In the event that no agreement is reached, ORIVA Microfinance retains the ability to terminate the contract and commence enforced-collection actions on the claim, with the debt being charged with default interest and legal costs, while the borrower may remain liable for any unpaid balance, which continues to accrue interest, even after the completion of any enforcement proceedings. The characterisation as non-cooperative and the reasons for it are disclosed to the borrower. Where no mutually acceptable solution is reached, the dispute may be resolved using alternative dispute-resolution mechanisms, mediation procedures, or out-of-court/judicial debt restructuring, or by the competent courts.

A borrower who has been categorised as non-cooperative is entitled to submit an objection, once after each application of the ARP. The objection is submitted in respect of the process that led to their characterisation as non-cooperative, and not in respect of the content of the proposed solution, the negotiation of which is conducted within the context of Stage 4. The objection is examined by an Objections Committee, whose decision is issued at the latest within two (2) months of the submission of the objection, is communicated in writing, and is duly reasoned. The standardised Objection Documents and information on the required supporting documents and deadlines are available from the Special Point of Contact and in this section of the website.

For any information or clarification regarding the Code of Conduct and the ARP, as well as for the submission of statements, documents and supporting materials, you may contact the Special Point of Contact of ORIVA Microfinance:

Email: dek@Orivafinance.com

Telephone: +30 210 260 2751

Postal address: 1 Nestoros str, 15231, Chalandri, Athens, Greece