Bank of Cyprus Program For SMEs

The Bank of Cyprus is launching a new program to support Cypriot businesses and lower youth undemployment.

In cooperation with the European Investment Bank (EIB), the Bank of Cyprus announced a new credit facility totaling €66.8 million.

“A press release, issued by the bank, says that the credit facility, of which €50 million will come from EIB funding and €16.8 million from the Bank of Cyprus, features loans with particularly favourable terms in the repayment period as well as grace periods for businesses operating in Cyprus that employ up to 3.000 people…Existing clients as well as new clients are eligible for the scheme. Eligible businesses are divided to small and medium-sized enterprises employing up to 250 people and midcaps which employ 250-3.000 people…Funding ranges from €1.5 million up to 12.5 million,” according to CNA.