articles | 10 April 2015

Bank of Cyprus to extend €60m in loans to SMEs

Bank of Cyprus said it entered an agreement with the European Investment Fund, which will allow it to offer up to €60m in loans to small and medium size enterprises at favourable terms.

SMEs, established, registered and operating in Cyprus, are eligible to apply for financing under the scheme for amounts up to €1.5 million at an interest rate starting from 2.9%, the bank said in an emailed statement today. The scheme also applies to self-employed.

The loan maturities can be up to 144 months, the lender said adding that collaterals will also be required.

“The purpose of the loan can be the purchase, renovation, extension of assets for own use, investment in intangible assets, medium and longer term working capital and other,” Bank of Cyprus said.

The loan scheme is a new product, co-financed by the Cyprus Entrepreneurial Fund, also known as CYPEF, set up with the support of the Republic of Cyprus and the European Investment Bank, which is one of the owners of the European Investment Fund, Bank of Cyprus said.

Source: Cyprus Mail

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