articles | 22 February 2016

Co-op bank to launch loan package for SMEs

The Co-op bank will announce a series of financial products aimed at supporting small and medium-sized enterprises (SMEs).

According to a media release by the organisation, the services are aimed at businesses most affected by the financial crisis of 2013.

The package, due to be launched later this week, consists of products and services that cater to the various financial and transactional needs of SMEs.

Low interest business loans and international commerce services of are some of the incentives, according to the release.

The Co-op announcement of the proposed services comes just a few days after the European Investment Bank (EIB) and the Finance Ministry signed contracts to provide investment loans to Cyprus’ SME sector, amounting to €150 million.

According to data from the department of Registrar of Companies and Official Receiver, about 7,000 companies have been wound down since 2010, when the global financial crisis to affect the island.

Source: InCyprus

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