The scheme, being run in cooperation with the European Investment Bank (EIB), will make €66.8 million available of which €50 million will be provided by the EIB and the remaining €16.8m by the Bank of Cyprus (BoC).

BoC said the loans will be given with favourable terms, both as regards repayment periods, a grace period and pricing. They are aimed at Cyprus companies active locally which employ up to 3000 employees.

The new scheme is in addition to the scheme JEREMIE which was launched last December and offers financing of up to €100,000 to small and medium sized companies (SMEs).

The new loans will be offered to existing and new clients of the bank – SMEs that employ up to 250 and medium sized companies that employ between 250 and 3000.

The loans will range between €1.5m and €12.5m.

Companies that fulfil criteria as regards the employment of young people will be given better loan terms.

Source: InCyprus