Seven banks, for a total of 510 million euros, finally showed interest in participating in the government guarantee scheme for Credit Institutions to facilitate the financing of companies and self-employed persons.
According to the decision issued by the Ministry of Finance, the banks participate in the project:
Astrobank
Hellenic Bank
Cyprus Development Bank
Bank of Cyprus
RCB BANK
Eurobank Cyprus
Alpha Bank Cyprus
The amount of guarantees is distributed as follows:
-Loans to self-employed and very small businesses (30% of the requested amount), € 153 million.
-Loans to Small and Medium Enterprises (55% of the requested amount), € 280.5 million.
-Loans to Large Enterprises (15% of the requested amount), € 76.5 million.
The plan provides for the provision of government guarantees until the exhaustion of the total amount of one billion euros (€ 1,000,000,000), to credit institutions, with the aim of granting new low-cost loans to companies and self-employed.
The Temporary Framework is valid until 31/03/2022, with the possibility for signing the loan agreements until 30/06/2022.
Businesses and self-employed persons are invited to contact the participating banks directly regarding the loan approval process, within the framework of government guarantees, which can be started immediately.
A document has been posted on the website of YPOIK with the responsible statements of the applicant for a loan, the approved accountant of the applicant and the beneficiary of the loan, for use by the credit institutions approved for the granting of a government guarantee.
The signing of the Guarantee Agreement with the Credit Institutions will take place within January 2022.
