Insider Business BoC: €550m in loan facilities as part of its European programmes since...

BoC: €550m in loan facilities as part of its European programmes since 2010

Bank of Cyprus has granted more than €550m in loan facilities as part of its European programmes from 2010.

The European Programmes offered by the Bank were presented at the event “Access to financing from European Investment Bank instruments: Challenges and Opportunities”, which was part of a series of events on the Strategy for Attracting Investments, held after an initiative of the European Commission Representation in Cyprus.

Presenting the Bank’s programmes, Maria Dafnidou, Head European Relations & Products Department of the Consumer & SME Banking Division, noted that “there are already in place EIB development loans in partnership with the European Investment Bank, the InnovFin Guarantee Facility in partnership with the European Investment Fund, and Overdraft Facilities in partnership with the European Regional Development Fund.”

In addition, the JEREMIE programmes in partnership with the European Investment Fund for the 2010-2015 period (€41m), the Cyprus Entrepreneurship Fund (CYPEF) in partnership with the Cypriot government for the period 2014-2019 (€120m) and the Trade Finance Facility in partnership with the European Investment Bank, have all been absorbed.

Dafnidou went on to mention that these programmes “offer low pricing, helping existing businesses to develop and new ones to be established, support the developing of innovative ideas, reduce unemployment and create jobs for the youth.”

Citing data on the distribution of loans based on business size, Dafnidou said that 81% of the loans were granted to businesses employing up to 49 people. Through its various programmes, Bank of Cyprus has since 2010 given support to 1,100 businesses and self-employed.

Also discussed at the event was the InnovFin SME Guarantee Facility which is provided in partnership with the European Investment Fund. InnovFin aims to finance start-ups, innovation and rapidly-growing corporations.

By the end of 2019 Bank of Cyprus is planning to sign additional contracts for the granting of new facilities.

For more information about Bank of Cyprus’ European Loans, please visit: https://www.bankofcyprus.com.cy/en-gb/business/

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