Supporting the Economy During Covid-19: New Economic Measures from Cyprus Government

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published on 3 July 2020 | reading time approx. 5 minutes

 

Following our previous announcement regarding Covid-19 measures we detail below further announcements by the Cypriot government to support the economy.  

 

 

Scheme for Providing Government Guarantees to the European Investment Bank for granting loans to Cypriot small and medium companies and enterprises of medium capitalization.

Who can benefit: Cypriot companies of up to 3,000 employees who are registered and operate in Cyprus.

  • The rates of interest are lower compared to those that would be charged by banking institutions.
  • The interest for loans contracted under the Scheme may obtain subsidy by the “Government Interest Subsidy Scheme”.
  • Long duration of loan (up to 12 years).
  • Choice between fixed and fluctuating interest.
  • Even more favourable interest with an additional reduction (0.50 percentage unit lower) for companies meeting the criteria for “Jobs for Youth.”

Liquidity amounting to 800m euros for funding of SMCs through the Cyprus Entrepreneurship Fund (CEF).

Who can benefit: Small and medium companies of a max. number of 250 employees.

  • Amount: Up to 1.5 m euros
  • The rates of interest are lower compared to the interests that would be charged by banking Institutions. 
  • The interest charged for loans contracted under this Scheme may enjoy subsidy by the “Government Interest Subsidy Scheme.”
  • Long duration of loan (up to 12 years).

Interest Subsidy Scheme for new business loans

 

 

 

 

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Contact

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Marios Loucaides

FCCA (Zypern)

+357 25 7553 01

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Elena Loucaides

Senior Associate

+357 2575 5301

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