BOCY JEREMIE loans to 15/9

Financial Mirror (Cyprus) - - FRONT PAGE -

Bank of Cyprus an­nounced on Fri­day that JEREMIE-III, the cur­rent phase of its lend­ing scheme for small to medium sized en­ter­prises (SMEs), ex­pires on Septem­ber 15, hav­ing al­ready al­lo­cated EUR 31 mln to 460 cor­po­rate bor­row­ers.

To date, the bank has pro­vided sim­i­lar loans of about EUR 150 mln from fa­cil­i­ties funded by the Euro­pean In­vest­ment Bank and the EU’s Re­gional De­vel­op­ment Fund, with rel­a­tively milder terms to spur growth in the SME sec­tor. As with JEREMIE and JEREMIE II, the third pro­gramme main­tains iden­ti­cal terms of re­pay­ment, du­ra­tion, grace pe­riod and in­ter­est rate start­ing from 2.66%. The col­lat­eral re­quired for JEREMIE III is at 60% of the value of the loan, sim­i­lar to the sec­ond pro­gramme, while JEREMIE I re­quired a se­cu­rity of 50%.

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