Eurobank and EIF join forces to channel 62.5 million in new financing to Cypriot SMEs and start-ups

The European Investment Bank Group (EIB Group) announced the archetypal InvestEU Guarantee transaction successful Cyprus, marking a large milestone successful bringing EU-backed financing person to Cypriot businesses.

The agreement, signed betwixt the EIF and Eurobank, provides a indebtedness portfolio warrant that will mobilise up to 62.5 cardinal euros successful caller loans for Cypriot small and medium-sized enterprises (SMEs) and start-ups.

This EU-supported financing will marque a tangible quality for Cypriot entrepreneurs by:

• Cutting collateral requirements, helping viable businesses that deficiency sufficient guarantees,
• Offering longer repayment periods, giving companies clip and flexibility to grow,
• Opening slope financing to start-ups, a conception traditionally excluded from credit.

EIB Vice-President Kyriakos Kakouris, said: “With this archetypal EIF InvestEU statement successful Cyprus, we are opening caller doors for entrepreneurs. Europe is present to marque financing simpler, fairer and much inclusive. SMEs and start-ups crossed Cyprus will present beryllium amended equipped to invest, grow and make jobs, strengthening the section system and Europe’s competitiveness.”

EIF Chief Executive Marjut Falkstedt added: “The InvestEU programme gives us the tools to marque financing much accessible crossed Europe, and it is large to beryllium capable to denote this archetypal statement successful Cyprus. Ultimately, this will mean amended financing conditions for Cypriot businesses, and successful peculiar start-ups, with each the knock-on effect that tin person connected the economy.”