IN COOPERATION WITH EUROPEAN INVESTMENT BANK
AstroBank offers low-interest rate loans to SMEs
From €50.000 to €3.000.000,
with fluctuating interest rate
and long-term repayment
AstroBank, in cooperation with the European Investment Bank (EIB), offers low-interest rate loans, from €50.000 to €3.000.000, to Small and Medium-sized Enterprises (SMEs). The Bank’s new product aims to support SMEs and strengthen youth employment.
The product is directed to Cypriot companies, which are registered and operate in Cyprus employing up to 3.000 people as well as self-employed businesspersons. The said EIB product foresees fluctuating interest rates, on the basis of a credit evaluation of the enterprise and the quality of securities given to the Bank, while there is also a choice for a stable interest rate for loans that are in excess of €2m. It also offers, a long-term repayment period, of up to 12 years.
Enterprises that fulfil the funding criteria, will be offered an interest rate of at least 0,50% lower than standard rates, while those that employ young people will be integrated in the EIB Initiative “Jobs for youth”, and their total financial advantage will amount to at least 1%.
In a statement, Giorgos Appios, AstroBank’s CEO, talked about the importance of the Bank’s cooperation with EIB, underlying the positive effect it could have on SMEs and the Cypriot economy in general. “It’s a common perception that SMEs are the backbone of the Cypriot economy. The EIB product fundamentally reinforces entrepreneurship and youth employment. Through the plan, which offers the opportunity for funding with amounts starting as low as €50.000 and with a beneficial repayment schedule, AstroBank is actively supporting SMEs”, Mr Appios noted.
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