SME: Bank of Cyprus extends JEREMIE loans to 15/9

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 €31 mln to 460 corporate borrowers.

To date, the bank has provided similar loans of about €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% of the value of the loan.