Cyprus’ government guarantees scheme of €1 billion to support business and the self-employed amid COVID19 crisis, has been launched as of today, following the publication of a relevant decree by the Minister of Finance in the Official Gazette of the Republic.
According to an announcement by the Ministry of Finance, the government guarantees will cover 70% of the losses that may arise from loans and the banks the remaining 30% regardless of whether the loan is secured or not.
The loans will last from three months up to six years excluding current accounts whose maximum duration will be 1 year.
Source: Cyprus News Agency