According to recent reports from the Cyprus Mail, the Cyprus Cooperative Bank launched a funding support program for small and medium-sized enterprises (SMEs) last Friday, with a total amount of 34 million euros. In the next phase, an additional 34 million euros will be invested to support the development of SMEs. This program plans to offer small loans ranging from 30,000 to 50,000 euros to eligible SMEs with repayment capability, with an interest rate of 5.25% or a more favorable 4.5%, and a repayment period of 12 years, including a 2-year grace period. This marks the end of the transitional phase for the Cooperative Bank in the context of the financial crisis and economic rescue, and indicates that the Cooperative Bank has officially entered a normal operating stage. Like commercial banks, the Cyprus Cooperative Bank also faces the problem of a large amount of non-performing loans; currently, the non-performing loan rate of the Cooperative Bank is 47.7%, with a total of 6.36 billion euros in non-performing loans.
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