In response to the ongoing challenges faced by companies within the construction sector, the National Credit and Investment Institution (SNCI) has introduced a new financing initiative designed to provide aid to these businesses.
Under this programme, construction companies will have the opportunity to apply for a loan, of which 80% will be funded by the SNCI, while the remaining 20% will be covered by an intermediary bank.
As outlined in a press release issued on Tuesday, the SNCI aims to address the critical circumstances prevailing within the construction industry through this financial instrument.
The loans offered through this initiative will carry a maximum term of five years, offering businesses the flexibility of a potential two-year grace period before commencing repayment.
To support this initiative, the SNCI has allocated a total of €100 million in funds.