AKEL proposes support for small and medium-sized enterprises with specific proposals

Statement by AKEL C.C. member Marina Savva on the pandemic’s effects on small and medium-sized businesses

17 February 2022, AKEL C.C. Press Office, Nicosia

A research published by the Cyprus Confederation of Professional Craftsmen and Shopkeepers (POVEK) on the pandemic’s consequences on small and medium-sized enterprises contains some very crucial and characteristic conclusions.

The first is that for the overwhelming majority of these businesses, the government’s support measures that were approved during the pandemic period have proved to be inadequate and have failed.

The second is that small and medium-sized businesses are having to keep their businesses going suffering unbearable costs, especially with regards rent and various other obligations.

The third is that small and medium-sized businesses are being crushed by increased bank charges and the high interest rates. According to the research conducted, the government’s state guarantee scheme is considered to be a failure.

AKEL proposes that support for small and medium-sized businesses with specific proposals. These proposals primarily concern their access to financing, providing liquidity to cover direct operating costs and rents with simple and speedy procedures.