This will help the company keep 94 jobs, the Government Communication Office said on Thursday.

The government granted the loan with a two-year deferral of principal repayment and six-month euribor plus 0.25% interest rate. The loan and the subsidy will be guaranteed with the company's assets, the office added after the government session.

Odeja's application for state aid from October was approved in February as the company was in high risk of receivership.

Receivership would have negative economic and social consequences for the entire region, an inter-ministerial commission argued its decision, adding that the company had a healthy core, worth saving through restructuring.

Odeja, which generates around half of its sales abroad, was hit hard by the crisis - its sales were halved, but it has managed to turn the negative trend by moving into new markets. The company made a loss of EUR 580,000 on EUR 3.8m in sales revenue in 2012.