€30 mln funding for new businesses

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Cyprus Commerce Minister Natasa Pilides presented a €30 mln New Business Activity Scheme, contributing to the €121 mln the ministry has put forward to support entrepreneurship.

Pilides said schemes to support entrepreneurship in 2021 would reach €166 mln, while a total of €450 mln will be spent between 2021 and 2027.

At a news conference on Tuesday, Pilides said: “The government’s ultimate goal is to support businesses, which are a strong driving force of economic growth, especially when the economy is restarting after being struck by the pandemic”.

She said the grant scheme is a “continuation of the plans to strengthen youth and women entrepreneurship, which were among the most successful and popular in previous years.

“In the last seven years, these plans have helped 608 young men up to the age of 40 and women up to the age of 55 to start their own dream business and, at the same time, create new jobs”.

The scheme, which went live on Monday, is open for applications until the end of the year, has been remodelled to respond to the economy’s needs post-coronavirus.

Funding for youth and women’s entrepreneurship has been put together to save on administrative costs and time needed to approve an application, while the age limit has been pushed back.

Beneficiaries are unemployed or employed, (a) young people aged 18-29, (b) men aged 30-50 and (c) women aged 30-55.

The age limit has been expanded to increase the number of eligible men and women struggling due to the pandemic.

The maximum eligible budget per application has also increased to €120,000 while the funding ratio for young people up to 29 years reaches 70%, and for men and women aged 30 to 55, it’s 60%.

Applications can be submitted online. https://www.pio.gov.cy/assets/pdf/newsroom/2021/05/20210518_energeias_odhgos.pdf (application guide)

Eligible applications are those associated with the primary sector, manufacturing and trade in agricultural products, fisheries and aquaculture, wholesale and retail trade of any product and service and those concerning e-Commerce.