Funding Schemes Supporting Business Creation

Startup News

How many times have you been sitting with friends, in a nice bar, and ended up discussing about new business ideas and solutions?

To me, it has happened quite a few times and what I’ve noticed is, how passionately people talk about how they would design and operate a business. It is also noticeable that, many young people have brilliant ideas and solutions that can make our lives easier. The problem, however, lies in getting started, and significantly so, on the initial capital. What most of them don’t know is that, there are mechanisms and schemes that can help them grow their ideas and make them into successful enterprises. 

Cyprus is one of those places, where new businesses are given attention and where they have the opportunity to receive financial assistance, in the form of funding and not as a loan, to start. Using these opportunities allows for your ideas to move from a creative discussion and a piece of paper to an actual business.

At the moment, there two such opportunities that are definitely worth looking into. These are, the Young and Female Entrepreneurship Schemes, which support young people aged 20-40 and women aged 18-55. These are operated by the Ministry of Energy, Commerce, Industry, and Tourism of the Republic of Cyprus which manages and implements these schemes. Their aim is to develop, support and encourage young people and women, who wish to establish an enterprise in the sectors of manufacturing, services, tourist activities and e-commerce, to do so, by offering a grant equal to 50% of their investment. The grant offered is calculated based on the full amount of the investment and reaches up to €70,000 (€140,000 total investment) for the manufacturing sector, and €50,000 (€100,000 total investment) for the other sectors.

Beneficiaries of these schemes are required to must apply before starting their businesses and can start following the application submission. Expenditures subsidized by the schemes include equipment, such as machinery, furniture, electronic devices; building or fixing the business premises, decoration, promotional activities; as well as initial working capital, including rent, electricity and water bills.

The good news is that these will be open for applications from the 20th of December 2017 until the 19th of March 2018, giving you the opportunity not only to take back 50% of your investment but also gain valuable guidance and support in creating your future.

* This article is powered by Kalys Solutions. Kalys Solutions is a specialized agency in funding consulting and acquisition. It helps you find the best funding opportunities for you and your business, prepares your applications and manages your projects.

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