Cash support for young entrepreneurs
The Ministry of Energy, Commerce and Industry has announced the second phase of the New Business Activity Support Plan, amounting to €20 million.
This Plan forms part of the “THALEIA” Programme for 2021-2027 and is co-financed by the European Regional Development Fund (ERDF), the European Social Fund (ESF) of the EU, and the Republic of Cyprus.
Its primary goal is to foster, support, and promote entrepreneurship, among young people and women. These individuals are encouraged to leverage their knowledge, experiences, training, and talents across various economic sectors. However, certain activities are exempt, as detailed in Appendix I of the Plan Guide.
The scheme offers a 70 per cent funding for projects by young men and women aged 18-29 years. Conversely, for men aged 30-50 and women aged 30-55, the funding rate is set at 60 per cent. This sponsorship covers a range of eligible costs, including equipment, special facilities, building-related expenses, marketing, and other miscellaneous costs, up to a maximum of €120,000 per company.
Interested parties are advised to consult the Plan Guide on the Ministry of Energy, Commerce and Industry’s website, particularly under the Industry and Technology Service section. This guide provides comprehensive details, a document checklist, and other necessary forms.
It is important to note that application submissions from potential beneficiaries must be made exclusively through the Ministry’s electronic System of Sponsorship Plans within a specified timeframe, which will be announced soon.