Access to finance
29 May 2012by Ina Dimireva -- last modified 29 May 2012
A guide on the financial support available to businesses in Cyprus.
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Public finance
Indirect support
The Cyprus Investment Promotion Agency promotes direct foreign investments. The Agency also strives to supply information on why to invest and on facilities available to foreign investors, and validates investment offers.
Cyprus Investment Promotion Agency
The Ministry of Commerce, Industry and Tourism also promotes the creation of a Guaranteeing Association, to provide guarantees enabling financial institutions to finance small enterprises which do not have the guarantees required for lending purposes.
Ministry of Commerce, Industry and Tourism
Direct support
The Research Promotion Foundation sponsors major research, technology and innovation projects. It will soon be possible to submit online applications for funding to the Foundation.
The Research Promotion Foundation
Businesses interested in financing opportunities must apply to the Ministry of Commerce, Industry and Tourism. Application forms are available online and can be submitted either in person or by post.
Ministry of Commerce, Industry and Tourism - Application forms
The Foreign Investors Service Centre - a member of the Euro-Mediterranean Network of the Foreign Investment Agency (IPAS) - has published a guide for foreign investors wishing to do business in Cyprus. The guide can be downloaded online.
Access to EU funding
The Ministry of Commerce, Industry and Tourism has worked out the Assistance Schemes for Young and Female Entrepreneurs.
The Schemes are co-funded by the European Regional Development Fund and the Republic of Cyprus for the period between 2007 to 2013. They are designed to develop, support and promote entrepreneurship among young people (aged between 20 and 39) and women (aged between 18 and 55).
Financial support to young people joining the Schemes amount to 50% on the cost of eligible investment costs (equipment, landscaping, training, promotion, capital).
The Ministry has also launched the Funding Plan for the Enhancement of the Competitiveness of SMEs operating in the Manufacturing Sector.
The Scheme aims to support, develop and promote existing or new enterprises in the manufacturing sector which are or will be based in Cyprus.
The Scheme provides financial support to new or existing SMEs in the manufacturing sector willing to invest in fixed assets or transfer of expertise.
Business support organisations can advise businesses on how to find financing.
Source: Your Europe
