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Grant scheme offers Cyprus startups financing of up to €400,000

New and existing Cyprus startups can now apply to receive up to €400,000 in financing under a new EU grant scheme entitled “Circular Economy Project in Small and Medium Enterprises (SMEs)”.

Commissioner for State Aid Control Stella Michaelides published her decision on the scheme, based on which the total amount for aid granted reaches €400,000 cumulatively while the minimum amount of investment is €30,000.

The scheme applies for the period 2024-2026. Beneficiaries are new or existing SMEs, which are established or will be established in Cyprus, excluding the areas in which the Government of the Republic of Cyprus does not exercise effective control, due to the Turkish invasion.

The Measure, as stated in a press release, is included in Cyprus’ Recovery and Resilience Plan for the period 2022-2026 and will be financed by the EU Recovery and Resilience Facility.

The competent authority for the implementation is the Industry and Technology Service of the Ministry of Energy, Trade and Industry and the total budget amounts to €14,400,000.

The maximum aid intensity provided for in the Measure is set at 50%.

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