“Strengthening New Entrepreneurship” Grant Scheme, 2nd Announcement (2024)


The Ministry of Energy, Commerce and Industry announces the “Strengthening New Entrepreneurship Grant Scheme – 2nd Announcement“, with a total budget of €20 million.


The Scheme is part of the programme “Θ.Αλ.Ε.Ι.Α” 2021-2027″  and is co-financed by the European Regional Development Fund (ERDF), the European Social Fund (ESF+) of the European Union and the Republic of Cyprus.


It aims to develop, support and promote entrepreneurship, emphasizing on special population groups, such as young people and women, who wish to be entrepreneurial in any economic activity, utilizing their knowledge, experiences, training and talents (the excluded activities are listed in Appendix I of the Scheme Guide).


Funding amounts to :

  • 70% for young people between the age of 18 and 29 years,
  •  60% for men between the age of 30-50 years and women between the age of 30-55 years.


The grant is calculated on the cost of eligible expenses for the investment (e.g. equipment, special facilities, buildings -erection, purchase, renovation-configuration of spaces, projection-promotion and other expenses), with a maximum eligible budget per company of €120,000.


Interested parties can obtain the “Scheme Guide“, which contains all the details – such as the “List of Documents” to be submitted – as well as other required forms or documents, through the following link, which leads to the website of the Industry and Technology Service.


It is noted that, applications/proposals from beneficiaries must be submitted, solely, through the Funding Schemes’ electronic System of the Ministry of Energy, Commerce and Industry, in a specific period of time that will be determined in the “Call for Proposals”, which will follow.


For more information, interested parties can contact the competent officers at the following telephone numbers:


  • +357 22 867 178,
  • +357 22 867 156,
  • +357 22 867 317,
  • +357 22 867 109,
  • +357 22 867 194.


The Ministry of Energy, Commerce and Industry is organizing a series of presentations in all cities, starting with those that will be held in collaboration with the Cyprus Youth Organization, at the :


  1. Cyprus Youth Organization’s Offices in Nicosia, on April 16, 2024,
  2. Limassol Youth Center, on April 24, 2024, and
  3. Famagusta Youth Center, on April 25, 2024.


For comprehensive information and documents please follow this link.