The Subsidy Scheme will be implemented based on the Regulation (EC) No. 1407/2013 of the Commission 18 December 2013, relative to the application of articles 107 and 108 of the Treaty for the functioning of the European Union relative to de minimis aid.
The subsidy scheme aims to support, develop and promote small and medium-sized enterprises operating in the manufacturing sector and other targeted economic activities established, or to be established, in areas in Cyprus controlled by the Republic of Cyprus. Business entities established or to be established in areas of the British bases are not eligible according to protocol No. 3 of the Accession Treaty.
The scheme provides subsidy on the cost of specified eligible expenditures in order to expand/ grow, modernize existing enterprises or develop new sustainable SMEs (paragraph 6).