EBRD, a non-profit organization, aims to support local small and medium-sized businesses (SMEs) to improve their performance and achieve further development.
Support for local businesses through the ““Small Business Support (SBS) Programme in Cyprus” is achieved through the provision of Grants (not loans) from the Bank to businesses, in order to acquire know-how/ support from experienced approved business consultants (local and international), thus enhancing adaptation of Cyprus SMEs to the requirements of a modern and competitive economy.
In May 2017, the Ministry of Energy, Trade, Industry and Tourism of the Republic of Cyprus and the European Bank for Reconstruction and Development (EBRD) signed a cooperation agreement for the implementation of the ““Small Business Support (SBS) Programme in Cyprus”
Expected Results
The "Small Business Support (SBS) Programme in Cyprus" Programme, co-funded by the European Regional Development Fund, helps small and medium-sized enterprises gain access to the know-how they need to develop, enhance their competitiveness and grow, bringing them in contact with local and international consultants who can transform them. It is expected that, between 2017 and 2020, through the Programme:
- More than 120 companies in Cyprus will receive assistance from local and international consultants.
- Approximately 100 local consultants and businesses will receive training.
- More than 200 entrepreneurs and stakeholders will be involved in mentoring, networking and development activities.
- Approximately 100 jobs will be created in small and medium-sized enterprises.
The current Call for Application Submission, a copy of the Call announcement is available at the end of this page, is an integral part of the SBS programme and involves the co-financing of the cost of buying consultancy services from 30 Cypriot SMEs to meet their business needs.
It is emphasised that, although the current Call for Applications specifies October 26 2018 as the deadline, this restriction does not apply to our customers wishing to participate in the Programme, since our partner Mr Kyriakos Hadjisoteriou is already an approved EBRD consultant. Thus, for projects we will execute, we can prepare and promote project applications - speeding up approval procedures, anytime throughout the implementation of the programme, until around the end of 2019.
Utilising the “Small Business Support (SBS) Programme in Cyprus”.
We can help you utilise this Programme, according to your needs, within the scope and objectives specified by the Programme.
Existing businesses operating almost in all sectors of the economy (Services, Manufacturing, Tourism, Construction, Commerce, etc.) are eligible to participate in the Programme.
It should be noted that startup enterprises are not eligible to participate in this Programme, as the aim of the Programme is to support existing enterprises, in their efforts to further improve and develop their activities, with a period of activity of more than 2 years.
Eligible Activities & Subsidy Intensity
If your company can benefit from a specific kind of know-how, such as the preparation of a strategy plan/ business plan or marketing (promotion) plan, if you need website design and development services or other tailor-made/ customised software or know-how/ advisory services for the introduction of a quality management system according to ISO 9001 or ISO 22000/ HACCP, or harmonisation with the new General Data Protection Regulation (GDPR) and/ or ISO 27001, the EBRD programme can cover such needs, and not only!
The duration of a project can be between four to six months, depending on the specific project.
This advice covers specialised areas of expertise including:
- Strategy
- Marketing
- Organisation
- Operations
- Technology
- Engineering solutions
- Quality management
- Financial management
- Energy efficiency and environment
Thanks to the funding of the Cyprus Government and the European Regional Development Fund, the EBRD, under this Programme, is able to subsidise most of the cost of the advisory project.
Currently the following percentage of the net cost of the project is covered (VAT, since it will be refunded, is paid by the company).
| Size | Provision of business advice from local consultants |
| Very Small (<10 employees and <€2 million Turnover) |
65%(Up to 70% under certain conditions) |
| Small (<50 employees and <€10 million Turnover) |
65%(Up to 70% under certain conditions) |
| Medium (<250/500 employees and <€20 million Turnover) |
65%(Up to 70% under certain conditions) |
| Medium (<250/500 employees and <€50 million Turnover) |
65%(Up to 70% under certain conditions) |
Participation/ Application Process
The application process for this program, compared to other Subsidy Schemes, is relatively easy and fast.
Briefly, the steps required include:
- Contact Us:We will provide additional information about the Programme, and discuss your specific business need, as identified by your organisation.
- Initial exploration of project scope and field of Implementation: We will discuss your needs in detail and will inform you whether we have the necessary know-how to help you, as well as provide information regarding the cost of our services.
- Agreement on the axes/ parameters, priorities and objectives of the project: We will prepare, free of charge, the proposal/ application for inclusion in the Programme and submit it to the EBRD for evaluation.
- Once the proposal has been approved: The EBRD will prepare the contract forms that all parties involved (your company, our authorised/ approved consultant and the EBRD) will be invited to sign for the launch of the project.
Indicatively, all steps outlined above are completed within 30 - 45 days.
Programme/ Application Documents
Call For Proposal Submission
SME Definition Guide
Regulations And Eligibility
Project Application Form
DEMINIMIS Declaration