The Subsidy Scheme aims to support, develop and promote small and medium-sized enterprises in the manufacturing sector and other targeted economic activities which are located or will be established in areas of Cyprus controlled by the Republic of Cyprus. Businesses located or to be located in areas of the British Bases are not covered by the Subsidy Scheme under Protocol n.3 of the Accession Treaty.
The Subsidy 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).
Its specific objectives are:
• To support businesses to implement investments that will improve their technological level, production process and productivity.
• The creation of new units and the stimulation of entrepreneurship.
• To create new jobs.