Subsidy for Women Entrepreneurs

(Ι) Subsidy’s aim

The subsidy program aims to provide motivation to women, age from 18 until 55, for the creation of the any form of business activity.

(ΙΙ) Grant Amount

The program subsidies the 50% of the approved expenses for the creation of a business with maximum amount of 70,000 euro for companies of the secondary sector and 50,000 euro for service providing companies. Below are mentioned the maximum amounts of expenses covered by the 50% of the subsidy.

Nu. Eligible Category of Expense Maximum amount of Expenses for each Category
Secondary Sector E-commerce / Services / Tourism
1. (α) Equipment

(β) Special Facilities

(γ) Buildings – Renovations

€115,000 €80,000
2. Training €3,000 €3,000
3. Advertisement – Marketing €5,000 €5,000
4. Other Expenses €5,000 €5,000
5. Operating Expenses €12,000 €7,000
  MAXIMUM AMOUNT COVERED EXPENSES €140,000 €100,000
MAXIMUM SUBSIDY €70,000 €50,000

 

More likely to be approved are the candidates suggesting the application of new technologies, innovative methods of production and original ways of promoting products and services (e.g. e-commerce)

The subsidy program will be implemented for the period 2014 – 2020 as part of the Regional Policy of European Union.

(ΙΙΙ) Beneficiaries of the program – Conditions of Participation

Applicants should satisfy the following requirements in order to be eligible to participate in the program:

  1. Women who have their permanent residence in Cyprus at least six (6) months prior to the submission of the application.
  2. Applicants should be between 18 and 55 years old.
  3. They should be unemployed or employees during the period of submission of the application.
  4. They shouldn’t exercise any business activity during the last six months before the submission of the application.

(IV) Payment of the Subsidy

Public Funding: Subsidy prepayment covering up to 40% of the subsidy.

Phases    Realized Investment Public Funding (Subsidy)
PHASE A Signing of the Public Funding Agreement Subsidy prepayment covering until the 40% of the subsidy.
PHASE B After the realization and certification of expenses between 30% – 60% of the investment Subsidy that corresponds to the 50% of the certified eligible cost, excluding any subsidy prepayment. The total amount of realized investment for phase B should not be less than 10,000 euro.
PHASE C – Realized Investment After the completion and certification of the investment (economically and physically) and given that the company started functioning normally Subsidy over the remaining completed eligible cost

 

(V) Business Plan (Feasibility study)

The creation of a business plan is not indispensable for the submission of the application. Nevertheless it is highly recommended that the form is accompanied with a sophisticated business plan because it enhances the elements that show the sustainability of the company.The sustainability of the subsidy receives 1/3 of the grading during the assessment of the application.

Should you have any queries, don’t hesitate to contact us.