The Ministry of Energy, Commerce, and Industry has announced the second call of the New Business Activity Enhancement Scheme, emphasizing support for young people and women, with a total budget of €20 million. This initiative is part of the "THALEIA" Program for 2021-2027 and is co-financed by the European Regional Development Fund, the European Social Fund+, and the Republic of Cyprus.

The scheme aims to develop, support, and promote entrepreneurship, focusing on specific population groups such as youth and women. It encourages them to engage in business activities across various economic sectors, leveraging their knowledge, experience, training, and talents.

Notably, the grant rate is 70% for young individuals aged 18-29, while for men aged 30-50 and women aged 30-55, the rate is 60%. The grant is calculated based on the cost of eligible expenses, including equipment, special facilities, buildings - construction, purchase, renovation - space layout, promotion, and other expenses. The maximum eligible budget per enterprise is set at €120,000.

Interested parties can obtain the Scheme Guide, which details all necessary information, the Document Checklist, and other required forms from the Ministry's website, specifically from the Industry and Technology Service page.

It is noted that applications/proposals from beneficiaries will only be submitted through the Ministry's Electronic Grant Schemes System within a specific time frame, which will be determined in the relevant Call for Proposals announcement to be issued soon.

In the near future, the Ministry of Energy, Commerce, and Industry will organize a series of related presentations in all cities. These will commence with presentations in collaboration with the Youth Board of Cyprus at their offices in Nicosia on April 16, 2024, at the Youth Center of Agrou on July 24, 2024, and at the Youth Center of Famagusta on April 25, 2024.