‘Safeguarding & Creating Employment SME Grant Scheme’ launches Phase I to support industry, manufacturing, and business to business services in the Turkish Cypriot community.

A significant €7.2 million Safeguarding & Creating Employment Support Package, will be funded by the European Union. This follows the successful completion of the €3 million ‘Lifeline Support’ scheme which supported more than 1500 businesses in the food & beverage and hair & beauty service sectors in the Turkish Cypriot community.
The new scheme aims to contribute to the stabilisation of the economy, prevent further loss of employment, ensure the sustainability of viable SMEs, create new jobs and encourage growth by providing financial and technical support to SMEs that meet the scheme criteria across the TCc.
The Support will consist of two phases: Phase I will provide €1,500 to circa 1,000 eligible SMEs in the industry, manufacturing, and business to business services sectors that are employing between 6 and 10 employees.
Phase II will support circa 100 SMEs in the industry, manufacturing and business to business services sectors employing 6 to 49 employees. Eligible SMEs will be required to demonstrate that they meet the scheme criteria and their potential to retain staff, engage new staff, develop new market/products for growth, develop and/or diversify and be mindful of the EU investment priorities for employment in innovation, digitalization, and green economy. The maximum support available to eligible SMEs is €60,000.
The call for applications for Phase I will be open between 25 February 2021 and 16 April 2021 (15:00 Cyprus time). Applications will only be accepted through an Online Application Form available at www.isdestek.eu where further information is also available.
A call for Phase II applications will be announced at a later date.

The scheme is being managed by Northern Ireland Co-operation Overseas (NI-CO), in cooperation with Cyprus Investment Agency (YAGA), Cyprus Turkish Chamber of Industry (KTSO), Turkish Cypriot Chamber of Shopkeepers and Artisans (KTEZO) and Turkish Cypriot Chamber of Commerce (KTTO) within the scope of the ‘Innovative Entrepreneurship and Dialogue’ Project implemented by NI-CO and financed by the European Union.