Grants for Manufacturing businesses in Cyprus
Overview and eligibillity criteria for “Thalia” scheme launched in 2021 for Cyprus-based SMEs
The Ministry of Energy, Commerce & Industry announced the “Thalia” funding scheme in February 2021, with a focus on restarting the economy and transitioning to sustainable growth in the manufacturing sector.
The scheme aims to support and develop Small and Medium Enterprises (“SMEs”), mainly in the manufacturing sector, that are located or will be located in the Republic of Cyprus.
The scheme provides grants for certain eligible costs for the expansion and modernisation of the operations of existing or new SMEs, including construction or refurbishement of new buildings and the purchase of new machinery.
This scheme applies to businesses in a variety of sectors ranging from printing of newspapers to manufacturers of plastics, cement, concrete, ceramic or aluminium, and much more.
The maximum grant is €200,000 per business and can cover up to 60% of the investment. A feasibility study is required for applications by new businesses and for investments over €150,000.
To be classed as an SME a business must:
i) Employ less than 250 people
ii) Have an annual turnover less than or equal to €50mln or have an annual balance sheet total less than or equal to €43mln.
Download our publication for an overview of the eligibility criteria and relevant details.