Let’s go back to November 2013, when Kalys Solutions was in the making. Back then, the financial crisis in Cyprus was at its pick and things were even more difficult than today. As you can imagine, starting a business was not an easy task as our own funds wouldn’t cut the deal in starting in an optimal manner. Therefore, looking for available funding was the best way to go, as it would also provide that additional edge. Also, since one of the company’s main services is to help people and companies acquire funding, it fit like a glove. And so, Kalys Solutions was funded by the Youth Entrepreneurship Scheme of the Ministry of Energy, Commerce, Industry and Tourism of Cyprus. Check the photo above, which is actually hanging at Kalys Solutions’ wall premises!

What I’m trying to say here, is that, there are some options to get money when starting a business. The options described in this blog concern the Cypriot market and are three; National, ‘co-financed’ and European Union funding programmes. However, if you are outside Cyprus, don’t get disappointed as, especially in the EU member States, there are similar available funds and mechanisms to assist young people and business in their first steps.

So, what are the three options?

Governmental funding programmes

The National Grant Schemes are designed and approved at national level and are funded solely by national funds. The aim of these projects is the implementation of various state policies and priorities e.g. strengthening employment, promotion of tourism, etc. The implementation and management of these projects is taking place exclusively in Cyprus, under the responsibility of the relevant Ministries/agencies of the public sector. These funds are very accessible to many people and different types of businesses. This is also the reason why, these open up several times during a year or remain open until all funds are distributed.

Let me give you some examples of current calls, in order to give you a clearer picture:

• Grant Scheme under the De Minimis Rule to the Cyprus companies wishing to carry out a market research abroad
• Scheme for the Enhancement of SMEs competitiveness in the Manufacturing Sector and other specific Economic Activities in areas of the British Bases in Cyprus

EU Co-Financed funding programmes.

These are programmes financed in Cyprus, from specific funds that have been allocated to Cyprus under the EU Multiannual Budget (these programmes are mainly financed by the European Structural and Investment Funds) and from national sources (national budget).

The priority actions which are funded are decided jointly between the EU and the Cyprus authorities. The management of these programmes is under the responsibility of Cyprus’ authorities while the European Commission reserves the right to monitor them. In general, the proposals are submitted for approval to the competent authorities of the public or broader public sector in Cyprus, depending on the programme.

Some examples are:

• Scheme for «Saving Energy – Upgrading of Enterprises»
• Scheme for the Enhancement of Youth Entrepreneurship. This is the one used for starting up Kalys Solutions.

European funding programmes or EU Competitive Programmes

These are programmes which are financed directly by the European Union΄s budget and are aimed at contributing to the implementation of EU policies and targets. As a general rule, these programmes are transnational, which means that the participation of partners from more than one member states is required for the submission and implementation of a proposal. Proposals are submitted for approval directly to the European Commission, without the intervention of national authorities. The proposals submitted compete with proposals from all member states as well as collaborative countries and successful proposals are selected after a comparative evaluation.

Some programmes are:

• Erasmus + in the Education Field
• Horizon 2020 for Research and Innovation

Visit the Cypriot funding portal and check out all available programmes to fund your company,  http://www.fundingprogrammesportal.gov.cy/

Or give us call to assist in in finding the proper funding solution and apply for the grant to build your company!!