Supporting Employment and Job Retention amidst the Pandemic
As part of our DG Reform funded ‘Innovative Entrepreneurship and Dialogue’ Project, NI-CO is delighted to have been asked to support the European Union in the management of a number of grant schemes designed to support those small and medium sized enterprises in the Turkish Cypriot community hardest hit by the Covid-19 crisis.
Working 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), the first ‘Lifeline Support’ scheme with a value of €3 million, was launched in early autumn 2020. Designed to target those active in the food and beverage and hair and beauty services whose trading had been severely disrupted during the pandemic, the scheme was inundated with applications. Within a period of 4 months, essential funds were successfully distributed to over 1,500 businesses providing a much needed lifeline and ensuring that their doors could reopen after lockdown.
Following on from the success of the first grant, a second scheme is being launched this month to extend financial support to the industry, manufacturing and business to business sectors. Similar to the first initiative, the latest financial support package, valued at €7.2 million, 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 current support package will consist of two phases. The first phase will target SMEs employing between 6 and 10 employees and will provide €1,500 to approximately 1,000 eligible businesses while Phase II will support around 100 SMEs 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.
Please click on the link for more information: https://www.facebook.com/inovatif.girisimci/videos/5111788425560713