Cyprus Entrepreneurship Fund

Invitation Description:

The Cyprus Entrepreneurship Fund (TEK)  aims to facilitate access to finance for small and medium-sized enterprises, through the provision of risk-sharing financing products and in particular through loans with favorable financing terms.

Despite the significant successes of the Cypriot institutions in the 7th Framework Program and in the first stages of "Horizon 2020", there is a relative inability of the Cypriot institutions to lead pan-European networks to submit successful proposals.

The  ΤΕΚ  was set up to facilitate small and medium-sized enterprises' access to finance. TEK is financed by a loan of € 100 million secured by the Republic of Cyprus from the European Investment Bank (EIB). The European Investment Fund (EIF) operates as the TEK manager on behalf of the Republic of Cyprus.

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TEK will be implemented in cooperation with financial institutions, which will be selected through a call for expressions of interest. The financial institutions will co-finance at least 50% of the loans, which means that the total amount that is expected to be granted to SMEs will be at least € 200 million.

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The resources will be made available to SMEs through the granting of loans on very favorable terms in relation to the interest rate and the repayment period. It is pointed out that the beneficiaries of the loans will also include small and medium enterprises in the primary sector.

Total Invitation Budget:  

€ 200,000,000

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Beneficiaries:

Small and Medium Enterprises (SMEs) ​

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Start of Submission of Proposals: 31/03/2015

Deadline for Submission of Proposals: 28/02/2019