- What are the existing microfinance measures in the country today? (indicate the number of measures)
| TYPE OF MEASURE | MEASURE (indicate the names of the measures) |
| NATIONAL | IDEA Innovation Center |
| LOCAL (provincial, regional, municipal or equivalent territorial reality) | |
B) For each MEASURE ( to repeat for each measure)
| Name/Title: George Pelekanos | |||
| Name of responsible organization: Incubator-accelerator for startups and an entrepreneurship hub. | |||
| Website: info@ideacy.net | |||
| NATIONAL OR LOCAL | N/L | ||
| Starting year | 2015 | End year | ongoing |
| IDEA Innovation Center was founded in 2015 by the Bank of Cyprus and other prestigious Partners, as an incubator-accelerator for startups and an entrepreneurship hub. Today IDEA is the largest non-profit, comprehensive innovation center in Cyprus, a business incubator which forms a cluster of more than 120 private and public partnerships, supports innovative startups and Small & Medium-sized Enterprises (SMEs) and promotes a culture of change and digital transformation. | |||
- What kind of activity does this measure finance?
| Creation of new businesses | Yes |
| Strengthening of existing businesses | Yes |
| Specific investments – specify type (i.e. innovation, research, environmental transition, hiring, internationalization, purchase of goods) | Yes Financial, tech, culture, arts, AI, AR, Health, Tourism, Infosec, ESG, education, real estate |
| Training activities | Yes |
| Other (specify) |
- What type of financing is it?
| Low-interest loan (indicate the repayment time and, if present, the requirement for collateral) | No |
| Non-repayable grant (indicate the percentage of non-repayable fund) | Yes If Yes, percentage of non-repayable fund: |
| Tax credit | |
| Other (specify) |
- How does the activation of the measure work?
| One-stop means | |
| Call with closing date | Yes |
- Financial entity of the measure (indicate the resources allocated)
| Overall amount | 100K |
| % facilitation for each recipient | |
| Minimum amount that can be financed | |
| Maximum amount that can be financed | 100K |
| Origin of financial resources (European, State, Regional authority, Municipal authority, other) | European |
- Type of funded social structure (indicate if belonging to a specific category is required in order to access the measure) N/A
| Female | Over 50 | Unemployed (specify any type) | Disadvantaged groups (specify type) | Youth (specify age range) | Other (specify) | |
| Individual | ||||||
| Company | Financial, tech, culture, arts, AI, AR, Health, Tourism, Infosec, ESG, education, real estate |
- Does the measure provide for accompaniment and training or only financial support?
| Financial support + accompaniment/training | YES |
| Only Financial support |
- Is the measure considered a good practice and as such replicable in other national and / or international contexts?
| YES | |
| NO |
C) How many initiatives have been financed in the last 3 years and for what economic amount?
| Number of initiatives 40 | Total economic amount 800k |
