Reinforcing Med Microfinance Network System for Start-ups

IDEA Innovation Center

  1. 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)
NATIONALIDEA 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.    
Starting year2015End yearongoing
  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.                
  1. 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 dateYes
  • Financial entity of the measure (indicate the resources allocated)
Overall amount100K  
% facilitation for each recipient 
Minimum amount that can be financed 
Maximum amount that can be financed100K  
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
 FemaleOver 50Unemployed (specify any type)Disadvantaged groups (specify type)Youth (specify age range)Other (specify)
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/trainingYES
Only Financial support 
  • Is the measure considered a good practice and as such replicable in other national and / or international contexts?

C) How many initiatives have been financed in the last 3 years and for what economic amount?

Number of initiatives 40Total economic amount 800k
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