Cash incentive for businesses to relocate

COMMERCE MINISTER Antonis Paschalides yesterday announced funding of up to €40,000 each for small businesses as an incentive to relocate away from unlicensed or unsuitable buildings or areas.

Paschalides said those entitled to the funding were existing firms operating at their current premises prior to January 1, 2002.

“There is a guide to facilitate the completion of the application, which is simple enough for everyone to understand,” he said.

Applications will be accepted from March 23, by an officer of the Industrial Development Department at the Ministry’s headquarters. There is no deadline.

Small enterprises are businesses that employ from one to ten people and have an annual sales turnover of up to €2 million.

“The plan provides incentives so that we can clean urban areas and to stop noise pollution and on the other hand help small businesses that find it difficult to pay €20,000 and €30,000 to move”, he said. “The plan covers car painters, carpenters and other similar businesses or industries.”

The scheme is financed to the tune of 50 per cent from the EU Structural Funds, and the remainder from the government, which is prepared to put in €1 million to start with.

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