**Cyprus Businesses Need Simpler Route to EU Finance, Chamber Chief Says**
Nicosia, Cyprus – At the EU Finance Day 2026 held on September 22 in Nicosia, Stavros Stavrou, president of the Cyprus Chamber of Commerce and Industry (Keve), highlighted the necessity for Cyprus businesses to gain easier access to European funding. His remarks came during a discussion focused on the EU's strategy for financing business innovation and growth.
Stavrou emphasized that the next generation of European funding should extend beyond merely financing the creation of new ideas. He argued for a greater focus on assisting businesses in adopting, commercializing, and scaling innovations. This approach is crucial for translating EU initiatives into tangible investment and growth within the Cypriot economy.
The event brought together a diverse group of stakeholders, including European officials, lenders, investors, and local businesses, all aiming to explore ways to enhance access to finance as part of the EU's efforts to bolster competitiveness. Among the speakers were Eike Klapper, deputy head of unit for access to finance at the European Commission’s DG GROW; Aimilia Pistrika, head of the European Investment Bank (EIB) Group office in Cyprus; and Eirini Botonaki, the EIB’s senior loan officer and global relationship manager for Greece and Cyprus. The program also featured insights from private sector representatives such as Andreas Papadopoulos, head of commercial banking at Eurobank, and Demetrios Zoppos, co-founder of the Cyprus venture capital fund 33East.
Stavrou particularly stressed the importance of supporting very small businesses, noting that new European financing arrangements must cater to companies that lack large teams or specialized departments to navigate EU programs. This is especially relevant in Cyprus, where small firms dominate the business landscape. According to the latest data from the statistical service (Cystat), 94.8% of Cyprus enterprises employed fewer than 10 people in 2023, while only 0.1% employed 250 or more.
To facilitate access to funding, Stavrou called for clearer pathways toward the programs and instruments that align with businesses' investment plans. He suggested that existing support structures, such as the Enterprise Europe Network, could play a pivotal role in bridging the gap. This network, coordinated by Keve in collaboration with the Research and Innovation Foundation, the European Office of Cyprus, and the Cyprus Energy Agency, provides businesses with guidance on financing, innovation, international expansion, and participation in EU programs.
The discussions at the Nicosia event also included a focus on the proposed European Competitiveness Fund, a key component of the EU’s long-term budget for 2028-2034. Initially proposed at €409 billion, this fund aims to consolidate various financing streams under a single framework and application process. Its intended scope includes areas such as clean transition, industrial decarbonization, digital technologies, health and biotechnology, security, defense, and space.
As the fund progresses through the EU legislative process, the Council adopted its partial negotiating position in June, which includes provisions for dedicated calls for small and medium-sized enterprises (SMEs) and enhanced connections between EU financing advice and business support networks. However, the final budget for the fund remains undecided, as financial discussions continue within the broader negotiations concerning the EU's budget for 2028-2034.
The European Commission envisions the fund as a mechanism to support projects throughout various stages of development, from research and innovation to commercial deployment, scaling, and manufacturing. In response to the challenges faced by local businesses, the Cyprus Chamber of Commerce and Industry reiterated its commitment to ensuring that European financing opportunities effectively contribute to business growth, competitiveness, and resilience in Cyprus.
As the conversation around EU financing continues, the emphasis on simplifying access for small businesses remains a critical focus for stakeholders in the Cypriot economy. The outcomes of these discussions may significantly impact the future landscape of business innovation and growth in Cyprus.