Since 2010, the EIF has supported Cypriot SMEs through guarantees, microfinance, and equity initiatives in partnership with local banks and public institutions, reaching over a thousand enterprises.
Anchored in services like tourism, finance, and digital technology, Cyprus’s economy relies increasingly on SMEs as growth drivers. The EIF have collaborated with Hellenic Bank, Bank of Cyprus, and the Cyprus Development Bank to deliver locally tailored financing under CYPEF and InvestEU, significantly improving access to credit for SMEs.
Founded in 1986, New York Sweets is a leading pastry chain in Cyprus, known for premium pastries - from homemade cookies to cheesecakes and fruit tarts. After economic setbacks in 2011 and 2013, the company decided to renovate its Nicosia store and add a coffee corner with takeaway and delivery services.
To fund this facelift and upgrade equipment with energy-efficient models, New York Sweets secured a loan from Bank of Cyprus under the Cyprus Entrepreneurship Fund (CYPEF), backed by the EIF. This support enabled quicker implementation, environmental benefits, and the creation of two new jobs