Official launch of EBRD’s Business Clinics Programme

An informational event for the 45 selected new businesses

The European Bank for Reconstruction and Development (EBRD) and the Ministry of Energy, Commerce and Industry hosted a launch event for the Business Clinics Programme, at The Landmark Hotel, on June 10th 2019, welcoming the 45 new businesses that have been selected to receive up to 32 hours of free individual business coaching.

During his welcome speech Mr. Constantinos Karageorgis, Senior Trade Officer - SME Envoy for Cyprus, Ministry of Energy, Commerce and Industry, pointed out that this is the first time the government has offered a business consulting programme, leveraging the expertise of EBRD, and invited businesses to take this opportunity. Mr. Karageorgis clarified that this new policy is based on the philosophy that businesses have different needs and face different challenges, according to their business cycle.

The Business Clinics programme is offered within the framework of the Advice for Small Businesses (ASB), a three-year initiative implemented by the EBRD on behalf of the Ministry of Energy, Commerce and Industry since May 2017, to support Cypriot SMEs in improving competitiveness, strengthening performance and boosting growth. The programme is co-funded by the European Regional Development Fund (ERDF).

Ms Anna Filipova, National Programme Manager for the ABS programme in Cyprus, mentioned that “EBRD’s mandate in Cyprus is to provide comprehensive support to SMEs through different tools and solutions. New businesses are looking for basic and very practical support and at EBRD we believe that coaching is one of the most effective tools to address this request. 45 new businesses have applied for the programme and start receiving expert support in September 2019.”

During the event, Ms Celia Hadjichristodoulou, Grant Xpert Consulting Ltd presented the benefits of coaching for new businesses.More specifically, Mrs Hadjichristodoulou mentioned that “coaching is an excellent way to support new entrepreneurs during their first steps, to create the right processes, structures, an integrated strategic plan, as well as the skill set to implement all this and further develop their companies.”

The 45 new Cypriot businesses that will participate in the Business Clinics programme will receive free coaching from experienced consultants in various sectors, such as strategy, marketing, business and financial management, according to their needs. In addition to that, participants will be given the opportunity to learn more about the various grants (from Cyprus and Europe) and other potential financing opportunities by the EBRD.