The Region of North Aegean has launched a new €8 million funding programme aimed at strengthening small and medium-sized businesses operating in tourism and the secondary processing of agricultural products.
The initiative is financed through the North Aegean 2021–2027 Programme and supports projects under the Sustainable Urban Development (SUD) strategies for Chios and Mytilene, as well as the Integrated Territorial Investment (ITI) programme for the region’s smaller islands.
This initiative targets existing micro, small, and medium enterprises, aiming to stimulate business growth in two vital sectors: tourism and the secondary processing of agricultural products. By injecting capital into these specific areas, the region intends to build stronger value chains and elevate the competitive standing of the local economy.
The budget is split evenly between the two categories (€4M each) and geographically divided as follows:
| Area | Tourism/Culture Budget | Agri-Processing Budget |
| Chios (BAA) | €1.5M | €1.5M |
| Mytilene (BAA) | €1.5M | €1.5M |
| Small Islands (OXE) | €1.0M | €1.0M |
(Note: Small Islands include Icaria, Oinousses, Psara, Fournoi Korseon, and Agios Efstratios.)
Key Requirements & Incentives
- Grant Sizes: Eligible investment budgets range from €10,000 to €300,000.
- Subsidy Rates:
- 50% for Tourism/Culture projects in Chios and Mytilene.
- 70% for all other projects (Agri-processing in all areas + Tourism/Culture in Small Islands).
- Eligibility: Must be an existing business with at least two full fiscal years of operation (2023-2024). Tourism projects in Chios/Mytilene require specific standards (e.g., hotels of 3+ stars/12+ beds).
- Timeline: Approved projects have up to 30 months to complete their investment.
This approach allows businesses to capitalize on the rich primary production of the islands, turning local harvests into high-value commercial products. Simultaneously, the tourism and culture allocations aim to weave the historical and natural assets of the region into a more compelling visitor experience.
The funding is distributed across specific municipal and regional units to ensure widespread impact. The application zones include the Municipal Unit of Chios, the Municipal Community of Mytilene, and the municipalities of the small islands: Ikaria, Oinousses, Psara, Fournoi Korseon, and Agios Efstratios.
Enterprises looking to expand or upgrade their operations can apply for subsidized investment budgets ranging from €10,000 to €300,000. The exact subsidy percentage depends on the sector and the location of the business. Projects linking tourism and culture in Chios and Mytilene will receive a 50% non-repayable grant. However, businesses focusing on agricultural processing, or any enterprise operating on the small islands, will benefit from a higher 70% subsidy rate. Successful applicants will have up to 30 months from the approval date to complete their investment plans.