Parliamentary Secretary Dr Aaron Farrugia announced the launch of a further two calls under the Start-up Investment Grant Scheme and the SME Growth Grant Scheme. These are financial aid in the form of grants directly towards entrepreneurships in order to help them maximise their potential with direct investment.
Farrugia noted that the Maltese Government aims to strengthen small and medium enterprises as these not only employ thousands of people, but also greatly benefit the Maltese economy. The Parliamentary Secretary noted that these businesses have a lot of potential that sometimes gets lost because of lack of capital. Farrugia stated that “this aid is what the Maltese entrepreneurs’ need, in light of the challenges and limitations that one could have in a global economy.”
With an indicative allocation of 2 million euro Call 2 under the Start-up Investment Grant Scheme is aimed at providing assistance to micro and small enterprises established for less than three years through a grant to part-finance eligible expenditure in their productive investment. This Grant Scheme has an allocation of 7 million euro and eligible enterprises may be assisted by a maximum grant value of €300,000, part-financing up to 50% of eligible expenditure.
The call under the SME Growth Grant Scheme with an indicative allocation of 2 million euro shall seek to assist SMEs to respond to market demands by part-financing eligible expenditure on productive investment required in the implementation of their growth strategies related to the extension of the capacity of an existing establishment, or the setting up of a new establishment. This Grant Scheme has an allocation of 8 million euro and eligible enterprises may receive assistance up to a maximum grant value of €500,000 with aid intensity on eligible expenditure of 35% for micro and small enterprises and 25% for medium enterprises.
These Grant Schemes are financed under Operational Programme I Cohesion Policy 2014 – 2020.
Both of these calls are competitive calls and applications for project proposals will be received up to noon of Friday, 20 October 2017.