Two additional schemes as part of the Business Enhance ERDF Grant Schemes Initiative
Parliamentary Secretary for the EU Presidency 2017 and EU Funds Ian Borg announced the launch of a further two schemes under the Business Enhance ERDF Grant Schemes initiative.
These two grant schemes address areas under Priority Axis 3, ‘Enhancing Malta’s competitiveness through investment in SMEs’ of Operational Programme I Cohesion Policy 2014-2020 ‘Fostering a competitive and sustainable economy to meet our challenges’.
Parliamentary Secretary Borg said that the SME Diversification and Innovation Grant Scheme, with an allocation of €8m, and the SME Internationalisation Grant Scheme, with an allocation of €2m, will be further assisting enterprises to maximise their investment and growth potential, to create further employment opportunities, and to make them more competitive.
About 250 micro-, small- and medium-sized enterprises are expected to benefit from these two schemes, Ian Borg said.
These two latest schemes follow in the footsteps of the SME Growth Grant Scheme that had an allocation of €8 million, and the Start-up Investment Grant Scheme that had an allocation of €7 million.
Parliamentary Secretary Borg explained that the survival and growth potential of an enterprise depends on the capability to undertake timely interventions to diversify or to implement a change in its processes.
The SME Diversification and Innovation Grant Scheme will assist SMEs through non-repayable grants to part-finance investment to develop focused strategies, to implement an investment in favour of diversification, or towards investment that will bring significantly improved and advanced products/services in addition to those already offered by the undertaking. The annual indicative budget allocation for this scheme is €1.6 million. Under this scheme enterprises may receive assistance up to a maximum grant value of €200,000 with aid intensity on eligible expenditure of 50%.
On the other hand, the SME Internationalisation Grant Scheme is intended to facilitate the process towards the internationalisation of SMEs through active participation at International Business Promotion Fairs by providing assistance to micro-, small- and medium-sized enterprises by part-financing 50% of eligible expenditure with a maximum grant value of €10,000. The annual indicative budget allocation for this scheme is €400,000.
These identified schemes will be managed on a demand-driven basis through an open rolling-call and will be open to receive project proposals as from Monday, 10 October 2016.
Parliamentary Secretary Ian Borg praised the incentives under the Business Enhance ERDF Grant Schemes which are managed by the Measures and Support Division within the Ministry for European Affairs and Implementation of the Electoral Manifesto, and said that he was confident that potential beneficiaries will be stepping forward to benefit and to expand their business.