Small and Medium Enterprises (SMEs) form the backbone of any thriving economy, driving innovation, employment, and economic growth. However, these dynamic businesses often face hurdles in accessing the necessary financial support for their development and expansion. The Maltese government has introduced the SME Enhance Grant Scheme, a vital financial assistance scheme tailored for eligible SMEs to address this.
The SME Enhance aims to empower SMEs by providing financial aid for productive investments in both tangible and intangible assets. This encompasses initial investment, as well as expansion and diversification of operations, fostering innovation within the enterprise. The program offers funding for the acquisition of essential equipment, plant and machinery, and ancillary items relevant to the main project activity. Additionally, it covers the costs of leasing privately owned operational premises required for a duration of two years.
Applicants must be registered and operate SMEs in Malta to qualify for the scheme. They should present a viable business plan, demonstrating their capacity to cover the matched financing. The program extends its support to SMEs across various sectors, except for undertakings primarily engaged in Section A ‘Agriculture, Forestry, and Fishing’ of the NACE Rev. 2. However, there are some specific cases where agricultural product processing and marketing enterprises may also be excluded.
The benefits of the scheme are manifold. Firstly, it offers essential financial assistance to SMEs, empowering them to undertake crucial investments and expand their ventures. This growth translates into amplified revenue, enhanced profitability, and the creation of more job opportunities. Secondly, the program facilitates funding for procuring equipment, plant, and machinery, elevating SMEs’ productivity, efficiency, and overall competitiveness. Lastly, it supports funding for leasing privately owned operational premises, enabling SMEs to reduce operational costs and better manage their cash flow.
The SME Enhance offers a minimum grant value of €10,000 and a maximum grant value of €500,000. The aid intensity varies based on the size of the undertaking and the project’s location. For micro and small enterprises, the maximum aid intensity is 30% of the eligible costs, while for medium-sized enterprises, it is up to 20%. The aid intensity can be increased by 5% for undertakings in Gozo. Additionally, the SME Enhance falls under Policy Objective 1 of the SFC2021 Programme 2021-2027, which aims to promote innovative and smart economic transformation and regional ICT connectivity and enhance sustainable growth and competitiveness of SMEs and job creation in SMEs.
Overall, the scheme is a crucial resource for SMEs in Malta, and it can play a significant role in boosting the economy by supporting the growth and expansion of small and medium-sized businesses. Therefore, eligible SMEs should not hesitate to apply for the program and take advantage of the opportunities it offers, including the minimum and maximum grant values, aid intensity, and location-based incentives.
If you require assistance, help, or further information about the SME Enhance Grant Scheme, don’t hesitate to call us on 2018 8600 or send us an email at info@ewropa.mt.
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