SME Growth Grant Scheme
For many SMEs, achieving growth is an important business objective. Market demands require rapid response from enterprises to sustain their competitiveness and grow. As they pursue growth in sales and earnings, SMEs are putting in place a variety of measures to ensure they are well positioned to exploit growth opportunities. Such challenges push SMEs to take up initiatives to increase their market share, enter new markets and internationalise to overcome regional challenges.
SMEs have limited financial resources and encounter difficulties in accessing finance to generate the required capital to take-up investment projects. The lack of readily available financing options pose greater difficulty to SMEs to react to market demands requiring them to undertake rapid and timely intervention through investment on expansion projects to enable them to secure the adequate capacity levels to re-align and secure their supply levels.
What is the benefit granted?
This scheme seeks to assist SMEs to address this gap by providing support in the form of non-repayable Grants to part-finance investments towards 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. Maximum grant is € 500,000 and total budget is € 8 million.
Who is eligible?
The aid intensity will depend on the size of the enterprise, according to the following scheme:
- Micro & Small: 35% up to 31st December 2017; 30% as of 1st January 2018
- Medium: 25% up to 31st December 2017; 20% as of 1st January 2018
What are the qualifying activities?
Initial Investment in tangible and intangible assets related to:
- the extension of the capacity of an existing establishment,
- the setting up of a new establishment.
The investment should result in the growth of the Undertaking, and an increase in the number of employees (full-time equivalent) employed by the Undertaking.