Start Up Investment Grant Scheme
In recent years, SMEs in Maltese economy increased by approximately 20%. Notwithstanding, fostering an entrepreneurial culture and the creation of start ups is still a significant challenge. Ensuring that this momentum is sustained and gains speed is a priority in order to foster a competitive and sustainable economy that is resilient to meet upcoming challenges.
By their very nature, through their novelty, start ups offer just as many challenges and risks as rewards and opportunities. As part of the normal dynamics of a healthy economy, only 50% of businesses survive five years after inception.
This, together with the potential welfare gains to the economy that can accrue from nurturing an environment that supports start ups, further instigates the need for tangible assistance to start ups on early stages.
What is the benefit granted?
The Start up Investment Grant-Scheme provides a part-financing 50% of eligible expenditure, up to a maximum grant of € 300,000. Total budget is set at € 7 million.
Who is eligible?
Target companies are Micro and Small Start ups, being autonomous, unlisted enterprises, established for less than three years, on condition that the start up has not yet distributed profits and has not been formed through a merger.
What are the qualifying activities?
This Grant Scheme seeks to assist start ups, engaged in one of the following activities, to part-finance their initial productive investment in Tangible and Intangible assets, in line with a business plan, to implement their business growth strategies:
- The production, manufacture, improvement, assembly, preservation, processing of goods, materials, commodities, equipment, plant machinery;
- Biotechnology, Pharmaceuticals and Life Sciences;
- Research and Technological Innovation;
- The repair, overhaul or maintenance of pleasure crafts, yachts having less than 100gt, aircraft, engines or equipment incorporated or used in such vessels or aircraft;
- Information and communication technology (ICT) development activities, software development;
- Eco-innovations, and environmental solutions;
- The creation of tourism products and services as a result of networks created between traditional tourism service providers and the crafts and artisan sector;
- The development and provision of tourism products and services related to emerging niche markets;
- The development and provision of tourism products and services related to the promotion of natural and cultural heritage;
- The development and provision of tourism products and services relating to social tourism with specific focus on senior tourists, accessible tourism and active ageing;
- The development of innovative concepts, products and services offered by Boutique Hotels and Palazzini;
- The development, and/or provision of E-health solutions;
- The development and provision of services and products promoting healthy living;
- The development and provision of services and products promoting active ageing;
- The development and provision of services and products related to child-day care;
- The development and creation of crafts and artisan products;
- Retail activities by self-employed and family businesses engaged in craft;
- Start ups proposing products and/or services that can be marketed and distributed internationally and which are typically more advanced than those prevailing in their respective industry in terms of technology, know-how and skills.