Following the recent investment of over €40M in EU funding for private companies, The Malta Chamber has provided information on the newly launched EU business funding program. SMEs as well as large businesses, can benefit from these schemes, which are aimed at facilitating growth and innovation.
Explore details on the latest schemes with open calls in further detail below:
- Business Reports for SMEs – This program aims to enhance competitiveness and streamline procedures by making it easier for SMEs to access external consulting services. The goal is to develop a comprehensive business strategy that focuses on investment initiatives to improve their competitive advantage. The program also includes evaluating existing processes and systems to identify areas for increased efficiency.
- Digitalise Micro Business – This scheme is available to businesses that have fewer than 10 employees and a balance sheet of less than €2 million. It encourages investment in digital technologies, as well as associated processes and implementation, along with the introduction of new functions and improvements. Eligible businesses can receive a grant of up to €10,000 to support these initiatives.
- Startup Enhance – This program is designed to assist start-up enterprises in enhancing their productivity by investing in both tangible and intangible assets. Start-ups that have been registered for less than 5 years and are considered small and unlisted are eligible for support. The program offers a grant of up to €400,000 to help these start-ups grow and improve their operations.
- SME Enhance – The purpose of this program is to offer assistance to businesses in boosting their productivity by making investments in both physical and non-physical assets and aims to facilitate expansion, diversification, innovation, and initial investments. There are two grant options available: Option 1 offers a maximum grant of €120,000, while Option 2 provides a maximum grant of €500,000. For Option 2, a business plan is required as part of the application process.
- SME Digitalisation – This scheme provides support to companies aiming to digitalize their operations, leading to enhanced resilience, efficiency, productivity, and customer experience. It covers investments in various areas, including e-commerce websites, hardware, off-the-shelf/custom software, and other digital solutions like analytical tools and cybersecurity systems. Eligible companies can receive a grant of up to €50,000 to assist them in their digital transformation efforts.
EU funding green business
- Renovation of private sector buildings – The aim of this initiative is to enhance energy efficiency by 30% in private sector commercial buildings through renovation, retrofitting, and refurbishment. It encourages investment in measures that decrease the building’s primary energy demand by reducing energy consumption for heating, cooling, ventilation, hot water, and lighting. The grant offers €350 per square meter, with a maximum limit of €1 million (excluding VAT) per project. This opportunity is not limited to small businesses and is also available to large enterprises. The support varied depending on both size of enterprise and the effect of reduction in energy attained through the project.
- Electric Vehicles – This initiative aims to promote the adoption of new electric vehicles, including cars, mini-buses, carry vehicles, and coaches. There are two support options available: Option 1 provides a lump sum of €11,000 for cars and vans, or a grant of 40% of the cost (up to €70,000) for minibuses and small trucks, while option 2 offers co-financing, covering 40-60% of the cost, with a maximum support of €20,000 per vehicle for cars and vans, and €70,000 per vehicle for minibuses and small trucks.
For more information on whether your business is eligible for funding for either of these newly launched schemes and the requirements, get in touch on email@example.com or call us on 79903685.