Last Updated on Thursday, 19 January, 2023 at 1:51 pm by Andre Camilleri
A €2 million grant scheme for small and medium-sized enterprises (SME) to purchase equipment and machinery through European Funds was announced by Economy Minister Silvio Schembri on Thursday.
He said that this scheme further combats excessive bureaucracy as it simplifies the process for businesses to apply for funds.
This scheme will open on 1 February 2023 and will be replacing existing schemes that will close at the end of this month, from the 2014-2020 funding program.
Schembri said that SMEs make up 95% of the businesses in Malta, which gives them an important role to support Malta’s economy. He added that SMEs offer jobs to 140,000 workers.
“Small businesses are the backbone of our country,” he said.
“That’s why when we are coming up with schemes to help these types of businesses, we are helping the entire economy of our country,” he said.
He said that these funds can be used to buy equipment which may help businesses be more efficient.
He said that this scheme is in line with the government’s strategy which focuses on digitalising businesses and making them more resilient.
Parliamentary Secretary for EU Funds Chris Bonett said that the government will also continue supporting businesses through the new program for European Funds that will launch in the coming days, which simplifies the process for more businesses to make use of European funds.