Excellent response to EU- funded business schemes
The response by industry to the first call by the government for EU funds has been overwhelming, Malta Enterprise chairman Alan Camileri told The Times Business. Five business schemes worth €16.5 million were launched by the government last December...
The response by industry to the first call by the government for EU funds has been overwhelming, Malta Enterprise chairman Alan Camileri told The Times Business.
Five business schemes worth €16.5 million were launched by the government last December aimed at encouraging investment and innovation in industry.
The schemes are financed by the European Regional Development Fund and are part of Malta's 2009 - 2013 funds allocated to it by the European Union.
The budget for the first call for the business schemes was set at €5.225 million, yet the total amount requested by industry was €14.21 million.
"The response has been very good and is very encouraging. The largest number of applications was in the international competitiveness and innovation schemes. Whatever requests are not acceded to in this first call will be taken into consideration in our next call," Mr Camilleri said.
In all there were 212 applications for grants. The schemes provide assistance to a variety of businesses, ranging from large established industries to start-up SMEs aimed at ensuring they develop into independent, innovative and well-performing businesses.
Of the five schemes, €3.57 million was requested within the international competitiveness grant (the budget was €0.8 million), €2.05 under the small start-up scheme (budget €0.625), €5.89 under innovation (budget €1.5 million), €0.8 under an environment scheme (budget €1.5 million) and €1.9 million under an e-business development scheme (budget €0.8 million).
When launching the business schemes in December, Finance Minister Tonio Fenech said that while the funds were intended to be spread over five years, if Malta absorbed the amount before the time frame expired in an efficient and productive manner, there was the possibility that the country tap into more similar funds at a later stage.
Five business schemes worth €16.5 million were launched by the government last December aimed at encouraging investment and innovation in industry.
The schemes are financed by the European Regional Development Fund and are part of Malta's 2009 - 2013 funds allocated to it by the European Union.
The budget for the first call for the business schemes was set at €5.225 million, yet the total amount requested by industry was €14.21 million.
"The response has been very good and is very encouraging. The largest number of applications was in the international competitiveness and innovation schemes. Whatever requests are not acceded to in this first call will be taken into consideration in our next call," Mr Camilleri said.
In all there were 212 applications for grants. The schemes provide assistance to a variety of businesses, ranging from large established industries to start-up SMEs aimed at ensuring they develop into independent, innovative and well-performing businesses.
Of the five schemes, €3.57 million was requested within the international competitiveness grant (the budget was €0.8 million), €2.05 under the small start-up scheme (budget €0.625), €5.89 under innovation (budget €1.5 million), €0.8 under an environment scheme (budget €1.5 million) and €1.9 million under an e-business development scheme (budget €0.8 million).
When launching the business schemes in December, Finance Minister Tonio Fenech said that while the funds were intended to be spread over five years, if Malta absorbed the amount before the time frame expired in an efficient and productive manner, there was the possibility that the country tap into more similar funds at a later stage.