The government has announced the creation of a €10 million fund to help small industries and the self-employed through micro credit.
Finance Minister Tonio Fenech said in the Budget speech that SMEs and the self-employed would be eligible for micro‐credit not exceeding €25,000 for investment. This credit shall not require the same collateral as requested by banks, and shall have advantageous interest rates. Furthermore, the European Investment Bank was ready to provide a further €10 million if the demand justified this investment.
There were also other fiscal benefits to motivate enterprises to invest, expand and increase their efficiency. These were:
A 40 percent tax credit, up to a maximum of €25,000 euro, to those self‐employed persons and enterprises who employ up to a maximum of 10 persons, and sole traders, who shall make an investment in the coming two years, and who shall: arrange their shop or facility; invest in machinery, technology, apparatus or instruments which enhance their operations, including systems which help them save energy or to produce alternative energy; make an investment in order to become compliant with health, safety, environment and physical access regulations; create new jobs or recruit apprentices as from tomorrow.
The tax credit would rise to 60% for Gozitan firms.
There were also financial incentives for firms that made their workplace accessible to persons with disability.
INCENTIVES FOR CRAFTS ENTERPRISES
A €200,000 fund would be set up to help the Trades and Crafts Enterprises.