Five schemes aimed at assisting industry over the next five years were launched by Finance Minister Tonio Fenech this morning. The schemes are worth a total of €20 million.

They are an international competitiveness grant scheme, a small start-up scheme, two innovation schemes - one dealing with innovation, the other with the environment and an e-business development grant scheme.

The international competitiveness grant scheme is aimed at helping companies develop new market initiatives. It includes up to 50 percent reimbursement on market development, participation in international events and the costs for engaging a business development manager.

The small start-up scheme, for companies that have been operating for less than three years, is aimed at assisting in the setting up and growth of innovative knowledge based start-ups. Benefits include the reimbursement of up to 25 per cent of operational costs, including wages, rent and utility bills.

The innovation action scheme dealing with innovation is aimed at helping SMEs develop innovative processes, products and services. Benefits include co-financing of consultancy costs and intangible and tangible assets.

The innovation action scheme dealing with the environment is intended to assist SMEs invest in projects designed to improve environmental performance through eco-innovation. Through the scheme, the costs of environmental consultancy, plant machinery and equipment costs and licensing and certification costs, will be cofinanced.

The e-business development grant scheme is aimed at encouraging the use of ICT in daily business operations. Benefits include up to 50 per cent co-financing of costs on ICT consultancy, hardware and software.

Mr Fenech said that the schemes are aimed at encouraging investment and growth in industry. Through the government’s assistance firms will be encouraged to strengthen quality of products and services.

Applications for the schemes open tomorrow. Further information can be obtained from www.20millionforindustry.com