Two new schemes aimed at helping an estimated 250 small- and medium-sized enterprises maximise their investment and become more competitive were launched today. 

Parliamentary Secretary Ian Borg announces the two funds. Photo: DOI/Reuben Piscopo

The two schemes have a combined allotment of €10 million and will be managed on a demand-driven basis through an open rolling call. 

Applications to tap the funds will open in a week's time, on Monday 10 October. 

The SME Diversification and Innovation Grant Scheme, with an allocation of €8m, will provide SMEs with non-repayable grants to part-finance investment to develop focused strategies, to implement an investment in favour of diversification, or towards investment that will bring significantly improved and advanced products or services in addition to those already offered. 

The annual indicative budget allocation for this scheme is €1.6 million, and SMEs can qualify for a grant of up to €200,000 with aid intensity on eligible expenditure of 50 per cent. 

The second scheme, the SME Internationalisation Grant Scheme is intended to facilitate the process towards the internationalisation of SMEs through active participation at international business promotion fairs by providing assistance to micro-, small- and medium-sized enterprises by part-financing 50 per cent of eligible expenditure with a maximum grant value of €10,000. The annual indicative budget allocation for this scheme is €400,000.

EU Presidency Parliamentary Secretary Ian Borg praised the incentives, which are managed by the Measures and Support Division within the Ministry for European Affairs and Implementation of the Electoral Manifesto, and said that he was confident that potential beneficiaries will be stepping forward to benefit and to expand their business.