Two schemes amounting to €15 million aimed at businesses to invest in digitalisation were launched during a press conference. These schemes will be funded by the European Union’s Recovery and Resilience Plan (RRP).
“This was a particularly important month for our country and in addition to the measures we announced that are aimed at businesses, Malta was also removed from the grey list, proof that our institutions are indeed functioning,” stated Minister for the Economy, European Funds and Lands Silvio Schembri.
The funding schemes of €15 million are aimed for businesses to integrate digital technology and will be spread over two schemes. The SME Digitalisation Grant Scheme will only be open to micro-, small- and medium-sized enterprises, whilst the Digital Intensification Scheme will be open to all enterprises under the established criteria. Through these schemes, the government is ensuring that small enterprises, which are the ones most in need of investing in digitalisation, do not have to compete with larger and more ambitious projects and stand at a disadvantage.
The SME Digitalisation Grant Scheme will offer grants of up to € 50,000 for investments in any digital intervention. The aid rate under this scheme will be that of 50% for Malta and 60% for Gozo.
The Digital Intensification Scheme is aimed at larger and more ambitious projects and while it is open to many sectors, there is priority for investments in the manufacturing and tourism sectors. This scheme will offer grants of up to €200,000 with an aid rate ranging from 30% to 10% depending on the size of the business and the location of the investment. In Gozo, the aid rate will be 5% higher.
“We want to see that our businesses are more efficient and have the technological tools for today’s world. The pandemic has also shown, more than ever, the importance for a business to have a digital platform. The schemes announced today will be helping businesses build a digital platform or expand it,” stated Minister Silvio Schembri.
Parliamentary Secretary for European Funds Chris Bonett stated that these schemes address the digital transition and enable businesses to invest in digital tools, become more competitive and be more innovative in order to become more resilient to market challenges.
“Throughout this month we launched three schemes whereby we are allocating a total of €35 million from the Recovery and Resilience Fund for businesses to engage in digital transition so that they can continue investing in their business. Prior to issuing these schemes, we first consulted with social partners as we wanted to hear their views to draft the best schemes possible for businesses,” stated Parliamentary Secretary Bonett.
Minister Silvio Schembri and Parliamentary Secretary Chris Bonett urged businesses to apply for funding to benefit from the schemes that have been launched in the past month.
