Another €2 million was allocated in European funds for small and medium businesses to buy machinery or equipment. This scheme, which was launched last January, was successful and all the money was taken.
Therefore another €2 million was added, with the budget for this scheme rising to €4 million from the European Regional Development Fund. This was announced by the Minister for the Economy, European Funds and Lands Silvio Schembri and the Parliamentary Secretary for European Funds Chris Bonett during a news conference held in the building of the company Y&P Marketing (Malta) Ltd.
This company has carried out several projects with European funds, including through this scheme where it benefited in financial aid to buy a crane which is helping the company to expand its operations. Through this scheme, since January, 26 companies have taken the funds and a verification process is being carried out on 34 other applications that have already come in so that they too can take the funds.
The maximum grant is €120,000 and projects need to have a minimum grant request of €10,000. The aid is up to 50% of the eligible expenditure for projects in Malta and up to 60% for projects carried out in Gozo.
Minister Silvio Schembri said that these funds together with other funds that will be coming out soon from the program of new funds, aim to help Maltese companies in a practical way and without extra bureaucracy to continue expand their operation, for the benefit of the workers and the economy in general. “I thank the companies that applied, as well as those that are making good use of the European funds, while I encourage more companies to take this step,” said Minister Schembri.
Parliamentary Secretary Chris Bonett explained that the budget for this scheme has been doubled so that enterprises that qualify as SMEs invest in necessary equipment and machinery that contributes directly to improving the productivity of the enterprise.
“I encourage enterprises to make use of these financing opportunities, for their business operations to succeed and expand for their benefit and to contribute to the growth, sustainability and resilience of the economy of “Malta,” said Parliamentary Secretary Bonett.
More information on this scheme can be obtained from: https://fondi.eu/what-funding-is-available/equipment-and-machinery-sme-grant-scheme/
