In today’s dynamic business landscape, start-ups play a vital role in driving innovation, spurring economic growth, and shaping the future of industries. Recognising the importance of fostering a thriving start-up ecosystem, Malta offers a range of funding schemes to support aspiring entrepreneurs in realising their visions and bringing their ideas to life. In this blog post, we’ll delve into two funding schemes—Start-up Finance and Start-up Enhance—that provide financial assistance and incentives to start-ups in Malta and Gozo.
Start-up Finance: Nurturing Innovation and Expansion
The Start-up Finance scheme is designed to support start-ups at various stages of their development process, providing financial assistance based on the milestones achieved and the vision for growth. Eligible start-ups must demonstrate innovation in their business model and a clear strategy for expanding beyond the Maltese market.
Key Features
- Support up to €500,000 for small start-ups or up to €750,000 for start-ups operating in assisted areas.
- Support may be doubled for innovative start-ups that demonstrate exceptional potential for growth and impact.
- Funding is allocated based on the specific needs and objectives of each start-up, with a focus on enabling innovation, scalability, and market expansion.
How it Works:
Start-ups interested in accessing funding through the Start-up Finance scheme must submit a detailed business plan outlining their innovative business model, growth strategy, and financial projections. The Malta Enterprise, the government agency responsible for promoting investment and supporting enterprise development, evaluates applications based on criteria such as innovation, market potential, and scalability.
Benefits:
- Access to financial resources to fuel growth and innovation.
- Opportunities to expand into new markets and reach a broader audience.
- Support from Malta Enterprise in navigating regulatory requirements, accessing networks, and seizing growth opportunities.
- Enhanced visibility and credibility as a recipient of government-backed funding.
- Start-up Enhance: Investing in Growth and Sustainability
Start Enhance: Part-financing investments in tangible and intangible assets
The Start-up Enhance scheme aims to support start-ups by part-financing investments in tangible and intangible assets that are essential for growth and sustainability. Aid is capped at 50% of eligible costs, with minimum and maximum funding amounts set at €10,000 and €400,000, respectively. Additionally, investments in Gozo benefit from an additional 10% aid intensity.
Key Features:
- Part-financing of investments in tangible and intangible assets, including equipment, technology, intellectual property, and training.
- Aid capped at 50% of eligible costs, with minimum and maximum funding amounts set to ensure accessibility and fairness.
- Additional 10% aid intensity for investments in Gozo, aimed at promoting economic development and job creation in the region.
How it Works:
Start-ups seeking support through the Start-up Enhance scheme must submit a detailed project proposal outlining the investments planned, their expected impact on business operations and growth, and the anticipated benefits for the local economy. Malta Enterprise evaluates applications based on criteria such as the strategic importance of the investments, their potential to drive innovation and competitiveness, and their alignment with national development priorities.
Benefits:
- Financial assistance to offset the costs of essential investments in assets and capabilities.
- Increased competitiveness and productivity through access to cutting-edge technologies and resources.
- Support for job creation, skills development, and economic growth, particularly in Gozo.
- Recognition and validation of the start-up’s potential by Malta Enterprise, enhancing credibility and attracting further investment opportunities.
In conclusion, the Start-up Finance and Start-up Enhance schemes offer valuable support and incentives to start-ups in Malta and Gozo, enabling them to realise their ambitions, drive innovation, and contribute to economic prosperity. Whether it’s funding to fuel growth and expansion or support for strategic investments in assets and capabilities, these schemes play a crucial role in nurturing a vibrant and dynamic start-up ecosystem in the region.
Contact Keen for more information on how we can support your business growth while taking advantage of such opportunities.