The Minister of Economy, Silvio Schembri, has relaunched the Start-Up Finance scheme, a support program for fledgling businesses that provides incentives of up to 400,000 euros for growth projects, and up to 800,000 euros for highly innovative ideas.
Returning to the Start-Up Finance program, this already existed before the coronavirus emergency, but the real news is the increase in funds available for applicants, which have practically doubled: from 200 thousand to 400 thousand euros.
The support, available until 31 December 2022, will be granted as a repayable advance in accordance with the rules provided by Malta Enterprise. For further details or to receive assistance please contact Malta Business Agency by writing an email to: firstname.lastname@example.org.
As with all other incentives, resources and applications will be handled by Malta Enterprise, which will approve resource allocations for wage costs, acquisition of tangible and intangible assets, working capital, crowdfunding and participation in a recognized Start-up Accelerator program.
“Our Government is providing the necessary impetus for start-ups to take that leap forward by implementing their respective projects and ideas. So Malta is already attracting high quality start-ups and intends to maintain this momentum to renew its competitiveness by continuing to an optimal ecosystem in which start-ups can operate and thrive” said Minister Schembri.
The occasion to take stock of this measure was a visit by the minister to Trust Stamp, an American start-up that has brought its business to Malta and already employs 26 employees: a number that is destined to grow. The company has offices in the United States, the United Kingdom, Poland and the Philippines, and its presence in Malta will serve as a base for R&D activities, as well as to reach emerging African markets more comfortably.