We have all had great ideas at some point in our lives, but most of them never see the light of day. Then there are those of us who have a lightbulb moment, devise a plan and run with it. If you are one of the latter, you know that creating something out of nothing and making it profitable is no mean feat. Finding someone to back you up financially can be one of the biggest stumbling blocks and could very well sound the death knell for your budding business venture.
Malta Enterprise can help with its Business Start scheme. If your start-up is still in its early development phase but is not yet backed by a formal business plan, it might be eligible for a grant of up to €10,000 which you can use to develop your business proposal. On the other hand, if your start-up presents a Business Plan and is deemed to be economically viable by Malta Enterprise, it may be awarded a maximum grant of two hundred thousand euro (€200,000).
This incentive will be available until the 31st December 2023.
Scheme offers a seed and growth funding to small start-ups having an innovative and feasible idea/project.
Maximum support per undertaking amounts to €200,000.
Pre-Business Plan Support is provided to start-ups and self-employed in their early development phase through an initial grant of up to €10,000 to develop their business concept, out of which €5,000 may be claimed as a reimbursement of 50% of costs incurred for mentoring and advisory services.
Post-Business Plan Support is provided to start-up companies with a viable business plan. These may receive up to €20,000 per quarter linked to full time employment. Up to €5,000 of the grant can be disbursed to finance the procurement of assets required for the business operation.
Submission deadline for application is 31st October, 2023.