Just Launched: Industrial Rent Subsidy Scheme 2020
The Minister for the Economy, Investments and Small Businesses Silvio Schembri launched the Industrial Rent Subsidy 2020 in a press conference this morning.
The scheme primarily targets businesses that were unable to access Malta Industrial Parks (MIP) industrial space due to their small size or lack of available space.
Through this initiative, government aims to support businesses and self-employed that require industrial space for reasons such as:
- Commencing a new business activity
- Implementing growth plans
- Handling an increase in orders
- Carrying out process innovations
The scheme is being administered by Malta Enterprise and has an overall budget of €2.5m. The aid scheme covers the period between the 1st of February 2020 to the 31st of December 2022. The scheme involves a rent subsidy of 50% of the total rent, capped at €25,000 per year, for a total of €75,000 over three years.
The scheme is aimed at SMEs, and can be availed of by:
- Registered self-employed
Eligible sectors for this scheme include:
- Repair of machinery and equipment
- Maintenance & repairs of motor vehicles
- Industrial activities
Furthermore, eligible enterprises must:
- Have less than 100 employees (FTE)
- Have an annual turnover not exceeding €10 million in the previous 2 years
Further details will soon be made available by Malta Enterprise. The team at ARQ is monitoring these developments and is available to assist interested parties with the application.
For further information, kindly contact Calvin Vella on [email protected]