Two and a half million euros is being allocated to a new industrial rent subsidiary scheme which will help new businesses and the self-employed rent industrial spaces for business activities.
The budget scheme is being introduced to help businesses rent an industrial space from a third party in order to commence a new business activity, implement growth plans, handle an increase in orders and implement innovations to increase efficiency.
Companies, cooperatives and registered self-employed can benefit from up to €75,000 over three years in rent subsidy which will cover 50% of the cost.
The applicants eligible for this scheme must fall under these categories:
Manufacturing, repair of machinery and equipment, maintenance and repairs of motor vehicles and other industrial activities.
Moreover, applicants must demonstrate that they employed 100 or fewer persons on a full-time contract during the two years preceding the year the application was submitted and that their annual turnover did not exceed €10 million.
“This scheme will assist companies and self-employed to start, develop or expand further their operations by renting property from the private sector. This rent subsidy will serve as an opportunity to ease burdens the business community faces with regard to renting premises, and allow them to generate economic activity in return for investment and the creation of new jobs,” said Economy Minister Silvio Schembri.
Malta Enterprise will determine the value of aid, if any, which will be awarded to the applicant.
“‘The corporation may withhold all, or part of, the assistance, if the undertaking (at group level) is subject to an outstanding recovery irrespective of any other incentive awarded by the corporation. The outcome shall be communicated to the applicant, and successful applicants will be issued a letter of approval specifying the terms and conditions of the award,” said Malta Enterprise CEO Kurt Farrugia.