More than €200 million in financial assistance for businesses and self-employed

Business and the self-employed will be able to benefit from an average of €18,000 in direct investment following measures introduced by the. government to help stimulate post-COVID economic recovery

Economy minister Silvio Schembri
Economy minister Silvio Schembri
SHARE

More than €200 million are being dedicated solely for businesses and the self-employed, as part of the government’s measures aimed at economic regeneration, economy minister Silvio Schembri said today.

He was providing details on the incentives aimed at helping regenerate the economy through increased demand for products and services for the business community to get back on its feet.

Schembri said that during the three months of summer, businesses and self-employed would be able to benefit from an average record sum of €18,000 of direct financial assistance, when applying for all the main measures administered by Malta Enterprise.

‘This means that those businesses which are taking the leap forward by re-organizing their operations, training their employees and pushing themselves forward in exploring new ventures will fare four times better than those who opt to stay closed,” he said. “Thus, through the economic regeneration plan, businesses will benefit from a stimulus, to re-experience economic activity and get back on track.”

The €200,400,000 allocated translate into:

  • commercial rent aid amounting to €50,000,000;
  • a refund of electricity bills through the allocation of €30,000,000;
  • waiver of licenses with the sum of €5,000,000;
  • extension of the COVID Wage Supplement which amounts to €91,000,000.
  • tax credits converted into grants which amount to €5,000,000 
  • skills development scheme amounting to €5,000,000;
  • sustainability of local industry through the allocation of the sum of €5,000,000;
  • modernisation of machinery amounting to €4,000,000;
  • reengineering of business operations by allocating €2,500,000;
  • decrease in port charges amounting to €2,500,000;
  • sustaining digital promotion through an investment of €400,000;

On average, through the measures, business can each benefit from €4,550 from the extension of the COVID wage supplement, €2,550 from the restart grant, €1,500 from the electricity bills refund, €415 from the waiver of licenses, €1,615 from having tax credits converted into grants, €5,000 from the skills development scheme, and €2,500 through re-engineering of operations.

This economic injection is expected to bring about a positive impact on domestic demand, which in return  will result in an increase in sales, demand for products and local services and better liquidity for our businesses.

Schembri said that the measures focused on small businesses and enterprises, by decreasing operative expenses whilst bolstering them through direct financial aid, until the latter is no longer required when a substantial revenue starts to be generated.

“We are now embarking upon the second phase of the economic strategy plan designed three months ago. During this phase, I encourage all businesses to embark on this journey together, throughout which they shall find us as a Government as a shoulder to lean on,” he said.

“From this point onwards, our attention is shifting on incentivising the economy in order to instill again that much needed confidence factor amongst our population and return to our normal way of life.”

The minister said he was looking forward to once again witnessing a sense of optimism in all employees.

‘’I therefore encourage businesses and self-employed to apply with Malta Enterprise for these direct financial assistance schemes once they are open and take advantage of such financial aid that is being provided in our ongoing pursuit to safeguard our businesses, self-employed and employees,” he said.

More in Business