16.01.2024
Running a business is a challenging task, regardless of its structure, whether it’s a company, a partnership, or a sole proprietorship. It involves numerous ups and downs, with both gratifications and obstacles. Consider, for instance, the unexpected impact of the COVID-19 pandemic, which has presented various challenges and headaches for everyone. Questions like, “How will I manage expenses during periods of low revenue?” or “Can I cover my employees’ salaries this month, or should I consider layoffs?” continuously arise in times of difficulty.
In the dynamic realm of contemporary business, companies of all sizes share a common pursuit: growth and expansion. Fortunately, for businesses situated in Malta, many opportunities awaits through EU funding across various industries. Whether you’re steering a small startup or steering the ship of a well-established enterprise or a family business, delving into these funding channels can significantly propel your business towards growth.
While the process of accessing EU funds may initially appear intricate, breaking it down into manageable steps is the key. It all commences with pinpointing an opportunity that aligns with your business objectives. Whether your focus is on investing in cutting-edge technologies, expanding operations, marketing, or fostering employment inclusion, there exists an EU funding program meticulously crafted to match your aspirations.
Once you’ve identified the fitting funding opportunity, the subsequent step entails the submission of a meticulously crafted application. This document outlines your proposed project or business expansion plan, pinpointing how it aligns with the objectives of the selected funding program. Success in the selection process hinges on clarity, feasibility, and effectively illustrating how your initiative will contribute to both your business’s growth and the enrichment of the local economy.
This article will briefly explore funding and grant schemes available locally in Malta, offering valuable financial assistance for businesses. Regardless of the size of your business, opportunities exist across various industries and activities, covering expenses related to investments, expansion, development, employment, innovation, research, marketing, and family businesses. However, it’s important to note that each funding scheme has specific eligibility criteria.
At Fairwinds Management Limited, we understand the intricacies of accessing EU funds and unlocking growth opportunities. With a team of accountants and grant specialists, we can guide you through every step of the process. From preparing documentation and business plans to budgeting and beyond, we’re here to ensure your journey towards securing grants is seamless.
MicroInvest Scheme – Malta Enterprise:
Since 2016, the MicroInvest Scheme by Malta Enterprise has been a widely embraced funding initiative. It aims to support small and medium-sized businesses in investing, improving, and expanding by providing a tax credit based on eligible investments.
Business Enhance Grant Schemes:
Another prominent scheme is the Business Enhance Grant Schemes, designed for micro, small, and medium-sized enterprises. These schemes support investment projects that ensure sustainable business growth. Eligible enterprises can apply for one of six specific Business Enhance ERDF Grant Schemes, catering to e-Commerce, Start-up Investment, SME Growth, SME Diversification and Innovation, SME Internationalisation, and SME Consultancy Services.
Family Business Office Incentives:
For family businesses established in Malta and recognised under the Family Business Act of the Laws of Malta, the Family Business Office Incentives provide a tailored approach. Incentives cover aspects such as bank financing, fiscal incentives, transfer of immovable property and shares interest, advisory services, education and training, and governance incentives.
If you’re ready to explore any of the above and other grants and fund opportunities, reach out to us on info@fairwindsmanagement.net.
Fairwinds Management Limited is a MFSA licensed firm offering Business Solutions in Malta. As part of our services, we offer Accounting, Administration, Corporate and Legal solutions. Fairwinds Management also manages the brand Accounting Services. More information about us and our key services please visit our website. You may reach Fairwinds Management on +356 2704 0903 or info@fairwindsmanagement.net.
Article written by Ms Charlene Sciberras, B.A. (Hons), guest writer, a marketing and business administration specialist with a special focus on corporate, accounting, and legal matters.