As a business owner, one of your constant concerns may be how to grow your business. This is a very natural and necessary challenge which can provide new opportunities while also developing your enterprise into a more resilient one. But as we all know, growing a business can present several risks – especially when so much effort and resources are needed to ensure sound implementation. Plus, very often business owners take on additional personal risk or put a strain on the business’ financials in order to see things through.
The good news is that business growth can be just as exciting as it is scary. Growth encourages innovation and diversification, the very basis of entrepreneurship. In fact, the EU, together with the Maltese government, has developed a grant which reduces the risk for you and your business. This is better known as the SME Growth Grant Scheme.
The Support Your Business Deserves
The SME Growth Grant Scheme is targeted at micro, small and medium-sized businesses. A maximum grant of €500,000 is being offered per applicant, based on the total cost of the growth project. Micro and small businesses can benefit from 30% funding, whereas a medium-sized business can get up to 20%. This grant can allow your business to capitalise on new opportunities and become more sustainable over the long-term.
Getting access to capital has always been a challenge for Maltese businesses. The long and expensive process involved in getting funding from traditional institutions can easily make you miss a golden opportunity. In contrast, this grant allows for a much faster process at a considerably lower price.
Eligible Funding Projects
In simple terms, the SME Growth Grant Scheme can support the investments which will help you generate a higher revenue. Whether you are diversifying your business or building on past successes, there are several ways in which this grant can help you. These include:
- Leasing of private premises
- Construction of new property
- Purchasing of equipment
- Investment in energy efficient machinery
- Purchasing of patent right or licences
The ultimate goals of the SME Growth Grant Scheme are to support local enterprises to reach their full potential while also encouraging further employment and development. In order to be deemed successful, each grant application needs to adhere to strict guidelines so as to ensure a just distribution of funds… which is what our team of funding experts is for!
NM Group can handle your SME Growth Grant Scheme application and offer advisory on eligible costs. Through our experienced consultants, we continue to achieve a success rate of over 95% for all grant applications. Get in touch today to benefit from this or any other grant or support measure!