Malta Government launches Industrial Rent Subsidy 2020 Scheme
14 May 2020
The Ministry for the Economy, Investments and Small Businesses has launched the Industrial Rent Subsidy 2020 Scheme.
The scheme was created for businesses which were unable to access Malta Industrial Parks (MIP) industrial space due to their size or lack of space.
Through this initiative, the Maltese Government aims to support businesses and self-employed that require industrial space for the following purposes:
- Commencing a new business activity
- Implementing growth plans
- Handling an increase in orders
- Carrying out process innovations.
The scheme will be managed by Malta Enterprise, with a maximum budget of €2.5M. It covers the period 1st February 2020 to 31st 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 Industrial Rent Subsidy Scheme is aimed at SMEs, and can be availed of by Companies, Cooperatives and Registered self-employed.
Eligible sectors for this scheme include:
- Repair of machinery and equipment
- Maintenance & repairs of motor vehicles
- Industrial activities
Eligible businesses must: (i) employ less than 100 employees and (ii) have an annual turnover not exceeding €10 million during the previous 2 years.
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