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Funding opportunities for Start-ups!

Objective of the Scheme

Business START is a scheme provided by Malta Enterprise offering a seed funding for start-ups. The measure is intended to support Small Start-up Undertakings  that have a viable business concept and are in the early stage of its development. Initiatives that are considered to be economically viable shall be supported through a grant of up to €25,000.

Applicable Aid Intensity and Maximum Support

The maximum value of aid that may be provided at this stage is a cash grant of up to €25,000 and support is limited to twelve (12) months, which will be paid as follows:

– An initial installment of up to €10,000 shall be paid once the project is approved;

– Subsequent installments shall be paid quarterly after the Corporation reviews and endorses that the progress achieved is in line with the business plan as approved or as adjusted to adapt to market requirement. The maximum grant awarded through subsequent payments shall be capped at €600 per Full Time Employee engaged in the undertaking multiplied by the number of full months elapsed from previous payment.

Eligibility

Small Start-up Undertakings must be engaged in one or more of the following activities:

– Manufacturing;
– Information Technology, Digital Media and Communications;
– Research, Development and technical Innovation;
– Biotechnology, Pharmaceuticals and Life Sciences; or
– Other start-up undertakings proposing products and/or services that can be marketed and distributed internationally and which are typically more advanced than those prevailing in their respective industry, in terms of technology, know-how and skills.

Ineligible undertakings

The incentive does not apply to the following:

1. The sectors excluded by the Commission Regulation (EU) No. 1407/2013 of 18 December 2013 on the application of Articles 107 and 108 as specified in Section 7 of these Incentive Guidelines.

2. Public Entities

3. Undertakings that are also engaged in any of the following activities shall also be disqualified:

– real estate;

– gambling (requiring an LGA licence to operate);

– financial services and/ or insurance;

– Wholesale or retail trade of goods or services to which the eligible undertaking has not added value in the carrying out of his economic activity or that opened or are selling the products or services of the eligible undertaking.

4. Voluntary organisations.

Submissions

Undertakings seeking support through this measure should submit to Business First the following documentation by not later than 30th June 2016 (noon):

– The application form;
– A business plan.

Evaluation

Applications will be evaluated against the following criteria:

– Commercially Feasible –The project has a potential to develop products and/or services that address a real gap in the market.
– Innovation – The innovative nature of the project with regards to the potential to develop new products and/or services will be assessed.
– Technologically Feasible – The project is based on sound technical concepts and uses technology to which the promoters have access.
– Knowledge – The promoters have (or have access to) the necessary knowledge and know-how required to take the project forward.
– Target Clients – The applicant has to identify its market and its business model.
– Feasibility – the applicant’s business model is based on assumptions that are logical and support the viability of the proposed business.

Contact Us

For further information on this scheme, please contact us on:

E: daniela@prturner.com.mt  or
M: 00356 77650000  or
T: 00356 21654567

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