The Restart Incentive Scheme along with the “Psychological support to Entrepreneurs” are part of the economic regeneration plan to stimulate economic activity. Malta Enterprise has launched the scheme to support businesses that had to close due to the pandemic. By encouraging access to advisory services they hope to help restart business operations. In line with this objective, Malta Enterprise will also fund a specialised programme intended for psychological support to these entrepreneurs by professional experts in the field.
- Tangible support to entrepreneurs who faced serious challenges to their going concern.
- Entrepreneurs have the possibility to engage professional business advisory
- The Restart Incentive Scheme will finance advisory costs up to €5,000 extendable to €10,000 to support the implementation phase of the new business initiative.
During the advisory stage, costs related to a qualifying advisory services may be supported, up to a maximum cost of €5,000 and up to €120 per hour (including VAT). This stage is to be completed within 3 months from approval of the grant. An applicant is free to choose any Qualifying Advisory Services. Applicants are encouraged to contact Business1st to analyse their particular situation, and receive the application form. The Corporation shall receive applications until Monday, 31st October 2022, through the Corporation’s client portal.
The implementation stage, if undertaken, must follow the advisory stage and gives access to a further €5,000 of support. This will be in respect of the costs of implementing the recommendations highlighted during the advisory stage. Out of the €5,000 earmarked for this phase, €500 may be utilised to finance additional advisory support. Only costs that incurred after approval are eligible and these can be claimed within a period of 6 months from date of approval. For the two phases together, businesses may benefit from a maximum grant of €10,000 to finance eligible costs incurred.
Any self-employed person, a micro, small or medium-sized enterprise is eligible, that had to terminate business operations due to the economic disruptions caused by the COVI D-19 pandemic, between 1st June 2020 and 30th September 2021.
Any costs required to restart the business, that are not related to assets or stocks counts as eligible cost. It could include rent, marketing, recruitment services, and other similar costs, that the Advisor identifies necessary for restarting the business.
You can probably benefit from this new incentive, so if you have any questions about these guidelines or should you need assistance with your application, please do not hesitate to get in touch! We will help you with the preparation as well as submission of document and any required follow-ups.