COVID-19: €2,500,000 Industrial Rent Subsidy Scheme launched
15 May 2020The Minister for the Economy, Investment and Small Businesses Silvio Schembri has launched the Industrial Rent Subsidy Scheme 2020 with a budget allocation of €2,500,000.
The scheme will be applicable between the 1st of February until 31st December 2022. Its aim is to provide financial assistance to new businesses and self-employed individuals, seeking to rent an industrial space from a third party to launch a new business activity, implement growth plans, handle an increase in orders and implement innovations to increase efficiency. Companies, cooperatives and registered self-employed can benefit up to €75,000 over three years in rent subsidy through an aid intensity of up to 50% of the cost.
Who can apply
Companies and self-employed individuals engaged in the following sectors:
- manufacturing;
- repair of machinery and equipment;
- maintenance and repairs of motor vehicles;
- other industrial activities.
Applicants must demonstrate that during the two fiscal years preceding the year in which the application is submitted, they employed one hundred or less persons on a full-time contract. Annual turnover must not have exceeded €10 million in the two fiscal years preceding the year in which the application is submitted.
