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Malta Business Review INVEST Supporting a Future Entrepreneurial Malta Parliamentary Secretary for EU Funds and Social Dialogue Aaron Farrugia addressed a seminar on the EU-funded INVEST project, with the topic of financial and forecasting models for entrepreneurs. The opening address was delivered by the Minister for Education and Employment Evarist Bartolo. Farrugia explained how the Government is acting as a platform to support a future entrepreneurial Malta, ready to drive the country’s digital transformation in a world of hyper-innovation. Addressing an audience of entrepreneurs, Farrugia spoke of the importance of entrepreneurship as it creates new companies, opens up new markets and nurtures new skills, and is therefore a vital driving force for job creation and economic growth. He recalled that since joining the European Union in 2004, Malta has worked hard to capitalise on the funding opportunities provided to the member states – particularly in regards to structural and cohesion funds. Enterprises are being supported through EU funds when undertaking investment projects aimed at securing sustainable business growth, by becoming more competitive, innovative and more resilient to market challenges. The Parliamentary Secretary explained how EU-funded projects have contributed to the economic and financial sustainability of Malta’s fast-growing economy. “Whether it is through the €30 million we are investing in SMEs, the €20 million we are investing in research and development, the Kappara and Marsa Junction, financial instruments in loans and guarantees or the ESF funds for the reskilling and upskilling of our workforce, they all contribute to Malta’s economic growth. For the next EU budget post- 2020, we are planning for these programmes to be simplified and flexible,” he said. The Business Enhance Schemes, which are part-financed by the European Regional Development Fund 2014-2020, seek to support enterprises, mainly SMEs and start-ups, through the provision of a non-repayable grants. The scheme includes the Start-Up Invest Grant Scheme with a maximum grant of €300,000; the SME Growth Grant Scheme with a maximum grant of €500,000; SME Diversification and Innovation Grant Scheme having a maximum grant of €200,000; SME Internationalisation Grant Scheme having a maximum grant of €10,000; e-Commerce Grant Scheme having a maximum grant of €5,000; and the SME Consultancy Services Grant Scheme having a maximum grant of €4,000. So far, 145 SMEs have already benefitted from funds under the 2014-2020 programme. A total of €51 million have been allocated towards providing financial assistance to SMEs. An agreement was also recently signed with the EIB group and the European Commission to increase financing available under the SME Initiative in Malta. The initial SME Initiative in Malta has allowed the Bank of Valletta and BNF Bank to deliver approximately €60 million of new SME financing across the country within less than three years. “Due to the successful uptake of this initial agreement, we, together with the EIB Group and the EC have decided to add additional resources to this initiative. This increase will trigger additional SMEs financing for an amount of €28 million, resulting in more SMEs benefiting from European resources on advantageous terms, such as reduced interest rates and improved collateral requirements, bringing the total SME financing to around €90 million,” Farrugia said. Other EU-funded opportunities include the Erasmus for Young Entrepreneurs, a crossborder exchange programme which enables aspiring young entrepreneurs to learn from entrepreneurs with experience, as well as The Youth Employment Initiative, which supports unemployed young people who are currently not enrolled in education or training in regions with a youth unemployment rate above 25%. The Youth Guarantee is a guarantee made to unemployed people under 25 — whether registered with job-search services or not — that they will get a good-quality, specific offer of work within four months of leaving formal education or becoming unemployed. "A total of €51 million have been allocated towards providing financial assistance to SMEs Aaron Farrugia, Parliamentary Secretary for EU Funds Similarly, the Interreg projects are EU-funded programmes for territorial cooperation through which Maltese entities get to learn from our European counterparts and become aware of best practices, which are then implemented locally. “Such projects are also excellent platforms for building relationships with our foreign colleagues, whilst learning in the process and passing on some of our ideas and experiences too. The outcome of these projects or their pilot-actions, feed in national policy papers or even serve as an important baseline for larger projects financed through other EU sources or national funds,” Farrugia said. With Brexit leaving a €13 billion gap in the EU budget, and issues of migration, defence and security being given priority, Malta`s private sector should do more and better to tap into centralised EU funds. In this regard, Farrugia referred to an action plan announced last month through which Malta can make better use of funds from direct EU funds after 2020 – such as Horizon 2020, Life+ and creative Europe, amongst others, through the setting up of a new division focussed solely on this, which will fall under the division for programme funding. Challenges remain, as the November 2017 EU report 'SME Performance Review' outlines that newly founded entities ‘created by selfemployed have survival rates typically between 30-60 % after the first five years, and Microentrepreneurs are disadvantaged compared to Larger Enterprises. “Let’s face these challenges while consolidating this present regulation and taxation system that nurtures champions. A system that fosters capital investment and encourages entrepreneurs and investors to finance this current productive economy,” Farrugia said. MBR Creditline: Parliamentary Secretary for EU Funds and Social Dialogue/DOI 38
BRANDING Malta Business Review www.maltabusinessreview.net 39
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