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Economic Regeneration Plan: Change to Grow and ReStart Schemes

By 21st July 2021February 22nd, 2024No Comments

The Ministry for Energy, Enterprise and Sustainable Development together with Malta Enterprise launched various initiatives aimed at strengthening the local economic activity.

Two recent schemes, the ReStart Scheme and the Change to Grow Scheme, are aimed at businesses willing to turn a new page and seek professional support to kick-start a change process that leads to growth and sustainability, or to re-start their business activity.

For your convenience, we have put together the key highlights of these schemes that will help you decide on the right one for you.

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Change to Grow Scheme

ReStart Scheme

Scope

 SMEs seeking support from external advisors to enhance their processes, restructure employees and embrace digital technology. This is an enhanced version of the Business Re-engineering and Transformation Scheme. SMEs seeking support from external advisors to assist in restarting their operations, following closure of their business or significant downturn in their activity due to the pandemic.

Eligibility

 Self-employed person, micro, small or medium-sized entity having at least 1 full-time employee Self-employed person, micro, small or medium-sized entity that had to terminate their business or had significant downturn between June 2020 and September 2021

Maximum Support

Reimbursement of 75% of the eligible costs incurred, capped at € 10,000, which are split as follows:

  • Advisory Stage – Maximum of € 5,000
  • Implementation Phase – Maximum of € 5,000 which can be claimed within 12 months from date of approval

Full reimbursement of the eligible costs incurred capped at € 10,000, which are split as follows:

  • Advisory Stage – Maximum of € 5,000
  • Implementation Phase – Maximum of € 5,000 which can be claimed within 6 months from date of approval

Applicable State Aid

 De Minimis State Aid De Minimis State Aid

Advisory Stage
  1. Advisory Services shall address a strategic shift in the operations, for example:
    • Digitisation of business processes
    • Optimisation of performance and/or Human Capital
    • Process improvements
    • Pricing analysis and/or Market positioning
  2. As advisory service providers, we will issue a report highlighting the main recommendations and costs that may be reimbursed under the Scheme during the Implementation Phase
  3. The advisory service shall be completed within 6 months from Malta Enterprise’ approval of the application
  1. Persons interested in this Support shall contact Business First to review their situation and if they are deemed eligible, an application form shall be provided to apply for such Scheme
  2. As advisory service providers, we will issue a report highlighting the main recommendations and costs that may be reimbursed under the Scheme during the Implementation Phase
  3. The advisory service shall be completed within 3 months from Malta Enterprise’ approval of the application  

Implementation Phase
  1. Based on the Advisory Report, the Applicant may start the change process to implement the highlighted recommendations which may trigger additional support.
  2. Eligible costs shall have a value of at least € 500 and include the below:
    • investment in tangible assets
    • procurement of off-the-shelf software solution (including new licenses)
    • new subscriptions to Software As A Service (SaaS) solutions, covering a period of up to 12 months
    • one-off service or the initial engagement covering a 3-month period of service providers addressing new solutions to which the applicant had no prior access
  1. Based on the Advisory Report, the Applicant may start the ReStart process to implement the highlighted recommendations which may trigger additional support
  2. Eligible costs shall not be related to assets or stocks and may include the below:
    • rent
    • marketing
    • recruitment services
    • other similar costs

Deadline for Application

 31st October 2022 31st October 2022

Schedule a free consultation to learn how your business can benefit from the Change to Grow Scheme or ReStart Scheme.

Kris Bartolo

Partner

Rosann Axiaq

Advisory Consultant

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