Start-up finance scheme amended

Start-ups may benefit from up to €400,000 in working capital through an amended Start-up Finance Scheme, Economy Minister Silvio Schembri confirmed.

Schembri was speaking during a visit to a US start-up, Trust Stamp, which has recently established a presence in Malta to serve as a base for research and development and to reach out to African markets. The company, the Economy Ministry said, employed 26 people in Malta and was set to boost numbers in the near future.

He highlighted the government’s commitment to encourage start-ups to set up shop in Malta.

“As a government we’re providing the necessary impetus for start-ups to take that leap forward and implement their projects and ideas. Malta is already attracting high quality start-ups to its shores and we intend to maintain this momentum by preserving its competitive-edge and continue providing an optimum ecosystem for start-ups to operate and flourish,” the minister maintained.

He elaborated on the amended Start-Up Finance Scheme, through which start-up undertakings which demonstrate a viable business concept can generally receive a €200,000 repayable advance on working capital, which may increase up to €400,000 for start-ups that are an innovative enterprise.

The scheme has already seen Malta Enterprise approve financing to seven start-ups, who received around €3 million in assistance.