A scheme that is granting up to a maximum of €5,000 to support SMEs in Malta
Owning a business is not an easy feat, especially during this day and age when competition is always on the rise. Small to medium businesses (SMEs) need a substantial amount of time, money and effort built into them in order to advance and succeed. This means that in order to take your business to the next level, certain investments are necessary to grow. Funding and schemes that are aimed at the development and expansion of an SME business can massively help its impact and growth. One such scheme is the recent Business Re-Engineering and Transformation Scheme.
What is the Business Re-Engineering and Transformation Scheme?
The mission behind this scheme is specifically to support SMEs to help them realign their business goals, restructure their employees, enhance their product and/or service portfolio, improve the use of technology and give a kickstart to green technology and practices.
The Business Re-Engineering and Transformation Scheme is the ideal scheme for SMEs that have a vision to grow and develop their business but need the support from external advisors to assist them in carrying out these changes. This business transformation will enable them to build a steady development and improve market access. The better a business adapts and aligns its process, the greater the chance of economic growth.
The scope behind this scheme is with the hope that SMEs will be able to adapt to changes in the environment, unexpected situations and technology changes without being discouraged due to financial restrictions.
Does Your SME Qualify for This Scheme?
In order to apply and get funding for your SME business, business projects must be of strategic significance and should address one or more of the following objectives:
a) Digitisation of business processes including the deployment of digital technologies, such as IoT, artificial intelligence, machine learning and predictive analytics.
b) Improve operational performance, reduce errors and improve accountability following a review processes to identify inefficient use of resources.
c) Improvements to the flow of goods, materials and/or information following a review of the interaction between functions.
d) Improve environmental performance by identifying waste streams and resource usage.
e) Support the implementation of quality systems and the attainment of product process certifications.
f) Review customer handling procedures and propose solutions to enable excellent customer service.
g) Assess market dynamics, fluctuation in demand and changes in consumer behaviour to reposition product and service offering as may be required.
How will this Scheme Help You?
The Business Re-Engineering and Transformation Scheme will be awarded in the form of a cash grant that will cover 50% of the costs incurred up to a maximum grant of €5,000 per advisory service per undertaking. Your business can only be supported through this scheme once in an 18-month period and this incentive shall be available until 31st December 2023. You can find more information on eligibility and applying here.
How can we help you to secure your funding?
Eligibility for funding is not an easy task to begin with. However, an important step is to properly source companies that can develop your business website and ensure that your application for the Business Re-Engineering and Transformation Scheme is a successful one.
It is vital to put your trust in companies that can tailor make your website according to your business needs. Here at NIU, we believe in doing just that – accommodating our clients to ensure that their brand needs is given top priority.
We have helped a number of businesses along the way. These include redesigning ARQ Educate’s eCommerce website to support their various training programmes. Another is developing a website strategy for FIAU, Malta’s national Financial Intelligence Analysis Unit which is responsible for the curation, processing and analysis of information which is used against money laundering and the funding of global terrorism. Our professional team was in charge of developing a website that is both highly functional and visually appealing. Not to mention, our corporate website development for Enemed Group, one of Malta’s primary importers, distributors and wholesalers of quality petroleum products. We also supported GCS and the MFSA in their website development. Whether you need to develop and design a new website from scratch or have an old website that needs some well-needed TLC, we’ve got you covered. Our professional team of experts can offer you a wide range of services including WordPress development, web hosting & security, developing your digital marketing strategy, and more.