New scheme offers up to €25,000 in grants for start-ups

Total budget of €500,000 allotted to Malta Enterprise scheme that aims to provide seed funding for start-up businesses 

Chris Cardona with Malta Enterprise executive chairman Mario Vella
Chris Cardona with Malta Enterprise executive chairman Mario Vella

A new scheme launched by Malta Enterprise will offer seed funding to start-up companies with commercially viable business plans.

Through the BSTART scheme, start-up companies will be able to apply for an initial €10,000 in seed funding, a grant that can be extended to €25,000.

The scheme has a total budget of €500,000 and will run until June 2016.

“It’s a true shame that some start-ups come up with brilliant ideas but can never materialize them due to a lack of seed funding,” economy minister Chris Cardona said at the launch of the business scheme. “It’s a shame because these start-ups have a lot of potential for success, to contribute to the economy and create further job opportunities.

“It is a well-known fact that startups play a crucial role in the creation of new jobs and we must therefore continuously explore means of facilitating their existence.”