The Government has announced it is to extend the Rent Subsidy Scheme in a bid to help more businesses deal with the rising cost of transport.
The extension, announced by Minister For Energy, Enterprise and Sustainable Development Miriam Dalli, will allow companies to benefit up to €25,000 a year, which can be extended to a maximum of €75,000 over a three-year period. The aim is to help more businesses expand their warehouses to lease industrial space, with the scheme covering up to 50 per cent of the cost.
Up till now, the scheme has primarily been targeted towards manufacturing companies, vehicle maintenance companies and the industrial sector. The extension will also cover a wider range, especially bulk import operators.
Minister Dalli explained that the aim of this scheme is to assist businesses to meet the commercial challenges due to the increase in transport prices, which are businesses around the world are having to face.
“As we did in the worst months of the pandemic, we are once again supporting our businesses as our country’s economy picks up. Therefore, this initiative will immediately help Maltese businesses to start reducing their costs by renting warehouses that they are using due to this situation,” she said.
Malta Enterprise CEO Kurt Farrugia explained that, through ongoing discussions with industry and constituted bodies, the organisation has recognised that the change in supply chains at the international level must be addressed at the local level.
“Once again, the Maltese Government continues to see businesses protected from rising international transport and energy prices. We are providing tangible solutions with an immediate impact, where we are bearing an important part of the costs facing these businesses,” said Minister Dalli.
She concluded by stressing how the Government will continue to help businesses overcome challenges, but above all incentivize them to strengthen their operations and benefit from more business opportunities in the future.
The total number of firms that registered over €100,000 in profit in 2022 amounted to 5,044
Works are expected to start in the coming weeks
‘If I had no money, I would be happy with a dry place and necessary equipment for an affordable price’