A business re-engineering scheme which can provide firms with up to €5,000 in grants for consultancy services was announced on Wednesday by the economy ministry, the Chamber of Commerce and Malta Enterprise.

The purpose of the scheme is to offer expert advice to businesses on restructuring their operations.  

Minister Silvio Schembri said the scheme will match consultants approved by the chamber with businesses that wish to improve their operations through  digitisation, energy efficiency, a reduction of their impact on the environment, and greater efficiency in their distribution capacities.

"Unless we embrace technological improvement, certain businesses will die a natural death. What has worked for 40 years might not be good enough today,” Schembri said.

“We must adapt and overcome the challenges we face today, especially in light of how the COVID pandemic has forced us to think differently.”  

Minister Silvio Schembri announcing the scheme. Photo: Mark Zammit Cordina

€2.5m are being allocated to the scheme, and companies employing between 10 - 250 people can apply for funds that can be used for consultation on restructuring efforts.

Chamber president David Xuereb welcomed the scheme. “As entrepeneurs, we must view these trying circumstances as a unique opportunity to think outside the box and innovate," he said.

“Business re-engineering is the mantra of what the chamber has asked of its members. We believe that good governance, digitisation efforts, innovation and sustainability are key pillars on which these ideas must be based,” he added.

Chamber of commerce president David Xuereb. Photo: Mark Zammit Cordina

Malta enterprise CEO Kurt Farrugia said that the scheme is intended to help businesses adapt both for immediate survival as well as obtain better, long-term sustainability.

Malta Enterprise CEO Kurt Farrugia. Photo: Mark Zammit Cordina

“Before COVID-19, we were helping businesses become stronger. Now, we first had to switch to helping businesses survive, especially since trying circumstances might mean that adaptation is not a priority,” he said. 

A call for service providers will be issued on November 10. Interested applicants can submit their CVs through the Malta chamber’s website.