A scheme to help small businesses purchase machinery has been extended by another €2 million after the original allocation was used up by applicants. 

Economy Minister Silvio Schembri said that the first round of the scheme, which was announced in January, had been so successful that the decision had been made to extend the budget, which will be disbursed through the European Regional Development Fund. 

Parliamentary Secretary for EU Funds Chris Bonett said that the first scheme had seen 26 companies successfully apply and receive funding, while verification processes were still being carried out on another 34 applications so that they may also receive funding for their projects. 

Applicants are eligible for up to €120,000 in funding for every project, with a minimum offering of €10,000. Projects in Malta can apply for up to 50% of the cost of the project, while those based in Gozo may apply for up 60% of the cost.

More information about the funding scheme and how to apply can be found here.