SME Chamber participated during a conference by the Malta Sustainability Forum organised by APS Bank
17 November 2022
The discussion focused on the Voluntary Occupational Retirement Pension SME Chamber Vice President, Michael Galea,...
Entrepreneurs will be paid up to €1,100 per month to move to other EU countries to learn from experienced business owners as part of a pilot project designed to encourage young business owners to make more of the internal market.
The scheme is part of the Small Business Act which was unveiled in July 2008 and will help 870 entrepreneurs to spend between one and six months in another EU member state in 2010. People starting their own businesses will be paired with established SMEs with the help of local chambers of commerce and other intermediary organisations.
Funding for expenses varies according to the cost of living in member states and ranges from €560 in Latvia to €1,100 in Denmark, but entrepreneurs keen to avail of the scheme will be expected to raise additional funds and demonstrate that they have a viable business plan.
New entrepreneurs will gain competences and perspectives that will prove invaluable during the business start-up phase, while also enhancing potential crossborder activity and thus the probability of success.
Businesses across Europe continue to focus on their national market rather than exploiting commercial opportunities elsewhere in the EU, with just 8% of SMEs exporting their goods and services within the EU. Maive Rute, Director for Promotion of SMEs' competitiveness, European Commission, dismissed concerns that the project would struggle to attract enough established businesspeople to host young entrepreneurs, saying there are 23 million SMEs in Europe and just 870 are needed to make the project work. An additional €5 million will be made available if the pilot project is deemed a success, she added.
Anyone interested contact Abigail Mamo @ GRTU
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).