COSME Grant Awarded

Reference Number: PR160170, Press Release Issue Date: Jan 29, 2016
 

MEIB and NSO awarded Grant for Family Business Research

 The Ministry for the Economy, Investment and Small Business (MEIB) and the National Statistics Office (NSO), under the Ministry for Finance, are the beneficiaries of a grant awarded under the COSME programme, amounting to €63,379.00

 

 COSME is an EU programme for the Competitiveness of Small and Medium-sized Enterprises (SMEs). A significant part of the COSME programme is dedicated towards financial instruments managed by the European Investment Fund (EIF) under a European Commission mandate for 2014-2020.

 It shall support SMEs in better access to finance; access to markets; supporting entrepreneurs; and more favorable conditions for business creation and growth.

 

 Need for more data on the Family Business Sector

The grant was awarded for the implementation of a Project Proposal, entitled “Identifying and Establishing Core Variables and Statistics to Support the First Legislation on Family Business in Malta”, submitted by both beneficiaries under the call “Statistics for Family Businesses”. 

 

 The main objective of the project is to collate statistics on family businesses for the first time in Malta.  This data will aid the legislator, policy maker, key stakeholders and family businesses to garner credible, real, comparable and systematic information and indicators of the family businesses in the Maltese economy. 

On the basis of this data, it will further offer usable and practical information for decision making in the development of, and assistance to, this key economic sector.

The target population for this survey shall be approximately 5,000 enterprises, which are performing particular economic activities selected from the Business Register maintained by the NSO. These will be selected according to the NACE nomenclature and also by employment size class. The target group shall be selected taking into consideration the parameters which have been set up in the proposed Family Business Act by the Ministry for the Economy, Investment and Small Business.

 The Family Business Act

The proposed legislation compiled by the Ministry is the first of its kind in Europe. This Act is not only supporting and protecting family businesses, but also filling the void and working in line with European policy on the importance of family businesses. The European Commission has also recently appealed for the need of addressing the impact on family businesses in order to identify problems and barriers of growth.

 On a local level, the Ministry has recognised how more than 70% of business in Malta are family-run. This Act aims to aid and serve as a guide for the significant economic sector, which has been overlooked before.

 For more information on the Family Business Act;

​https://economy.gov.mt/en/familybusinessact/Pages/Family-Business-Act.aspx