The government has allocated a budget of €2,500,000 for a scheme that will subsidise rent for new businesses. The subsidy  will be applicable between 1st February 2020 and 31st December 2022. 

The Government said that the purpose of the scheme is to financially assist new businesses and self-employed that would like to rent an industrial space from a third party to commence a new business activity, implement growth plans, handle an increase in orders and implement innovations to increase efficiency. 

Companies, cooperatives and registered self-employed can benefit up to €75,000 over 3 years in rent subsidy through an aid intensity of up to 50% of cost. 

The applicants eligible for this scheme must be engaged in the following operational activities and sectors: 

• manufacturing,
• repair of machinery and equipment,
• maintenance and repairs of motor vehicles and
• other industrial activities.