Bank of Valletta introduces new financing tool for SMEs in Malta
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BOV JAIME (Joint Assistance Initiative for Maltese Enterprises) Financing Package is the new financing tool being offered by Bank of Valletta, following the agreement that was signed between the European Investment Fund (EIF) and Bank of Valletta.
The new financing package was launched on Monday morning at BOV Centre during a press conference addressed by Hon Dr Ian Borg, Parliamentary Secretary for the EU Presidency 2017 and EU Funds and Bank of Valletta's CEO Mario Mallia. Mr Alfred Attard, the Bank's Chief Officer for SME Financing delivered a presentation outlining the features of the package, and the benefits it offers to local SMEs.
This package makes use of EU Structural and Investment Funds resources contributed by the Government of Malta, and co-funded by the European Union through Horizon 2020 resources and EIB Group resources.
In his introduction, Hon Dr Ian Borg said, "through the SMEi, we are ensuring that we continue to stimulate the local financial market. The opportunities inherent in financial instruments of this kind continue to open doors to small and medium sized enterprises. We are dedicating EUR15 million from the structural funds that will be generating over EUR60 million in economic activity. It is also estimated that more than 850 SMEs will be benefitting. All this helps us to look ahead towards ensuring that the Maltese economy continues to grow stronger."
Alfred Attard stated that the BOV JAIME Financing Package will translate into discounted interest rates as well as reduced collateral requirements for eligible applicants.
He explained that, "It is estimated that through the BOV JAIME financing package, the Bank shall be in a position to assist over 700 Maltese SMEs by providing EUR50 million worth of financing. At Bank of Valletta, we shall continue to use our expertise both locally and through our office in Brussels to maximise existing opportunities for the Maltese entrepreneur to tap into EU funds."
Mr Mallia expressed his satisfaction that Bank of Valletta has remained consistent in its resolve to be the Bank of first choice for SMEs and the Bank has delivered a succession of financial solutions targeted towards the small and medium sized entrepreneur.
"We are well aware of the challenges that SMEs face to bring their projects to fruition and expand their horizons."
He gave an outline of the Bank's journey in supporting smaller businesses, starting with the BOV JEREMIE Financing package which became a reference case study at EU level. This was followed by BOV4SMEs and BOV Start Plus, both being important milestones in easing access to financing for both SMEs and microenterprises.
In his concluding remarks, Mr Mallia invited the constituent bodies present to continue working closely with Bank of Valletta to support these key players so that they will continue to be viable in the long term.
"In so doing, we shall help them do what they are good at – creating economic value and providing employment. Through the BOV JAIME Financing Package, Bank of Valletta is renewing its commitment to be the Bank for SMEs in Malta."
Further information about the BOV JAIME Financing Package can be obtained from www.bov.com, or by contacting Bank of Valletta on 2275 1529.