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Access to Finance for SMEs on small islands such as in Gozo

Access to Finance for SMEs on small islands such as in GozoPresident of the Gozo Business Chamber, Mr Joseph Borg, recently chaired the general assembly of Insuleur, of which he is Chairman.

Together with Mr Daniel Borg, who is the CEO of the Gozo Business Chamber, they participated in the Public Hearing ‘Are European Policies suitable to help doing business on small islands,’ organised by the European Economic Social Committee, Insuleur and ESIN.

Mr Joseph Borg delivered a presentation on ‘Access to Finance for SMEs.’ By looking at the case of Gozo, Mr Joseph Borg highlighted how the present de minimis state aid rules inhibits national governments’ efforts to neutralise added costs for business entities based on islands.He explained that any support under the de minimis rules “hinders their ability to apply for other funds being administered under the same state aid regime.”

Consequently, Mr Borg said, “it is important that the de minimis state aid regime should change to reflect the reality on islands or dependent islands like the case of Gozo. In the case of the access to finance.”

Mr Borg also highlighted the issue of whether specific financial packages for islands should be developed.

Photographs: GBC

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