BOV chosen best bank for financing needs by Maltese SMEs

A survey recently carried out by the Chamber of Small and Medium Enterprises - GRTU and published during the Enterprise Consultative Council, confirmed the important role that Banks play in shaping the country's economic growth. 46% of companies have in fact indicated Banks as a major source of capital financing for their investment needs. Amongst these companies, the majority of respondents (44% of the total) indicated BOV as the preferred Bank for their financing needs.

In addressing another information session jointly organized by Bank of Valletta, Malta Chamber of Commerce and Malta Enterprise in relation to the latest European Union and National Funded incentives, Albert Frendo - Chief Officer Credit gave an update of how the JEREMIE financial package is performing amongst local SMEs and stated that:

"As part of the EU's 2020 Strategy, the BOV JEREMIE Financing Package has been specifically designed to assist local SMEs in their capital financing requirements. Through a fund of EUR 51 million and by offering loans at advantageous interest rates and enhanced collateral requirements, Bank of Valletta is assisting local established enterprises expand and modernize their operations as well as supporting good quality start-up business ventures."

This scheme has to-date proved to be very attractive. Since its launch in April 2011, over €16.3 million worth of capital expenditure loans have been sanctioned to an array of Small and Medium sized enterprises operating in various economic sectors, ranging from the traditional to the new economy industries. Nearly 170 SMEs have to-date benefited from this scheme investing the equivalent of €25.5 million between them.