Raising finance to start, expand business is major challenge

Addressing a seminar entitled ‘Risk Capital and Access to Finance in Malta’ organised by the Malta Chamber in collaboration with Bank of Valletta, Tancred Tabone said that enlarging the possibilities of finance for SMEs is and will remain a key element in the future to turn Europe’s economic fortunes.

“The latest statistics show that last year, over 62,000 enterprises in Malta employed less than nine people, thus making access to finance all the more important. In fact, the vast majority of the Malta Chamber’s membership is SMEs, which fall under our active SME Committee,” Tabone said.

Peter James Sant, Bank of Valletta senior manager on EU and SME affairs “Bank of Valletta’s explained that the bank’s JEREMIE Financing Package offers advantageous interest rates and enhanced collateral requirements.

BOV, he said was selected as the sole Maltese financial intermediary to handle the JEREMIE initiative by the European Investment Fund following a competitive tender.

The objective of the JEREMIE package is that of further enhancing the access to finance for Maltese and Gozitan Micro Enterprises and SMEs.

Also participating as keynote speakers were Joanna Drake, Director, SMEs and Entrepreneurship, within the EU Commission, and Bruno Robino, Head of Region (Southern Countries), within the European Investment Fund.