"The new Micro Financing Package available from Bank of Valletta was developed specifically to support the development of micro enterprises in Malta," John Soler, chief officer, Credit, at Bank of Valletta, said at the launch of the new package.

Edwin Vassallo, Parliamentary Secretary responsible for Small Business and the Self Employed, and by Ing. Ray Muscat, chief officer of Malta Enterprise, also addressing the media at the BoV Centre in St Venera.

"The BoV Micro Financing Package is designed to provide straightforward, efficient banking and financing solutions to micro enterprises that now have a very clear and attractive value proposition from Bank of Valletta," Mr Soler explained.

"The launch of the BoV Micro Financing Package underlines how we are putting into practice our brand promise. When we designed this package, our goal was to facilitate the success of micro enterprises.

"Today, we are delighted to launch a comprehensive and very accessible package of financial services that are essential in the operations of any business - a package that, we hope, has all the elements necessary to help our micro enterprises achieve their full potential."

The BoV Micro Financing Package, which is supported by the Parliamentary Secretariat for Small Business and the Self Employed, includes a full range of financing options specifically tailormade to support micro enterprises at various business stages.

It includes BoV Smart Start, designed to support business start-ups; BoV Asset Financing, designed to finance investment in assets that are essential for business success; BoV Business Prosper, providing a simple and cost-effective way to meet day-to-day working capital requirements; and Specific Sector Financing, which offers financing packages directed at specialised sectors, including women entrepreneurs, members of the FOI and graduates.

Mr Soler said the BoV Micro Financing Package is truly comprehensive and provides the small business owner with a one-stop service solution to all business needs. "The package also includes trade finance services to support micro-enterprises conduct international business," he said.

"It also features a full range of other business solutions including advisory services, e-shops, business credit cards, and much more."

Mr Vassallo said: "Entrepreneurs need finance to translate ambitions into reality and to improve the access of small enterprises to financial services. The Parliamentary Secretariat for Small Business and the Self Employed is improving the relationship between the banking system and small enterprises by creating appropriate access conditions to credit.

"This Secretariat has been working closely with Bank of Valletta to launch this BoV Micro Financing Package, which has been specifically adapted to reward success, encourage start-ups, favour small business expansion and job creation, and facilitate the creation and the succession in small enterprises. It is a package which promotes personal performance incentives.

"Financial assistance for small firms and the self employed has never been more concrete and tangible. It is now up to the small firms and self employed to make best use of this assistance.

"It is this Government's objective to ensure that small firms and the self employed in Malta develop into sustainable and profitable enterprises, and the development of local small firms and self employed is our national priority.

"As a Government, through this parliamentary secretariat, we will keep working closely with the local banking sector and all the parties concerned to ensure that this remains so."

Ing. Muscat said: "Malta Enterprise is pleased to see that Bank of Valletta has come up with a holistic and integrated programme of financing to small and medium enterprises and micros. The package on offer will be of great benefit to SMEs and potential entrepreneurs, who might be thinking of developing their ideas into business ventures.

"It is interesting to note that this initiative addresses both the fixed capital and working capital requirements of enterprises."

The launch of the BoV Micro Financing Package is the latest initiative from Bank of Valletta supporting the economic development of the Maltese islands by focusing on small and medium-sized business. It follows the business strategic alliance entered into by Bank of Valletta and Malta Enterprise last January through which BoV became the official sponsor of the Innovation Projects of Malta Enterprise and last month's agreement with Malta Enterprise through which BoV is now able to support small and medium-sized enterprises through the Malta Enterprise loan guarantee schemes - the Loan Guarantee Scheme for New Entrepreneurs and the SME Loan Guarantee Scheme.

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