Government asked to speed up introduction of micro-credit scheme

The government is being encouraged to launch without further delay its promised €10 million fund as part of a micro-credit scheme targeted at small and medium enterprises, as well as the self-employed.

The Malta Chamber of Commerce, Enterprise and Industry said in a statement the government promised this scheme in the last budget. The chamber had commended the initiative, and augured its swift implementation.

It said that this fund, aimed at providing SMEs with the necessary liquidity for investment, was particularly important due to the economic downturn.

Furthermore, as mentioned in the Budget speech, should the demand justify this investment, the European Investment Bank would consider topping up the fund with a further €10 million.

“Up until now, there is no direct EIB funding for SMEs, with Maltese banks currently providing the funding for small companies. Such an opportunity of additional funding is not one to be missed.”