BoV launches advisory package

Bank of Valletta in conjunction with the Local Councils' Association has set up the Philoxenia project to support a limited number of micro-enterprises in localities defined as rural zones. The project envisages financial, technical and cultural support to the entrepreneurs wishing to establish themselves in the target zones to create their micro-project and also to contribute to the vitality of these rural localities.

"A number of new micro-enterprises will be set up through the assistance of the BoV Philoxenia Advisory and Financing package" said BoV CEO Tonio Depasquale. "This package provides personalised mentoring services through the BoV EU and SME advisory services to boost the entrepreneurship skills of these Start-Ups and information and assistance in tapping into EU funding opportunities both locally and at a pan European level.

"Bank of Valletta will also provide a start-up financing package in terms of overdraft and loans to finance working capital requirements and capital investment in tangible and intangible need", continued Mr Depasquale.

The Philoxenia project is partly financed by the European Union Programme Med 2007-2013, co-financed by the European Regional Development Fund. The project has also been benefitted from the Local Councils' Co-Financing Fund set up by the Parliamentary Secretary for Consumers, Fair Competition, Local Councils and Public Dialogue.