The European Investment Fund has signed a guarantee agreement with Bank of Valletta, allowing the bank to provide over €50 million of new loans to Maltese small and medium-sized enterprises, including micro-businesses.

The agreement brings a new instrument, the First Loss Portfolio Guarantee to the Maltese market. This scheme had originally been announced in the budget for last year as the micro-credit scheme.

This instrument offers a new opportunity to a broad range of SMEs across the Maltese islands, looking to invest or expand their business. Bank of Valletta will offer improved loan conditions to businesses by reducing collateral requirements and interest rates. The product will facilitate SMEs access to finance.

The guarantee is implemented under the Joint European Resources for Micro to Medium Enterprises initiative, financed from EU Structural Funds.

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