BoV chosen by SMEs as best Malta bank for financing needs
A survey recently carried out by the Chamber of Small and Medium Enterprises – GRTU and published during the Enterprise Consultative Council confirmed the important role that banks play in shaping the country’s economic growth. Forty six per cent of companies have in fact indicated banks as a major source of capital financing for their investment needs. Amongst these companies, the majority of respondents (44 per cent of the total) indicated bank of Valletta as the preferred bank for their financing needs.
In addressing another information session jointly organised by BoV, the Chamber of Commerce and Malta Enterprise in relation to the latest European Union and National Funded incentives, Albert Frendo – chief officer credit – gave an update of how the JEREMIE financial package is performing among local SMEs and stated that:
“As part of the EU’s 2020 Strategy, the BoV JEREMIE Financing Package has been specifically designed to assist local SMEs in their capital financing requirements. Through a fund of €51 million and by offering loans at advantageous interest rates and enhanced collateral requirements, Bank of Valletta is assisting local established enterprises expand and modernise their operations as well as supporting good quality start-up business ventures.
“This scheme has to-date proved to be very attractive. Since its launch in April 2011, over €16.3 million worth of capital expenditure loans have been sanctioned to an array of small and medium sized enterprises operating in various economic sectors, ranging from the traditional to the new economy industries. Nearly 170 SMEs have to-date benefited from this scheme investing the equivalent of € 25.5 million between them. Bank of Valletta is committed to continue strengthening its position as the Bank of first choice for local SMEs,” Mr Frendo said.