New loan guarantee scheme for SMEs
The government has formally launched a scheme of borrowing guarantees for small enterprises as announced in the Budget.
Finance Minister Tonio Fenech and SMEs minister Jason Azzopardi said the new scheme, called Micro Guarantee, will be open to enterprises employing up to 20 people.
Malta Enterprise will provide loan guarantees for investments of up to €100,000. Such investment has to first be approved by ME. The businesses only need to provide collateral to cover 10% of their investment.
The new scheme comes into force on August 1. Interested businesses have to first apply to Malta Enterprise and then talk to one of the participating banks, which are Bank of Valletta, Banif Bank and Lombard Bank.
Mr Fenech noted that 2,800 businesses have so far benefited from more that €160m in aid granted under the MicroInvest and MicroCredit schemes as well as European funds.
Businesses interested in Micro Guarantee or the other schemes may contact Malta Enterprise at Business First on number 144 or by calling at its offices in Pieta'.