Four banks support new micro guarantee scheme

Banif Bank, Bank of Valletta, HSBC Bank Malta and Lombard Bank are supporting the new micro guarantee scheme which came into effect on Wednesday.

Administered by Malta Enterprise, the scheme gives firms em­ploying up to 20 people – including start-ups and self-employed – guarantees to help them secure a loan from participating banks.

The scheme is designed to facilitate access to loans of up to €100,000 for eligible enterprises, which may use the funds to finance projects leading to business enhancement, growth and development.

Beneficiaries will be able to obtain loans and be required to provide only 10 per cent or less of the value of an eligible loan as security.

Eligible costs include investments in acquiring tangible assets such as machinery and equipment, fittings, fixtures, refurbishment and restoration of commercial properties, investments leading to significant growth or to the development of a new market, immovable property linked to a business development project, and working capital linked to such investments.

Malta Enterprise will receive applications for support under this scheme until December 1, 2013.

Information is available at www.maltaenterprise.com/en/support/micro-guarantee-scheme.

Potential applicants are urged to contact Business First before submitting their application on tel. 144 or e-mail [email protected].