More than 50 per cent of available financing in the Malta Trade for Growth (MTFG) Fund has been taken up.

The €75 million MTFG was launched in June 2015 to provide support for Malta-based businesses seeking new export success after the first €50 million fund in 2013 was completely utilised within a year.

The Malta Trade for Growth Fund was established by HSBC Malta as a vehicle to internationalise businesses and support the long-standing entrepreneurship that has been a hallmark of Maltese businesses for many years. The fund grants businesses with a sound expansion plan access to HSBC’s trade and lending resources, as well as its worldwide network of local trade experts.

HSBC Malta Head of Commercial Banking, Michel Cordina, said: “The speed with which the €75 million fund has been taken up is a testament to Malta’s vibrant entrepreneurial spirit. Many of our clients are using the fund to innovate and transform their businesses into some of Malta’s biggest and most powerful.”

Businesses everywhere face tough decisions in the abundance of mixed economic messages. HSBC believes that continued support and encouragement, through initiatives such as MTFG, can give them the confidence to fulfil their ambitions with renewed enthusiasm.

“Most of the beneficiaries of our fund have been small and medium enterprises. These companies are the heart and soul of Malta’s economy and we are delighted to have played our part in supporting these businesses to grow,” HSBC Malta CEO Andrew Beane said.