Banif Bank is offering SMEs the unique possibility of financing with minimal security. This has been made possible through the agreement reached between the European Investment Fund (EIF) and Banif Bank (Malta) plc and the subsequent creation of Banif Business Accelerate.
Melvin Pellicano, head of Business Strategy at Banif, said Banif Business Accelerate offers excellent financing opportunities and was designed to cater for a wide array of SMEs operating in different sectors, and with different requirements.
“While Banif Business Accelerate is packed with benefits and boasts very competitive interest rates, what really stands out is that the amount of collateral needed is much lower than that which is normally requested.
“This means that SMEs can inject new capital into their business with no or minimal security, depending on the risk profile of the client,” Mr Pellicano said.
The EU defines SMEs as enterprises employing less than 250 employees and with an annual turnover not exceeding €50 million or with an annual balance sheet total not exceeding €43 million.
What really stands out is that the amount of collateral needed is much lower than that which is normally requested
Mr Pellicano explained that Banif Business Accelerate can be used by start-ups looking to get their business going and by SMEs that have already established their operations and seek to grow or break new ground.
To be eligible, SMEs must be operating in one of the following sectors, among others: tourism-related activities; wholesale and retail services; manufacturing; ICT products and services; arts, entertainment and recreation; and research, development and innovation activities.
SMEs can make use of the funds obtained through Banif Business Accelerate to upgrade their equipment, ICT or even their premises. They can be used to fund a new research-based project, to develop a new product or service or to penetrate a new market.
Banif Business Accelerate also offers a variety of tools for a faster, easier and more convenient banking experience including a current account with a cheque featuring a custom company logo, free Banif@st internet banking and a free Visa debit card.