Bank of Valletta has launched a new Micro Financing Package designed to support the development of micro enterprises in Malta.

John Soler, chief officer responsible for credit, said the package was developed to provide straightforward and efficient banking and financing solutions to micro enterprises.

The bank's goal was to facilitate the success of micro enterprises.

The package, which is supported by the Parliamentary Secretariat for Small Business and the Self Employed, includes a full range of financing options tailor-made to support micro enterprises at various business stages.

It includes BOV Smart Start, designed to support business start ups; BOV Asset Financing, designed to finance investment in assets that are essential for business success; BOV Business Prosper, providing a simple and cost-effective way to meet day-to-day working capital requirements, and Specific Sector Financing which offers financing packages directed at specialised sectors including women entrepreneurs, members of the Federation of Industry and graduates.

The package also includes trade finance services to support micro enterprises conduct international business.

Edwin Vassallo, Parliamentary Secretary responsible for Small Business and the Self Employed, said the secretariat has been working closely with Bank of Valletta to launch the package.

It had been specifically adapted to reward success, encourage start-ups, favour small business expansion and job creation, and facilitate the creation and the succession in small enterprises.

"It is a package which promotes personal performance incentives," he said.