Following government's proposed restructuring of the Ta' Qali Crafts Village, BoV recently showed an interest in assisting entrepreneurs finance the construction and finish off the new premises.

Talking about the initiative, the bank's CEO, Tonio Depasquale, said: "We are pleased to extend our support towards those investing in this project. We are proud to adopt a proactive approach, assisting big entrepreneurs and also small and medium-sized businesses".

The Ta' Qali Crafts Village project, including the construction of 87 units, is being undertaken in collaboration with Malta Enterprise. Malta Enterprise is supporting this project through a three-year loan interest subsidy and a Loan Guarantee Scheme.

As part of this package, customers are to contribute 20 per cent of the overall project costs. The initial 10 per cent preliminary contract payment is to be paid by the borrower himself as part of his 20 per cent contribution.

The remaining 80 per cent loan draw-down will take place at the time of the signing of the final contract, that is, when the property would have been already in a closed shell state. An interest rate of 4.75 per cent will apply on that portion of the loan covered by Malta Enterprise guarantee. A six per cent interest rate will apply for the standard loan finance.

Three repayment bands have been identified under this package. Loan arrangements of up to Lm20,000 are repayable over a maximum period of 10 years, loan arrangements from Lm20,001 to Lm100,000 are repayable over a maximum period of 15 years and loans of over Lm100,000 are repayable over a maximum period of 20 years.

For full details about this new financing option from BoV, and other details about specific terms and conditions, customers are invited to contact any BoV branch or business centre.