Almost a third of companies have problems to access credit facilities, a study by the Malta Business Bureau has found.

The survey released today showed the situation was more acute among start-up companies with three quarters of them making use of traditional loan facilities that did not necessarily cater for their needs.

George Vella, president of MBB, urged the Government to use more EU funds as financial engineering instruments to provide funds for SMEs.

The current package amounts to €10 million under the Jeremie scheme, which was expanded to €50 million with the participation of Bank of Valletta.

Mr Vella said this was not enough, noting that Jeremie funds were used in other EU countries as seed capital, loan guarantees and other initiatives.

Industry Minister Chris Cardona and Tourism Minister Karmenu Vella said Government was committed to work with financial institutions so they could provide working and venture capital funds.

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