HSBC Malta has created a €100 million fund to support Maltese businesses. It forms part of HSBC Group’s new US$5 billion global working capital fund aimed to ensure that business customers continue to have access to appropriate credit through the current financial and economic crisis.

The fund represents new money, over and above what HSBC would normally expect to lend in the current business environment, and will be funded from HSBC’s own resources, the bank said.

“This is a difficult time for business in many economies including Malta. Businesses are the lifeblood of the Maltese economy and it is their continued success that will provide a stimulus to create economic growth," Alan Richards, HSBC Malta’s CEO Malta, said.

"Customers are rightly looking to see how banks can help. I am pleased that HSBC is using its financial strength to help our business customers by delivering this US$130 million fund.”

The fund will supply working capital to help businesses with their cash flow needs, particularly utilising invoice finance for domestic needs and trade finance products to support businesses that trade or aspire to trade internationally. This fund will help customers with fundamentally sound businesses to weather short-term shocks caused by the downturn."

Finance will be allocated on a case-by-case basis using the bank’s normal lending criteria.