Malta Enterprise is working on a scheme to provide guarantees as collateral for small enterprises whose track record is not yet good enough to get access to financing from financial institutions.

Answering Opposition MP Claudio Grech, Economic Affairs Minister Chris Cardona said the guarantee would be given only after due diligence exercises.

Once the financing was secured, the actual spending of funds would be continually scrutinised.

The scheme was one of the new incentives to be launched this year for small and medium-sized enterprises.

Malta Enterprise was also working on two new start-up schemes, one for seed funding and another which would work with beneficiaries and private investors to facilitate access to funds for an enterprise to establish itself in its intended market.

Another scheme was intended to encourage existing companies to enhance the quality of their product, services or processes and acquire certification.