The scheme announced this morning by Bank of Valletta with the support of the Malta Development Bank is very good news for Maltese Businesses. Businesses will be able to apply for financing of their projects up to a maximum of Eur 750,000, at a 3.5% interest rate and lower collateral requirements.
GRTU welcomes this announcement as the first positive tangible step made by the Malta Development Bank. The development bank was the mover behind this scheme but GRTU thanks all the parties involved, both foreign and local, that came together to make this possible.
GRTU had campaigned for the establishment of a Development Bank for Malta for many years and what we are experiencing today was specifically the reason. Many businesses, especially SMEs, experience difficulties in accessing finance because of the high interest rates and collateral requirements, making access to finance very expensive.
This scheme puts businesses at par with many other EU countries when accessing finance. On average businesses will now pay the same for an investment as their counterparts would do in a number of Member States, not twice or three times as much.
The scheme is currently accessible through Bank of Valletta and GRTU encourages businesses to make the most out of this invaluable opportunity.
Business interested can contact GRTU for further information.