Small Medium Enterprises are the heart of the Maltese economy and a major source of entrepreneurial skills, innovation and employment. One of the main issues that these small businesses encounter is their struggle to raise enough capital to reach their full potential.
‘Financing Businesses to Prosper’ was the main theme of an event organised by the Malta Chamber of Commerce (MCC) in collaboration with Bank of Valletta (BOV) and the Malta Development Bank (MDB).
‘Startups and small SMEs often face struggles to gain financial support since these enterprises have a higher risk profile due to their lack of track record,” said MCC Chairman Kevin J Borg during his opening address. “Not surprisingly, access to finance has been identified as one of the most critical constraints to growth, however, major strides have been made to address this issue.”
Albert Frendo, BOV Chief Business Development Officer said that Bank of Valletta is proud to be a pioneer in embracing programmes that ease access to finance for SMEs and family businesses. BOV in conjunction with MDB recently launched two innovative products offering more affordable financing through reduced collateral requirements and financing costs. The BOV Family Success helps family businesses take the strategic step in implementing succession, ensuring higher financial stability and sustainability as the business passes from one generation to the other. BOV SME Invest offers a financial solution to SMEs including start-ups, seeking finance for capital investment and working capital.
“Bank of Valletta has always been close to the business community and through its innovative solutions it continues to show its persistent commitment towards the success story of local SMEs”, concluded Frendo.
‘Just after 8 months of effective operations, the Malta Development Bank is making an impact on the economy by rolling out its first two facilities to help enterprises prosper,’ said MDB Chairman Prof Josef Bonnici, Chairman, ‘Today Malta has a home-grown institution that provides a remedy for financial market gaps by designing financial instruments customised to the needs of the local economy.’
This session was one of a series of events co-organised by Bank of Valletta and the Malta Chamber of Commerce following their recently extended partnership agreement.
SMEs interested in taking advantage of the newly launched financing schemes to grow their business are invited to visit a BOV Branch or Business Centre or send an email to smefinance@bov.com.