€12 million in working capital facilities taken up in the first week of its launch
The Bank is highly conscious of the difficulties that businesses are facing in the current COVID-19 scenario. Reaffirming its strong commitment to continue extending its support in these challenging times, Bank of Valletta has increased its ‘Business Assist’ fund from €10 million to €20 million.
The Bank has been proactive in meeting customers’ demands in these challenging times. The first tranche of €10 million has already been allocated to assist businesses, mainly micro and small business SMEs, in their working capital requirements. Bank of Valletta is committed to introduce further measures in the coming days to ensure that liquidity continues to flow in the market. Such measures could include potential further increases to this fund dependent upon how the situation and requirements continue to evolve.
The ‘Business Assist’ fund provides direct working capital to support business customers facing cash flow issues. Each case is analyzed on its own merits and subject to credit assessment and the maximum loan per business customer may not exceed €500,000. This will ensure that these funds are made available to as many business customers as possible.
Apart from the €20 million fund, Bank of Valletta has a number of other measures aimed at providing support to businesses such as:
- Interest will be charged in June instead of March
- Capital repayment holidays ranging between three and twelve months
- Ease of trade finance services via internet banking at no additional cost
- Provision of direct working capital for customers facing short term cash flow issues
Offered on a case-by-case basis, solutions are tailored according to the particular circumstances of each business customer. Other initiatives for assistance may be considered depending on the particular exigencies of the business customer.
Business customers are requested to contact their Relationship Manager who will provide them with additional information on how Bank of Valletta can assist their business. Contact details of the BOV Business Centres can be found on https://www.bov.com/content/assist.
The Bank is continuously monitoring the situation and will continue to introduce measures to support the local business community.