APS Bank to operate €12 million innovation facility for Maltese SMEs
Over the next two years, APS Bank – in collaboration with the European Investment Fund (EIF) – will make available a loan portfolio of €12 million to support local SMEs develop, streamline and innovate their operations, products, services or financing business transfers subject to certain terms and conditions. The InnovFin Scheme is applicable to a wide range of business sectors and falls under the Horizon 2020 EU Framework Programme for Research and Innovation.
InnovFin provides for 50 per cent risk sharing by the EIF, resulting in a maximum guarantee of €1.2 million per SME, on the financing of business loans not exceeding €2.4m at competitive interest rates with a maximum repayment term of 10 years.
Commenting on the initiative, APS Bank CEO Marcel Cassar said the bank “has a centennial tradition of supporting community entrepreneurs who have always been the backbone of the economical progress of our Islands. We would particularly like to see innovative projects in the environment, technology, science, education, culture, health and social care.”
SMEs interested in applying for the scheme are urged to contact APS Bank’s Commercial Business Unit (CBU) for an appointment by calling the APS customer support centre on 2122 6644.
For more information about InnovFin, visit the bank’s webpage on www.apsbank.com.mt/InnovFin