APS Bank to op­er­ate €12 mil­lion in­no­va­tion fa­cil­ity for Mal­tese SMEs

Malta Independent - - BUSINESS & FINANCE -

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

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