25% of fund al­lo­cated in the first four months

Keen re­sponse for the BOV JAIME Fi­nanc­ing Pack­age ●

Malta Independent - - BUSINESS & FINANCE -

Bank of Val­letta has an­nounced that, as at end June 2016, over €12 mil­lion of the €50 mil­lion worth of fi­nanc­ing made avail­able by the bank through the BOV JAIME Fi­nanc­ing Pack­age had been taken up.

The BOV JAIME (Joint As­sis­tance Ini­tia­tive for Mal­tese En­ter­prises) Fi­nanc­ing Pack­age was launched on the lo­cal mar­ket in mid-Fe­bru­ary, fol­low­ing an agree­ment be­tween the bank and the Euro­pean In­vest­ment Fund (EIF). It makes use of EU Struc­tural and In­vest­ment Funds re­sources con­trib­uted by the Gov­ern­ment of Malta and co­funded by the Euro­pean Union through Hori­zon 2020 re­sources and EIB Group re­sources.

Bank of Val­letta re­vealed that well over 100 SMEs had suc­cess­fully ap­plied for fi­nanc­ing through the BOV JAIME Fi­nanc­ing Pack­age. De­signed specif­i­cally for small and mi­cro-en­ter­prises, the pack­age pro­vides tan­gi­ble ben­e­fits to SMEs be­cause it sig­nif­i­cantly re­duces costs through dis­counted in­ter­est rates and re­duced col­lat­eral re­quire­ments. It has thus made fi­nanc­ing avail­able and af­ford­able when it mat­ters most – at the point when busi­nesses need to grow.

The BOV JAIME Fi­nanc­ing Pack­age is not the first SME-driven fi­nanc­ing tool de­signed by Bank of Val­letta to sup­port this im­por­tant eco­nomic sec­tor. In fact, it was pre­ceded by the BOV JEREMIE Fi­nanc­ing Pack­age that went on to be­come a ref­er­ence case study at EU level. The bank later launched BOV4SME and BOV Start Plus, like­wise aimed at eas­ing ac­cess to fi­nanc­ing SMEs and mi­croen­ter­prises.

Bank of Val­letta claimed that it re­mains firm in its com­mit­ment to be the bank for SMEs, and to this end it has in­vested sig­nif­i­cantly, both in terms of the ex­per­tise of its peo­ple as well as through a net­work of six re­gional busi­ness cen­tres that sup­port the re­tail net­work in fi­nanc­ing busi­ness cus­tomers. The BOV Rep­re­sen­ta­tive Of­fice in Brus­sels is an­other im­por­tant el­e­ment in the bank’s strat­egy to col­lab­o­rate with EU bod­ies in de­sign­ing EU fi­nan­cial in­stru­ments. Fur­ther­more, the bank is work­ing closely with con­stituent bod­ies to in­crease aware­ness of this pack­age as well as other sup­port the bank can of­fer SMEs to help them grow their busi­ness. for

In­for­ma­tion about the BOV JAIME Fi­nanc­ing Pack­age is avail­able by con­tact­ing Bank of Val­letta on 2275 1529 or by email to sme­fi­nance@bov.com

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