Hard­ship fund for cor­po­rate clients of Sata­bank

The Malta Business Weekly - - NEWS -

The Min­istry for the Econ­omy, In­vest­ment and Small Busi­nesses and the Min­istry for Fi­nance an­nounced last week the es­tab­lish­ment of a hard­ship fund for the cor­po­rate clients of Sata­bank. The fund will be man­aged by Malta En­ter­prise.

The hard­ship fund will pro­vide a bridge loan to as­sist af­fected com­pa­nies. The fund will ef­fect and process pay­ments to cover ver­i­fi­able salary bills. Other crit­i­cal op­er­at­ing ex­penses may be con­sid­ered on a case-by­case ba­sis.

The hard­ship fund was made avail­able on Mon­day, 26 Novem­ber to cor­po­rate clients of Sata­bank with em­ploy­ees res­i­dent in Malta, and who have:

• Paid op­er­at­ing ex­penses through their Sata­bank ac­count on pre­vi­ous


• Suf­fi­cient funds with Sata­bank to cover the re­quested bridge loan; and • A sub­stan­tive nexus to the Mal­tese econ­omy.

Cor­po­rate clients in re­ceipt of as­sis­tance from the hard­ship fund agree that, once re­leased, the funds held at their Sata­bank ac­counts will be used to re­pay amounts pro­vided by the hard­ship fund.

Those wish­ing to ap­ply for the hard­ship fund should com­plete the ap­pli­ca­tion form which can be down­loaded from the Malta En­ter­prise web­site http://hard­ship­fund.mal­taen­ter­prise.com/

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