Hardship fund for corporate clients of Satabank

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

occasions;

• 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/