Local businesses facing COVID-19 related challenges are now eligible to access much-needed liquidity and working capital facilities, thanks to the ‘Covid Assist’ scheme launched by Bank of Valletta and the Malta Development Bank (MDB).
Access to the scheme will mean that local companies can tap into support which will enable them to meet working capital requirements, aiding them with running costs such as employees’ wages and salaries, bills, pending invoices, acquisition of stock, maintenance costs, and expenses that are critical for the smooth running of the business.
According to the terms of the scheme, SMEs can take a loan up to €4 million, while large enterprises can apply for up to €8 million, subject to bank approval. Repayment terms can range between 18 and 72 months, with an inclusive moratorium period of six months that can be extended to 12 months, depending on the particular circumstances of the business.
Bank of Valletta announced that it will also be offering further credit supportive measures with all-inclusive interest rates, starting from a fixed rate of 2.5% for the first two years, at no additional fees and charges.
Businesses seeking to avail themselves of the BOV-MDB COVID Assist scheme, which will be available until 31st December of this year, are to send an email to firstname.lastname@example.org. Should they already be BOV customers, they can contact their relationship manager, or the bank’s business or corporate centre.
Publication date: 21/04/2020