MDB issues new scheme with revised collateral requirement after the Malta Chamber of SMEs highlights difficulties
23 September 2020
Following problems flagged by members on accessing the MDB loan scheme, the Malta Chamber of...
The scheme announced this morning by Bank of Valletta with the support of the Malta Development Bank is very good news for Maltese Businesses. Businesses will be able to apply for financing of their projects up to a maximum of Eur 750,000, at a 3.5% interest rate and lower collateral requirements.
GRTU welcomes this announcement as the first positive tangible step made by the Malta Development Bank. The development bank was the mover behind this scheme but GRTU thanks all the parties involved, both foreign and local, that came together to make this possible.
GRTU had campaigned for the establishment of a Development Bank for Malta for many years and what we are experiencing today was specifically the reason. Many businesses, especially SMEs, experience difficulties in accessing finance because of the high interest rates and collateral requirements, making access to finance very expensive.
This scheme puts businesses at par with many other EU countries when accessing finance. On average businesses will now pay the same for an investment as their counterparts would do in a number of Member States, not twice or three times as much.
The scheme is currently accessible through Bank of Valletta and GRTU encourages businesses to make the most out of this invaluable opportunity.
Business interested can contact GRTU for further information.
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).