Fabian Demicoli

Micro Credit

Another month has passed since the Director General's strong appeal at MCESD to get this scheme moving without further delay. He says today that "those who believe that the situation for many micro and small businesses has improved as the recession is gradually receding, are very much mistaken." Our figures show that most small businesses on the first quarter of 2010 are worse off than they were in the 1st quarter of 2009.


"Pockets of large businesses and the result of the hefty wage increases enjoyed since 1st January 2010 by all the public sector have pushed GDP, but the growth has not resulted as a result of better economic returns by micro and small businesses. SMEs are still hard down. Government is foolish to continue to delay the implementation of the micro credit scheme which was the major instrument of support to micro and small businesses proposed in budget 2010." GRTU has proposed various ways how the scheme could be operated while Government awaits the EU funding attached to it.

"Why on earth is the Ministry of Finance continuing to drag its feet on this vital scheme. Being busy with the crises increase is no reply to small business owners who seek the safety valve of micro credit. Indeed many small business owners cannot understand why the Government is so preoccupied and so willing to spend Malta's hard earned reserves to pay treachery of the Greeks when they cannot find the time and the funds to help Maltese entrepreneurs" concluded Vince Farrugia. GRTU cannot speak load enough on this issue. Yet it seems that nobody out there wants to listen.

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