A total of 110 small and medium companies have benefitted from the EU-sponsored microcredit finance scheme Jeremie, which has enabled them to altogether invest some €15 million in the economy, Finance Minister Tonio Fenech said.

He was speaking during a visit to the family-run E&L Enterprises, which specialises in metal works and galvanising. This company benefitted from a soft loan facility of €26,000, as part of Jeremie, which is administered by Bank of Valletta. It used the money to purchase new galvanising equipment that will help it expand its services.

E&L Enterprises started operations in 2007 and now employs 16 people, 10 of whom are former shipyard workers.

It has been involved in some high profile projects including the Midi Bridge and the staircase at MIA's Skyparks business centre. It also carries out offshore work with oil companies by providing steel structures for oil rigs.

Mr Fenech said it was the government's commitment to help small companies expand.

The Jeremie is a €52 million fund aimed to provide support to companies which did not have enough collateral to secure normal bank financing.

The minister also said that an enterprise fair Intrapriza Malta is being held at MFCC in Ta Qali this weekend showcasing 60 small and medium companies benefitting from Jeremie.

On Friday and Saturday, the fair will open at 10 a.m. and close at 10 p.m. while on Sunday it will be open from 10 a.m. to 8 p.m.