APS Bank said on Friday it had come up with a “survival kit” for local businesses experiencing cash flow problems as a result of the COVID-19 crisis - the APS Jet Pack. 

It will provide working capital assistance to cover a number of costs - such as salaries and rental, energy and water bills and acquisition of material/stock for business continuity. 

Features at a glance

• Up to €8 million depending on the size of the business.
• No bank charges and fees.
• Starting rate of 2.75% (inclusive of guarantee fee) fixed for a loan of four years duration for an SME. 
• Commitment to pass on to the customer any additional governmental aid, such as interest rate subsidy, once this becomes available.
• Repayment period of up to four years, which can be extended to six on a case-by-case basis (terms and conditions apply).
• Six-month moratorium on both the interest payments and capital repayments (possibly extended to one year on a case-by-case basis).

The APS Jet Pack benefits from the support of the MDB COVID-19 guarantee scheme launched by the Malta Development Bank through the provision of a bank guarantee for €350 million covered by a government guarantee issued by the Finance Ministry. 

APS Bank CEO Marcel Cassar said it remained the priority of the bank to work with the Malta Development Bank and the government to provide commercial customers with the best possible support.

To discuss options, eligibility and application modalities, customers are invited to reach out to their relationship manager.

Alternatively, they can call the APS contact centre on 2122 6644 (Mondays to Saturdays from 8am to 8pm) or email the COVID-19 business response team at covid19@apsbank.com.mt.

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