These past months have proved to be disruptive for most businesses. Bank of Valletta had from the very beginning immediately responded to the economic strain brought about by the COVID-19 pandemic and was at the forefront in assisting the business community to surmount these unprecedented challenges.
“Bank of Valletta pledged its commitment to help businesses to go through these unprecedented times and launched a number of supportive measures,” said Albert Frendo, chief credit officer at Bank of Valletta.
“One of the leading initiatives that left a significant impact on the economy was the BOV-MDB COVID Assist. Through our strong partnership with the Malta Development Bank, by end August, we had already approved over €192 million to more than 265 business entities directed towards their liquidity needs.
“We are proud to be the main drivers of the scheme and from its launch till June, 80 per cent of the total facilities approved under the MDB COVID-19 Guarantee Scheme were underwritten by Bank of Valletta. As Malta’s leading bank, we are yet again providing the most tangible and key aid to the business community and contributing strongly towards the path to recovery of the Maltese economy.”
Apart from supporting businesses through financing, the bank provides guidance on sound financial management and debt levels, always encouraging businesses to seek the right leverage balance.
“Securing funding to provide the necessary liquidity is critical, more so during these times. However one must be cognizant that what is borrowed today, needs to be repaid from income generation and profit margins of tomorrow hence prudence in these times is a key requisite,” Frendo explained.
“While the future outlook is still uncertain, what remains clear is that businesses will require short-term liquidity, sound financing and the right strategies to recover and thrive. We will continue to support the revival of our economy by making immediate liquidity funding accessible to local businesses,” he concluded.
The BOV-MDB COVID Assist provides funds at highly subsidised interest rates, reduced collateral requirements and a moratorium on capital and interest repayments so that business operators can meet working capital requirements, running costs and expenses. It benefits from the support of the MDB COVID-19 Guarantee Scheme.
Businesses seeking to use the BOV-MDB COVID Assist are to send an e-mail to smefinance@bov.com, or if they are BOV customers to their relationship manager, business centre or corporate centre. More information is found on https://www.bov.com/content/bov-mdb-covid19-assist.
All loans are subject to normal bank lending criteria and final approval from the Bank. Terms and conditions are available from www.bov.com. Issued by Bank of Valletta p.l.c., 58, Triq San Zakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).