Access to financing is vital to promote entrepreneurship and SME development, and build a competitive, innovative and sustainable tourism sector. ‘Funding Opportunities for Tourism Sector Projects’ was the theme of a workshop co-organised by BOV and the Malta and Hotels and Restaurants Association for the Maltese business community to explore various EU- and Malta-based funding options for the hospitality industry.
Speaking during this event, Mark Scicluna Bartoli, executive, EU and institutional affairs, at Bank of Valletta, said: “The ability of tourism entrepreneurs to access finance required at each stage of their business lifecycle, coupled with the right financing conditions, is crucial towards the success of this industry.
“EU- and Malta-funded guarantee instruments provide easier access to finance through reduced collateral requirements and finance costs,” he added. “BOV Jaime and BOV SME Invest provide bank financing up to a maximum of €750,000, at attractive interest rates and reduced collateral obligations.”
The workshop concluded with an exchange of views with officials from Jobsplus, the Ministry for EU Affairs and Equality, and Malta Enterprise how the various EU and national funds can be combined to ensure maximum benefit for businesses in the hospitality industry.