The new Micro Guarantee scheme through which enterprises employing up to 20 workers – including start-ups and self-employed – may be granted a guarantee to help them secure a loan from commercial banks participating in the scheme has entered into effect.
To date, Banif Bank, Bank of Valletta, HSBC and Lombard Bank have confirmed their participation in the scheme, though other banks may still be added to the list of participating banks.
Administered by Malta Enterprise, the Micro Guarantee scheme is aimed at facilitating access to loans of up to €100,000 for eligible enterprises, which may use the funds to finance projects leading to business enhancement, growth and development.
Beneficiaries of the scheme will be able to obtain loans at favourable conditions, whereby they shall be required to provide only 10% (or less) of the value of an eligible loan as security.
Click here for further information on the Micro Guarantee scheme, the Incentive Guidelines and the application for the scheme.
It is recommended that potential applicants contact Business First prior to submitting their application by calling 144 or by email on firstname.lastname@example.org.