The Bank of Valletta (BOV) teamed up with the Malta Hotels and Restaurants Association (MHRA) in organising a workshop entitled “Funding Opportunities for Tourism Sector Projects” for the Maltese business community to explore different EU and Malta-based funding options for the hospitality industry, according to a press statement by BOV.
Access to financing is vital to promote entrepreneurship and SME development and to build a competitive, innovative and sustainable tourism sector, the BOV press statement says.
“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,” said Mark Scicluna Bartoli, Head of the EU & Institutional Affairs at Bank of Valletta.
“EU and Malta funded Guarantee instruments provide easier access to finance through reduced collateral requirements and finance costs”, added Mr Bartoli. “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 final part of the workshop focused on an exchange of views with officials from Jobs Plus, the Ministry for EU Affairs and Equality, and Malta Enterprise how different EU and national funds can be combined to ensure maximum benefit for businesses in the hospitality industry.