During the session, Christian Vella Masini from the Ministry for Gozo said that the 5% growth of the economy of Gozo per annum per capita can be predominantly attributed to small-scale but high value-added manufacturing and services activities. 

In addition, Mr Vella Masini underlined the interest by the Ministry for Gozo in welcoming incentives that provide easier access to finance. In fact, these are necessary to further enhance investment and job creation within Gozo, giving life and energy to such businesses. 

Furthermore, MDB chief officers Joseph Darmanin and Maria Xuereb explained that the MDB performs a promotional role, supporting productive and viable operations where the market is unable to accommodate due to higher credit risks. Therefore, their bank works on complementing commercial banks in bridging financial gaps in bankable investments. It provides guarantee schemes intermediated through commercial banks to enhance small and medium-sized enterprises (SME) access to finance and to facilitate more attractive terms for bank lending to SMEs.

Moreover, Executive SME Finance of BOV Alfred Buhagiar illustrated how these guarantees assist SMEs to tap into financing through the BOV Family Business Success and BOV SME Invest loan products. 

As a matter of fact, the BOV Family Business Success facilitates the transfer of ownership between family members within a Family Business certified with the Family Business Office, while the BOV SME Invest offers a financial solution to SMEs including startups, seeking finance to grow and reach their full potential through reduced collateral requirements and financing costs, the press release says. 

“Businesses in Gozo never operate on a level playing field as those on the mainland, and the Malta Development Bank can be the bridge or link that can help our enterprises prosper.  With this in mind, we will be asking the Malta Development Bank to study regional financial packages, which acknowledge the specificities of our Island,” concluded the President of the Gozo Business Chamber Joseph Borg. 

The post BOV, MDB offer support for Gozitan businesses first appeared on The Malta Business Weekly.

BOV believes that small and medium-sized enterprises (SMEs) are the heart of the Maltese economy and a major source of entrepreneurial skills, innovation and employment, they need easy and affordable access to financing in order to grow and reach their full potential.

As such, during the information session, attendees will learn information and insight on how Gozitan SMEs can take advantage of newly launched financing schemes to grow their business, BOV says.

Malta Development Bank’s Chief Business Development Officer Joseph Darmanin and Chief Credit Business Officer Maria Xuereb will discuss the role of the Malta Development Bank in the economy and the operations of the Malta Development Guarantee Schemes.

In addition, BOV Executive SME Finance Alfred Buhagiar will provide a practical example of how such guarantees ease access to finance for SMEs via the BOV SME Invest and BOV Family Business Success initiatives.

Bank Of Valletta Small Medium Enterprise Invest includes startups, venturing into new business sectors and traditional SMEs wanting to invest in revamping or strengthening their current business model. BOV Family Business Success assists family businesses to transfer ownership/shareholding from parents to children or amongst siblings.

The post BOV, Malta Development Bank to hold SME info session in Gozo first appeared on The Malta Business Weekly.