Bank of Valletta earmarking €10 million to assist businesses affected by COVID-19

BOV-assists-businesses

Bank of Valletta announced a number of measures to support business customers who are being adversely affected by the current COVID-19 scenario.

The Bank said that the measures will be considered on a case-by-case basis on the particular circumstances of each business customer and may include; capital repayment holidays ranging from between three and twelve months, ease of trade finance services via internet banking at no additional cost and provision of direct working capital for customers facing short term cash flow issues

The Bank is earmarking a fund of €10 million to be able to provide direct working capital for business customers facing cash flow issues. The terms for the provision of direct working capital is for a period of six months priced at 3.5% repayable over twelve months at zero charges.

BOV said that each case will be analysed on its own merits and will still be subject to credit approval and the maximum loan per customer may not exceed €500,000. This will ensure that the allocated fund will be made available to as many customers as possible.

The Bank stated that it is monitoring the current situation on a continuous basis in close collaboration with the government and the health authorities and will be taking all the necessary measures to ensure that the Bank will continue to support the business community.

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