BOV increases its ‘Business Assist’ fund to €20 million

Bank of Valletta

Tista' taqra bil- Malti.

The ‘Business Assist’ fund has been increased from €10 million to €20 million, Bank of Valletta announced in a statement on Thursday evening.

BOV explained that it is conscious of the difficulties that businesses are facing due to ongoing situation brought about by the coronavirus outbreak both at a local level and at an international level.

BOV explained that the first tranche of €10 million has already been allocated to assist businesses, mainly micro and small business SMEs, in their working capital requirements. The bank has committed itself to introduce further measures in the coming days to ensure that liquidity continues to flow in the market.

The ‘Business Assist’ fund provides direct working capital to support business customers facing cash flow issues. Each case is analyzed on its own merits and subject to credit assessment and the maximum loan per business customer may not exceed €500,000, BOV said.

“This will ensure that these funds are made available to as many business customers as possible.”

The BOV is also providing support to businesses through a number of measures which include:

  • Interest will be charged in June instead of March
  • Capital repayment holidays ranging between three and twelve months
  • Ease of trade finance services via internet banking at no additional cost
  • Provision of direct working capital for customers facing short term cash flow issues

These are offered on a case-by-case basis, the bank explained and are tailored according to the customer.

The bank has invited its business customers to contact their Relationship Manager who can guide them and provide them with additional information.

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