Undoubtedly these past months have proved to be disruptive for most businesses, Bank of Valletta said in a statement issued on Monday.
BOV had from the very beginning immediately responded to the economic strain brought about by the COVID-19 pandemic and was at the forefront in assisting the business community to surmount these unprecedented challenges, the bank stressed.
Albert Frendo, Chief Credit Officer at Bank of Valletta
“Bank of Valletta pledged from the very start its commitment to help businesses to go through these unprecedented times and immediately launched a number of supportive measures,” stated Albert Frendo, Chief Credit Officer at Bank of Valletta.
“One of the leading initiatives that left a significant impact on the economy was the BOV-MDB COVID Assist. Through our strong partnership with the Malta Development Bank, by end August, we had already approved over €192 million to more than 265 business entities directed towards their liquidity needs.”
“We are proud to be the main drivers of the scheme and from its launch till June, 80 per cent of the total facilities approved under the MDB COVID-19 Guarantee Scheme were underwritten by Bank of Valletta.
“As Malta’s leading Bank, we are yet again providing the most tangible and key aid to the business community and contributing strongly towards the path to recovery of the Maltese economy.”
Apart from supporting businesses through financing, the bank is providing guidance on sound financial management and debt levels, always encouraging businesses to seek the right leverage balance.
“Securing funding to provide the necessary liquidity is critical, more so during these times. However, one must be cognizant that what is borrowed today, needs to be repaid from income generation and profit margins of tomorrow, hence prudence in these times is a key requisite,” explained the BOV Chief Credit Officer.
“While the future outlook is still uncertain, what remains clear is that businesses will require short-term liquidity, sound financing and the right strategies to recover and thrive. We will continue to support the revival of our economy by making immediate liquidity funding accessible to local businesses,” concluded Frendo.
The BOV-MDB COVID Assist provides funds at highly subsidised interest rates, reduced collateral requirements and a moratorium on capital and interest repayments so that business operators can meet working capital requirements, running costs and expenses. It benefits from the support of the MDB COVID-19 Guarantee Scheme.
Businesses seeking to avail themselves of the BOV-MDB COVID Assist are to send an email to email@example.com, or if they are BOV customers to their Relationship Manager, Business Centre or Corporate Centre. Further information can be found on https://www.bov.com/content/bov-mdb-covid19-assist.