The Maltese Government has announced the launch of two new initiatives designed to make it easier for small businesses to access financing – a Credit Review Office and a Mandatory Banking Charter.

The Credit Review Office will serve as a mediator between small businesses and banks when loan applications are rejected. Its role is to ensure that small business owners are given a fair opportunity to have their cases reviewed, particularly in instances where access to financing has proven difficult.

Meanwhile, the Mandatory Banking Charter will require banks to adopt clearer and more transparent procedures when handling loan applications. This includes setting out, in advance, which documents are needed and how long applicants should expect to wait for a response.

Minister for the Economy, Enterprise and Strategic Projects Silvio Schembri said the new measures are part of Government’s wider efforts to make doing business in Malta “simpler, fairer, and more efficient.”

“When we talk about small businesses, we’re talking about people who work hard every day to create value and provide jobs for others,” he wrote on his LinkedIn.

He explained that with the Credit Review Office, “instead of facing the struggle alone, they’ll now have someone to represent them,” while the Banking Charter ensures that “banks will now be required to follow clear and transparent rules.”

Both initiatives are intended to address long-standing concerns among local entrepreneurs about the challenges of accessing bank financing – an issue that has often been raised by business associations and SME representatives.