Bank of Valletta p l c : Keen response for the BOV JAIME Financing Package

25% of the fund allocated in the first 4 months

Bank of Valletta announced that as at end of June 2016, over €12 million of the €50 million worth of financing made available by the Bank through the BOV JAIME Financing Package had already been taken up.

The BOV JAIME (Joint Assistance Initiative for Maltese Enterprises) Financing Package was launched on the local market in mid-February 2016, following an agreement reached between the Bank and the European Investment Fund (EIF). This package makes use of EU Structural and Investment Funds resources contributed by the Government of Malta, and co-funded by the European Union through Horizon 2020 resources and EIB Group resources.

Bank of Valletta revealed that well over 100 SMEs were successful in their application for financing through the BOV JAIME Financing Package. Designed specifically for the small and micro-enterprises, this Package provides tangible benefits to SMEs because it significantly reduces costs, through discounted interest rates and reduced collateral requirements. In this manner, it has made financing available and affordable when it matters most - at the point when they need to grow.

The BOV JAIME Financing Package is not the first SME-driven financing tool designed by Bank of Valletta to support this important economic sector. In fact, it was preceded by the BOV JEREMIE Financing Package that went on to become a reference case study at EU level. The Bank later launched BOV4SME and BOV Start Plus, likewise aimed to easing access to financing for SMEs and microenterprises.

Bank of Valletta claimed that it remains firm in its commitment to be the Bank for SMEs, and to this end, it has invested significantly, both in terms of the expertise of its people, as well as through a network of six regional business Centres that support the retail network in financing business customers. The BOV Representative Office in Brussels is another important element in the Bank's strategy to collaborate with EU bodies in designing EU financial instruments. Furthermore, the Bank is working closely with constituent bodies to increase awareness about this Package as well as other support the Bank can offer to SME players to help them grow their business.

Information about the BOV JAIME Financing Package can be obtained by contacting Bank of Valletta on 2275 1529 or by email at smefinance@bov.com

Normal Bank lending criteria apply.