COVID-19: BOV designating €10 million for business assistance

12th March 2020

The bank is setting aside a €10 million fund to be able to provide direct working capital for business customers facing cash flow issues.

Bank of Valletta is announcing several measures to support business customers who are being adversely affected by the current COVID-19 scenario.

These 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
• 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 per cent repayable over twelve months at zero charges.

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.

Other initiatives for assistance may be considered depending on the particular exigencies of the business customer.

Business customers are requested to contact their Relationship Manager who will provide them with additional information on how Bank of Valletta can assist their business.

The bank 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.

All loans are subject to normal bank lending criteria and final approval from the Bank. Terms and conditions are available from www.bov.com. Issued by Bank of Valletta p.l.c., 58, Triq San Zakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).


1st April 2020

The Malta Council for Science and Technology (MCST) has opened a public consultation process, which will run until the 9th April, on potential research and innovation strategies to boost jobs and growth, under the European Commission’s smart specialisation initiative, 2021-2027.

1st April 2020

It is likely the last month for some time where a drop in unemployment is to be registered, as COVID-19 takes its toll on the economy.

24th March 2020

In total, the Government will pay up to €70 million a month to subsidise wages.

23rd March 2020

Last Wednesday, the Prime Minister announced a €1.8 billion aid package which the Malta Chamber of Commerce, as well as others in the business community, warned would do little to stop job losses.