Covid, multi-million scheme for Maltese SMEs approved by EU commission

LA VALLETTA (MALTA) (ITALPRESS/MNA) – Small and medium enterprises in Malta will have the opportunity to benefit from an €80 million scheme which was approved by the European Commission to address the impact of the coronavirus on the Maltese economy.
The co-lending scheme coordinated by the Malta Development Bank and other accredited commercial banks will provide financial assistance to Maltese SMEs that are willing to invest and diversify their business after they were badly hit by the pandemic. The Malta Development Bank will guarantee a maximum of 60% of the loan lent by the commercial banks.
The European Commission said that the Maltese scheme is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a member state. The Maltese government’s policy is to continue supporting businesses to shift towards greener and more sustainable operations that also embrace digitalization.
Meanwhile, the Maltese government announced that the wage suppliment scheme will not be extended as from June, 1. Since the beginning of the pandemic, the Maltese government invested over 720 million to save 50,000 jobs.
First introduced in March 2020, the wage supplement scheme, has been granted to several businesses to cover wages and assist them in recovering from the economic impacts of the Covid-19 pandemic. Soon after the scheme was introduced, the Maltese government received 17,000 applications and since then some 120,000 employees have benefitted from the scheme.
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Source: medNews