Designed in collaboration with the Malta Development Bank (MDB), and with the support of the Ministry of Finance, the BOV MDB COVID-19 Assist is the ideal solution for all those businesses who are facing a number of operational challenges.  

These relate to various running costs such as employees' wages and salaries, bills, pending invoices, acquisition of stock, maintenance costs and other expenses that are critical for the smooth running of the business. 

In times of difficulty, much needed financing is essential in managing these costs and keeping the business in sound financial health.

The BOV MDB COVID-19 ASSIST benefits from the support of the MDB COVID-19 Guarantee Scheme launched by the Malta Development Bank through the provision of a Bank Guarantee for €350,000,000, covered by a Government guarantee issued by the Ministry of Finance.

The following are some of the conditions governing the product:  

• All loans are subject to normal banking lending criteria and final approval from the Bank
  
  
•  Eligible enterprises are business undertakings established and operating in Malta consisting of:
•  SMEs which fall within the meaning of Commission Regulation (EU) EU No.651/2014 of 17th June 2014, and
•  Large enterprises
  
  
•  Eligible costs include, but are not limited to
• Salaries of employees, including social and health security payments
• Lease of establishment, including rental costs, energy and water bills, fuel etc
• Unpaid invoices due to a decrease in business revenues in respect of working capital and other similar commitments and in respect of investment expenditures provided that investment expenditures only qualify under the Scheme if they were contracted for prior to the approval of this Scheme by the Commission
• Acquisition of material and stock for continuation of business
• Expenses directly related to contracts which were cancelled or postponed because of the COVID-19 outbreak, excluding penalties and other liabilities incurred due to non-performance of contracts
• Maintenance costs
  
  
• The interest rate may vary depending upon the size of the enterprise and the term of the loan. 
  
  
• Interest rates will start from a fixed rate of 2.5 % for the first two years exclusive of guarantee fees.  As from year three, a variable interest rate which will be inclusive of the guarantee fees, will not exceed a 3.00% per annum over the three months Euribor rate floored at 0% for loans up to €5 million.

Other terms and conditions apply.