Banif Bank acknowledges the importance of Small and Medium Enterprises (SMEs) in the domestic market and the particular challenges that micro, small and medium businesses like mine face, including the main challenge of obtaining appropriate funding.
Through Banif Business Accelerate, Banif Bank is offering me the unique possibility of
financing my business with minimal security. This is possible due to the agreement
reached between the European Investment Fund (EIF) and Banif Bank (Malta) plc.
Banif Business Accelerate is intended for a large array of small and medium business operations, and at various stages - from start-up status to those in a phase of growth and expansion, onto more established and mature SMEs. The idea is for me to get a financial solution drawn up around my needs with attractive terms.
The interest rate on Banif Business Accelerate is very competitive when compared to other business loans on the market. Similarly the amount of collateral I am asked for when I opt for a loan under the Banif Business Accelerate is much lower than that which is normally requested. Under this scheme, Banif looks to secure a maximum of 20% of the total requested funds through Extendible Security. Alternatively, Banif may also consider granting the loan without any security depending on the risk profile of the client.
About Banif Business Accelerate
Banif Business Accelerate is a product created through the collaboration between Banif Bank and the European Investment Fund via Horizon 2020 and the EU's European Regional Development Funds for SMEs allocated to the Government of Malta.
Banif Business Accelerate is available to all SMEs established and operating in Malta excluding sectors such as agriculture, fisheries, gaming and real estate development amongst others. SMEs are enterprises employing less than 250 employees and with an annual turnover not exceeding €50 million or with an annual balance sheet total not exceeding €43 million as defined in the EU Commission Recommendation 2003/361/EC.
What type of business can I finance?
I will be considered for Banif Business Accelerate if I operate in the following sectors amongst others:
- Tourism related activities;
- Wholesale and retail services;
- ICT products and services;
- Arts, entertainment and recreation; and
- Research, development and innovation activities. Click here to verify whether your business is eligible or not.
What can the funds be used for?
Banif Business Accelerate can help me realise my vision and execute my plans by financing upgrades in hardware, software, upgrades to business property and more. If I want to break new ground by launching my own research-based project, develop a new product or service or penetrate a new market, Banif Business Accelerate can help get my project going.
I can borrow up to 75% of the total project costs, from a minimum amount of €25,000 up to a maximum of €500,000. Monthly loan repayments will be spread over a minimum period of 2 years and a maximum period of 12 years (or 10 years if funds are required for research and innovation.)
The interest rate on Banif Business Accelerate is very competitive when compared to other business loans on the market.
Banif Business Accelerate offers me a variety of tools for a faster, easier and more convenient banking experience including:
- a current account with a cheque book featuring my company logo*;
- free Banif@st Internet Banking to manage my funds 24/7; and
- a free Visa Debit Card which can be used at any VISA ATM* or EPOS anywhere in the world, as well as for online transactions.
*Terms and conditions apply. Loans are subject to the Bank's lending criteria. The Bank reserves the right to withdraw the product from the market at its own discretion. Banif Bank (Malta) plc is a credit institution licensed to undertake the business of banking by the MFSA in terms of the Banking Act 1994. Registered in Malta C41030 - 203, Level 2, Rue D' Argens, Gzira, GZR1368, Malta.