The Parliamentary Secretary for EU Presidency 2017 and EU Funds, Dr Ian Borg addressed a conference on EU Funding and Technical Assistance for Innovative Start-Ups and SMEs organised by the Malta Business Bureau, the Chamber of Commerce and the European Commission Representation in Malta.

Dr Borg asserted that SMEs dominate the corporate landscape of Malta and are a key driver of its economy. This was outlined in a report, which was drafted by Price Water House and Cooper (PwC) on the basis of guidelines developed by the European Investment Fund. Dr Borg also explained that the focus should be on developing specific guarantee instruments to facilitate access to short-term debt for working capital purposes and long-term debt for investment purposes. 

While highlighting the importance of financial instruments, he communicated that the JEREMIE has been the best example of such funds. In fact, Dr Borg declared that the initial allocation of €10 million of ERDF funds was topped up with another €2 million in September 2013, and to date around 600 SMEs were assisted with over 700 loans granted and €62 million sanctioned. Keeping all this in mind, the Government will be seeking to emulate and to improve upon JEREMIE's success through the implementation of uncapped guarantee instruments under the SME initiative