Bank of Valletta and Malta Enterprise signed an agreement last week which will see both sides collaborating in a new business strategic alliance. This agreement recognises Bank of Valletta as the sponsor of Malta Enterprise’s Innovation Projects, namely the Kordin Business Incubation Centre (KBIC) and Business Technology Network (BTN).
The strategic business alliance agreement was signed by Ing. Philip Micallef, CEO of Malta Enterprise, and John Soler, Chief Officer Credit for Bank of Valletta during a media tour of the Kordin Business Incubation Centre.
As a result of this agreement, Bank of Valletta will be working closely with Malta Enterprise and with clients at the Kordin Business Incubation Centre with the possibility of assisting, help analyse and advise project applicants in the business development stages as well as on financing options relevant to the respective applicants. Thanks to this collaboration, Bank of Valletta will also be actively participating in the Malta Enterprise’s Malta Regional Innovation Strategy (MARIS).
BOV is at the forefront in its support of SMEs. Today the bank operates a network of Business Centres, whose sole focus is to assist small and medium sized businesses through the provision of value added financial services. “This concept builds on BOV’s relationship banking strategy whereby specialised employees are being deployed to support the specific needs of the business sector. Through the bank’s Business Centres, the right infrastructure has been created to enable BOV to focus on the individual needs of each business customer, adding value through a relationship built on mutuality and understanding,” Mr Soler concluded.
There are 25 start-ups in the KBIC employing 120. These fall in the targeted sectors that are ICT, biotechnology, engineering systems and environment related industries.
Others fall in the areas of maritime engineering and films and media.
Last year KBIC’s collective revenue surpassed the Lm1,000,000 mark.
This is a significant achievement considering that the collective revenue was Lm600,000 in 2004 and Lm360,000 in 2003.
These positive results have led Malta Enterprise to approve the KBIC expansion to more than double its current size.
This will cater for an even wider selection of start-up companies.
One of the schemes launched this year is to help new entrepreneurs to start their own businesses.
The scheme called START where support and realistic and tangible assistance including financial assistance are offered.
Selected start-ups are being offered a mentoring service through a seasoned Start-up Coach who will make sure that the young entrepreneurs achieve their objectives faster.
Particularly innovative start-ups would be eligible to join the Kordin Business Incubation Centre programme where they will also be offered on-site business assistance as well as a secure facility and a financing package.
In addition they will also be offered an Outreach Package where non resident clients would still benefit from KBIC assistance.