HSBC Bank Malta plc launched a new Start-up Business Package yesterday that is tailored to meet the needs of prospective business owners and offers significant discounts and benefits in the first year of operation.

Speaking at a press conference to launch the initiative, HSBC commercial banking head James Dunbar Cousin said that the bank appreciates that business is no easy task and, as a result of research, the bank felt that there is a need to offer new businesses a central point of reference that can assist them in every possible way.

“We have appointed Antonia Farrugia and Kenneth Gauci as two business specialists. They have been handling commercial relationships for a number of years and they have the necessary experience to help nurture these new businesses into successful ones. This package has been formulated to give these businesses the help required in achieving their goals,” he added.

HSBC Malta chief executive Shaun Wallis said that small businesses are the backbone of the economy and the bank wants to tap that potential by offering incentives to make life slightly easier.

“We want to help those Maltese with an entrepreneurial spirit. One way that they can achieve this is through proper planning, determination and support from their bank, which we aim to provide through business specialists. We have coupled this with HSBC’s new Start-Up package, which has been developed around the philosophy that a new business needs special assistance during its first 12 months”, said Mr Wallis.

Parliamentary Secretary for the Self-Employed Edwin Vassallo said that this new initiative brought him great satisfaction as it demonstrated the success of government policies to leave business to operate within a completely privatised environment. He said that new synergies have created much more business to business contact, with a major bank understanding its role in assisting new start-ups.

Mr Vassallo said that there was a need for more diverse entrepreneurial activity, with several pools of talent out there waiting to explore new challenges and opportunities. He also said that those who have gone through a bad time in business should be given the opportunity to re-start with help from those who can give it.

HSBC’s Start-up package includes practical support for the new business through the preparation of business plans, preferential interest rates, the waiving of local bank charges – including processing fees, a 50 per cent shading in margins on foreign exchange, a 12 month moratorium on capital repayments of facilities, a first year fee-free credit card, referral to one of the bank’s business consultants and a special introductory offer on web hosting and internet access.