The Malta Independent 13 December 2019, Friday

Is your business bankable?

Thursday, 28 November 2019, 11:08 Last update: about 14 days ago

Is your business bankable? This was the question asked by Victoria Azzopardi, analyst at Bank of Valletta's EU & Institutional Affairs arm during the Women mean business event organised by the Ministry for the Economy, Investment and Small Businesses in conjunction with the Foundation for Women Entrepreneurs, the Malta Association of Women in Business, the Business & Professional Women (Malta) and the National Council of Women.

Bankable is a financial jargon that indicates that a business is sufficiently healthy to receive the financial support of banks and is a basic indicator of a company's prospective success.

"A clear and convincing business plan proves that you have the knowledge, work ethic and leadership skills you need to make your start-up successful, with focus on financial estimates, including well-researched documentation how you arrived to these estimates," said Azzopardi to those present that included prospective female business owners. "The selection of the industry that you are venturing in, preferably one that does not depend on fluctuating resources and the willingness to invest in your business yourself, thus confirming your commitment to your venture are both positive markers when attracting Banking Finance."

EU-funded Risk Sharing Instruments such as the BOV Jamie is key at addressing market barriers local SMEs face when accessing bank finance," continued Azzopardi. "Prior to approaching a bank, entrepreneurs need to ensure that they are sufficiently prepared with market analysis, marketing plans, a sales and promotion strategy and specific long-term financial needs."

"It is not possible to eliminate all risks associated with starting a business, however, banks have long-term exposure to a very wide array of businesses and can provide invaluable insight and advice on the various business sectors and current market conditions that can assist in the success of an entrepreneur's venture. Having a good insight, coupled with detailed market research and sound planning, will provide the necessary factors to improve the chances of success," concluded Azzopardi.

All loans are subject to normal bank lending criteria and final approval from the bank.


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