Gov't To Guarantee 100% Of Its SME Loan Facility

Government has revised its SME Stimulus Loan Facility to help Micro, Small and Medium-sized businesses impacted by the COVID-19 pandemic. The SME Stimulus Loan Facility, which is being facilitated by local commercial banks, was first introduced by the Government in 2020. However, the criteria for the Government-guaranteed Loan have now been revised. Minister of Finance, Colm Imbert, indicates that several applicants were either having difficulty in meeting the debt service requirements, had no financial statements, weak financial indicators, and weak liquidity. Minister Imbert says that 47% of applicants for the SME Stimulus were turned down as they were unable to provide up to date taxes such as VAT, Income Tax, and National Insurance Scheme payments. He says Government has now agreed to go back in time to further assist those who applied for the SME Loan.