BOV-MDB COVID Assist’ finance scheme

Bank of Valletta in collaboration with the Malta Development Bank (MDB) launched the ‘BOV-MDB COVID Assist’ finance scheme to assist local businesses to overcome the COVID-19 liquidity difficulties.

Loan amount

Up to €4 million for SMEs and €8 million for large enterprises.

MDB, already issued these guidelines to determine the ceiling for each loan:

  • Double of the annual wage bill of the beneficiary; OR
  • 25% of total turnover of the beneficiary in 2019
  • a higher amount, subject to appropriate justification and self-certification, to cover the liquidity needs of SMEs for the coming 18 months and of large enterprises for the coming 12 months


Period of 6 months, but can be extended to 12 months, depending on circumstances.

Loan repayment term

Between 18-72 months (inclusive of moratorium).

Interest rate

All-inclusive interest rates starting from a fixed rate of 2.5% for the first two years at no additional fees and charges.

After second year, will not exceed a 3.00% per annum over the three months Euribor rate floored at 0%

As announced by the Ministry of Finance and Financial Services, the government should subsidise interest up to a maximum of 2.5% for the first two years of the loans. Enterprises shall at least pay 0.1% interest.


As already announced MDB should provide 90% guarantee of each loan.

Eligible cost

Include, but are not limited to:

  • Salaries of employees, including social and health security payments
  • Lease of establishment, including rental costs, energy and water bills, fuel etc
  • Unpaid invoices due to a decrease in business revenues in respect of working capital and other similar commitments and in respect of investment expenditures provided that investment expenditures only qualify under the Scheme if they were contracted for prior to the approval of this Scheme by the Commission
  • Acquisition of material and stock for continuation of business
  • Expenses directly related to contracts which were cancelled or postponed because of the COVID-19 outbreak, excluding penalties and other liabilities incurred due to non-performance of contracts
  • Maintenance costs


By email on This email address is being protected from spambots. You need JavaScript enabled to view it. , or if you are a BOV customer to contact your Relationship Manager, Business Centre or Corporate Centre.


This scheme will be available up to 31 December 2020.

3a Support

3a has a team of financial advisors available to assist you in the application process and preparation of the required documentation. For more information kindly contact us on This email address is being protected from spambots. You need JavaScript enabled to view it.