IPSE and BOV to assist Maltese SMEs

by a staff reporter

IPSE Ltd and Bank of Valletta plc yesterday entered into a cooperation agreement aimed at providing an additional drive to Malta's industrial restructuring efforts.

The agreement provides for IPSE and BOV to cooperate in a number of areas for the benefit of clients of both organisations, with a strong emphasis on the further development of IPSE's Business Resource Centre, also being officially launched today.

The specific areas of cooperation include IPSE's Loan Guarantee Scheme, cooperation in the development of strategic alliances, the development of publications and handbooks to assist small enterprises and the availability of the services of BOV financial experts to assist IPSE clients.

BOV is participating in the Loan Guarantee Scheme which assures enterprises IPSE has agreed to support of access to bank finance on very favourable terms. The bank will charge interest on loans it approves on the basis of an IPSE guarantee at a preferential rate of 1.75 per cent per annum over the bank's base rate.

IPSE and the Bank of Valletta will co-finance the publication of a series of handbooks and brochures.

These publications will provide small enterprises with vital information and practical guidelines. They will provide invaluable material to Business Resource Centre users and other entrepreneurs. The bank will also be supporting IPSE's training programme by providing speakers for two courses, one in Malta and the other in Gozo, on financial and banking topics.

IPSE's Business Resource Centre will also benefit directly from yesterday's cooperation agreement.

The Bank of Valletta is supporting the development of the centre - which offers entrepreneurs and small business managers and owners information and support in setting up, running or restructuring their enterprises - with books, audio visual material and other relevant material. IPSE will identify relevant material together with the bank.

In further support for small enterprises, the Bank is also providing IPSE clients with the service of specialised managers who will be offering guidance on finance-related topics. Areas covered include export finance, export marketing, EU consultancy, general banking and financial planning.

The Bank of Valletta will be supporting the Business Incubation Centre IPSE is developing at Kordin, in a further effort to support SMEs and new start-up companies.

IPSE clients seeking to form strategic alliances with overseas firms will have the Bank of Valletta's network of international contacts and branches to support them in their efforts.

The bank is prepared to use its international connections to ensure that the goals of the collaboration for growth initiatives are met.

Frank Xerri de Caro, BOV general manager and Lino Callus, IPSE chairman both explained the potential benefits to Maltese industry during yesterday's press conference.

As well as signing the cooperation agreement with the Bank of Valletta, IPSE yesterday also officially launched the Business Resource Centre.

This centre provides IPSE clients and other interested persons with a central source of information related to the setting up and running of a small business.

It hosts a small but focused library on management and strategy, with a strong focus on entrepreneurship and small business management, providing users with up-to-date thinking in these areas and providing a strong resource for people following IPSE's training programmes.

The Business Resource Centre has also received the support of the Henley Management College in Malta, which donated a large selection of books on entrepreneurship and small business management and the Bank of Valletta, which through the cooperation agreement it signed with IPSE will be providing additional material for the centre.

The Resource Centre is more than just a library. Resource Centre staff are there to help clients identify and locate the information they need, and will assist in sourcing information unavailable at IPSE from other sources.

Guides and handbooks on various aspects of small business management, compiled by IPSE staff and from external sources, are available to help small business managers to make the most of the limited time they have available.

So far, guides to the business planning process and a guide to what it takes to set up a busi-ness have been prepared, and topics will continue to be added to the list.

In fact, as part of the cooperation agreement signed with IPSE, Bank of Valletta will be co-financing the publication of this series of handbooks.