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New scheme for local bakers
Bank of Valletta have launched a new scheme aimed at encouraging
local bakers to upgrade their bakeries through the purchase
of new equipment.
The new scheme will assist bakers in the acquisition and installation
of silo facilities thus improving the method of flour handling
to the bakeries making the process of flour supply more hygienically
handled. The scheme was launched at Federated Mills in Marsa
with the full cooperation of Federated Mills plc, the main supplier
of flour in Malta, and the Koperattiva Furnara (Servizzi) Limitata,
the bakers’ cooperative.
Tonio Depasquale, deputy general manager, Credit, Bank of Valletta
said “this new product demonstrates the efforts of the
Bank to build solid relationships with individual customer segments
and the sensitivity BOV has to individual customer needs. This
new scheme creates a win-win scenario whereby the bakers will
be improving the investment in their facilities thus
consolidating their business, the product quality will increase
and consumers will benefit from higher quality standards.”
Through the scheme, applicants can apply for a one-time grant
of Lm1,000 per applicant from Federated Mills Limited and a
secured loan of Lm6,000 to acquire the silo. Moreover, an additional
loan of Lm3,000 can be granted to help the applicants carry
out improvements on the bakery or to purchase additional equipment.
The term of the loan is of 10 years with an interest rate of
6.5 per cent for facilities secured by property or 6.25 per
cent for liquid security. Alternatively, applicants may choose
to benefit from an unsecured loan of Lm5,000 to acquire the
silo on a term spread over seven years with an interest rate
of seven per cent. To be eligible for this scheme, bakers need
a letter of recommendation by Federated Mills Ltd to present
to Bank of Valletta together with a schedule of estimated costs.
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