Over the next two years, APS Bank in collaboration with European Investment Fund (EIF) will make available a loan portfolio of €12 million to support local SMEs in developing, streamlining and innovating their operations or products. The InnovFin Scheme is applicable to a wide range of business sectors and falls under the Horizon 2020 EU Framework Programme for Research and Innovation.

InnovFin provides for 50% risk sharing by the EIF on the financing of the loans resulting in a maximum guarantee of €1.2 million per SME. It also offers competitive interest rates and repayment terms over 10 years.

Commenting on the initiative, APS Bank CEO Marcel Cassar, said that the Bank “has a centennial tradition of supporting community entrepreneurs who have always been the backbone of the economic progress of our Islands. We would particularly like to see innovative projects in environment, technology, science, education, culture, health and social care.”