MeDirect’s COVID assistance package in collaboration with the Malta Development Bank (MDB), duly supported by the Ministry of Finance.
MeDirect is willingly participating in the MDB’s Guarantee Scheme to support its corporate customers. In these trying times, the Bank has already offered different arrangements to its corporate and retail borrowing customers to assist them in their working capital and operational requirements which were brought about by COVID-19 market disruptions. These have so far included capital and interest moratoria, temporary overdraft facilities and easing of financial covenants, amongst others.
Our objective remains to support our customers to surpass these abnormal conditions.
MeAssist allows eligible corporate customers to apply for a working capital facility in the form of a loan, with the amount dependant on the size of the entity as per table below:
|BUSINESS TYPE||MAX LOAN AMOUNT||ADDITIONAL AMOUNT, SUBJECT TO MDB APPROVAL|
The loan amount depends on a number of factors including the business turnover for 2021 and the total salary costs.
All applications are subject to the Bank’s standard lending criteria and final approval from the Bank.
MeAssist remains available until 30th June 2022.
Further details on the MDB COVID-19 Guarantee Scheme can be viewed from MDB’s website. Click here for more information.
*The Bank’s applicable base rate (the “ABR”) is defined as a variable rate which is the three-month Euribor – the Euro Interbank Offered Rate. The Euribor rates are based on the interest rates at which a panel of European banks borrow funds from one another. In the calculation, the highest and lowest fifteen per cent (15%) of all the quotes collected are eliminated. The remaining rates will be averaged and rounded to three (3) decimal places. Euribor is determined and published at about 11:00 am each day, Central European Time.
Eligible costs which can be financed under MeAssist include:
If you consider your circumstances to be eligible under MeAssist, please contact your Relationship Manager or send us an email on email@example.com.
The MeAssist Scheme benefits from the support of the MDB COVID-19 Guarantee Scheme launched by the Malta Development Bank through the provision of a Bank Guarantee for €350,000,000, covered by a Government guarantee issued by the Ministry of Finance.