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BUSINESSTODAY 21 May 2020

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21.05.2020 TRENDSETTING SCOOTER 001 SHARING THE PRESENT, SO WE CAN BUILD A BETTER FUTURE. ONE APP. OVER 450 SHARED VEHICLES. Join the shared mobility revolution with GoTo starting at €0.16* per minute. goto.com.mt/download * Rate per minute for Scooter trips on the GoTo Business Plan. Terms and Conditions apply. FINANCING, expectations and preparation were the main themes of a webinar hosted by Bank of Valletta and EY for medium to large enterprises and larger family businesses. "COVID-19 hit our bottom lines, but every cloud has a silver lining. COVID-19 has pushed us to do things that we don't normally do, to think outside the box and challenge our convictions and our way of doing things," stated Albert Frendo, BOV Chief Credit Of- ficer in his opening address. "We need to continue with this type of thinking because that is the only way that our businesses will survive and evolve." Chris Meilak, EY Malta As- sociate Partner said it was time to painstakingly study business journeys, reassess strategic directions and focus on creating long-term value. "Today business continu- ity needs to be safeguarded through effective crisis re- sponse planning, moving on to igniting recovery through business adaptation and stronger enterprise resilience and finally creating long-term value by reframing and trans- forming our businesses," he said. "Businesses can grow their reputation and trust by inno- vating and fulfilling consum- er demands, creating an in- clusive culture by developing our employees and providing them with a solid purpose. Businesses need to optimise costs and margins, while at the same time remain gen- uine about their social and environment impacts. All this will help achieve long-term growth and build stronger en- terprises." Frendo explained the fea- tures of the BOV-MDB COV- ID Assist and how business- es can access the necessary funds to help them through these difficult times. "The BOV-MDB COVID Assist is a financing scheme that benefits from the sup- port of the guarantee schemes launched by the Malta Devel- opment Bank and the Minis- try of Finance. Local SMEs and Large Enterprises facing unprecedented disruptions brought about by the COV- ID-19 outbreak can benefit from this type of low cost fi- nancing to get through this period and meet their work- ing capital requirements and running costs and expenses critical for the smooth run- ning of the business." "The cost for the business will be 0.1% for the first two years after government rebate plus the guarantee fee. This is attractive and will help inject much needed liquidity into our local businesses. Howev- er, we must understand our obligations and duty to keep to our commitments. Ulti- mately, the government aid is tax payers' money and all of us are responsible to ensure that this is utilised in the most ethical and correct manner," Frendo said. This webinar was the first of a series of webinars that will be organised by EY focusing on topics aimed at assisting businesses during the COV- ID-19 scenario. The new normal – expectations and preparations Joint webinar by Bank of Vallea and EY addresses current concerns of medium and large businesses

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