Satabank corporate clients to get bridge loan to cover employee salaries

The Economy Ministry announced the establishment of a hardship fund for the bank’s corporate clients, which will be available from Monday

Satabank's corporate clients are being offered a hardship fund to cover employee salaries
Satabank's corporate clients are being offered a hardship fund to cover employee salaries

A hardship fund has been established for Satabank’s corporate clients, which will provide a bridge loan to assist them in paying salaries.

The fund, which will be made available from 26 November, is being managed by Malta Enterprise, and will effect and process payments to cover verifiable salary bills, the Economy Ministry said. Other critical operating expenses may be considered on a case-by-case basis. 

It is being offered to corporate clients with employees resident in Malta and which have:

  • Paid operating expenses through their Satabank account on previous occasions;
  • Sufficient funds with Satabank to cover the requested bridge loan; and
  • A substantive nexus to the Maltese economy

Corporate clients in receipt of assistance from the hardship fund agree that, once released, the funds held at their Satabank accounts will be used to repay amounts provided by the hardship fund, the Ministry said.

Those wishing to apply for the hardship fund should complete the application form which can be downloaded from the Malta Enterprise website at: http://hardshipfund.maltaenterprise.com/.

The announcement comes after the Malta Financial Services Authority said yesterday that an initial group of Satabank private customers would be getting their personal deposits back.

Read also:

Satabank clients to get their deposits back

Previously, the MFSA had appointed a team from Ernst & Young to monitor the bank in the proper conduct of its business on 15 October, but five days later it told Satabank to cease from taking new deposits or effecting withdrawals, freezing the bank’s operations.

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