The Minister for Business has launched the Gibraltar Enterprise Scheme after consultation with the GFSB on the initiative, and following on from the GFSBs longstanding campaign to see a scheme like this reinstated. The closing date for initial applications is the 8th September.
The Scheme at a Glance
What is it?
A soft loan scheme for local businesses less than 3 years old
How much can I borrow?
Each loan will be an amount between £10,000 and £25,000.
What’s the benefit?
GoG will fully guarantee the loan for successful applicants.
Deadline: 8th Sep 2023
The Scheme will see local banks grant loans to start-ups, as well as existing small businesses which have been in operation for under three years. Trusted Novus Bank and the Gibraltar International Bank will take part in the scheme, and the loans will be fully guaranteed by the Government.
It aims to help the local start-up and small business community.
Minister Daryanani says small businesses are the “heartbeat” of Gibraltar’s economy, and that the Government wants to see them grow, create jobs and increase economic activity.
Details on the scheme are as follows;
Applicants are required to submit the completed application form as well as the
following documentation to the Ministry for Business:
1. ‘Know your customer’ documents (i.e passport, ID card, proof of address
and proof of ownership for companies);
2. A full and detailed Business Plan and financial forecast;
3. Established businesses should also provide audited or unaudited accounts
(as the case may be);
4. Disclosure as to whether the applicant:
(a) Is in arrears;
(b) Has any criminal convictions;
(c) Has been adjudged bankrupt;
(d) Has been disqualified from being a director of a company.
All applicants will be vetted by the Ministry for Business. Successful applicants
will be informed and given the option to approach one of the 2 banks and will be
subject to the relevant bank’s own vetting and onboarding procedures.
Application form for the Gibraltar Enterprise scheme can be found here: Application – Enterprise Scheme
