The Minister for Business, the Hon Vijay Daryanani MP, has announced the launch of the Gibraltar Enterprise Scheme.

This will be a soft loan scheme which will involve local banks granting loans to start ups and existing small businesses which have been in operation for less than three years. The purpose of the loan scheme is to assist the local start up and small business community. The loans will be fully guaranteed by HMGoG. The participating banks are Trusted Novus Bank and Gibraltar International Bank.

The Minister has engaged with the Gibraltar Chamber of Commerce and the Gibraltar Federation of Small Businesses on this initiative.

The closing date for initial applications is 8th September 2023.

Minister Daryanani said: “One of the issues for start ups has always been obtaining finance for many different reasons. The Government feels there is a lot of untapped potential and lots of good ideas that the Gibraltarian entrepreneur has and we want to offer the opportunity for those who want to take the first step into opening their own business. The scheme will not only assist start ups but also existing businesses operating for less than three years who want to develop and improve. The idea is also to help those who want to expand their business further. Small business are the heartbeat of our economy and we want to see them grow, create jobs and increase economic activity. I am extremely grateful to TN Bank and Gibraltar International Bank. They have both helped me make this initiative a reality”.