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Gibraltar Enterprise Scheme applications reviewed by referral panel

The Government has announced that all applications received for the Gibraltar Enterprise Scheme have now been reviewed by the scheme’s referral panel. The panel is mainly comprised of representatives from the Chamber of Commerce and the Gibraltar Federation of Small Businesses. 

The Gibraltar Enterprise Scheme was announced in August 2023, with applications invited until early September 2023. 

The Scheme involves the granting of a soft loan via local banks to start-ups and existing small businesses which have been in operation for less than three years. The loans will be fully guaranteed by HMGOG, and the participating banks are Trusted Novus Bank and the Gibraltar International Bank. 

The panel met earlier this week and considered all ten applications. Applicants can expect to hear back from the Ministry for Business in the first week of April. 

Moreover, at the request of the Ministry, going forward, the referral panel has agreed to meet within 30 days of the closure of an application process. This will ensure greater efficiency and turn- around time for all parties involved. 

Finally, the Government expects to be in a position to invite further applications to the scheme later this year. A further announcement to that effect will be made at the appropriate time.