SME Digital has introduced a new USD-repayable financing facility for guesthouse businesses, offering eligible operators financing of up to USD 648,509 at a reduced annual profit rate of 7.5 percent.
The facility is aimed at supporting investment and expansion in the local tourism sector, with repayments made in US dollars to better align financing obligations with the USD revenues of guesthouse businesses.
Financing is available for up to 15 years, including a grace period of up to 18 months. It can be used for the development of new guesthouses, expansion of existing properties, maintenance and renovation, local tourism support services, working capital requirements and technological innovation.
SME Digital CEO Badhurudheen Hassan said the facility would provide guesthouse businesses earning revenue in US dollars with a more favourable financing option while allowing them to repay loans in the same currency as their income.
He said the initiative aims to encourage further investment in local tourism and support the growth of sustainable tourism businesses across the Maldives.
Applications for the financing facility are now open through the SME Portal.