Changes in business models require operators in the hospitality industry to innovate and align their offering with new market expectations. This Interest Rate Subsidy Scheme will support hotels, restaurants and holiday accommodation providers in upgrading their operations and product offering so as to provide new and improved services. These investments are necessary to enhance the competitiveness of such enterprises and upgrade the image of the tourism sector.
The objectives of the incentive are:
- To encourage holiday accommodation providers and restaurateurs to improve their product through upgrades and extension works;
- To support hotels and restaurants address the requirements of a wider client base through the diversification of products and services offered;
- To increase the competitiveness of the tourism sector, by increasing the number of satisfied visitors through the provision of value added hospitality services.
Approved projects may receive an interest rate subsidy of between 1% and 3% which may be granted on interest payable to a bank during the first five years of a loan period. The subsidy may cover loans required for furbishing and upgrading of premises including extensions, modifications and extensions to premises; and the acquisition of plant, machinery, apparatus and instruments.