Enterprise Georgia Starts Accepting Applications for Co-funding Hotel Loans

Enterprise Georgia Agency started accepting applications for co-funding loans taken by guesthouses, small and medium hotels, as part of the 4th wave of the business sector promotion program.

The objective of the program is to alleviate financial liabilities of guesthouses, small and medium hotels before commercial banks, and to enable them to continue operation on the market, to assist entrepreneurs that amid the pandemic have turned insolvent to serve loan interest rates.

Terms and conditions of the program: As part of the mentioned mechanism, Enterprise Georgia will co-fund annual interest rates charged on entrepreneurs over the past 12 months, starting March 1, 2020. 50% of the co-funding amount will be issued to entrepreneurs for the loans, whose interest rates were subsidized by the Agency over the past 6 calendar months.

The package applies to interest rates generated after and before March 1, 2020, 1. no more than eight percent (80%) in GEL-denominated loans; 2. no more than seventy percent (70%) in foreign currency-denominated loans. The maximum amount of the loan as part of the co-funding mechanism constitutes GEL 5 million in GEL. $1.750 million in USD EUR 1.650 million in EUR.

Detailed information is available on http://www.enterprisegeorgia.gov.ge