Hotels take advantage of subsidized bank interest under Produce in Georgia program

Hotels take advantage of subsidized bank interest under Produce in Georgia program

BAKU, Azerbaijan, August 7

By Tamilla Mammadova – Trend:

As many as 687 hotels have already taken advantage of subsidized bank interest under the expanded Produce in Georgia state program, said Minister of Economy and Sustainable Development Natia Turnava at a briefing, Trend reports citing Georgian media.

Produce in Georgia is one of the most successful projects of the Georgian government, aimed at stimulating local production in the country. The agency brings together all government programs aimed at promoting the business sector and the country's economic development. In order to help entrepreneurs in the crisis due to the coronavirus pandemic, it was decided to expand the program.

One of the expansion measures was loan subsidies, which cover more than 200 activities, and micro-grants, which cover more than 300 activities.

The credit limit set for participation in the program was reduced to 50,000 lari (almost $17,000), and the maximum amount increased to 10 million lari ($3.3 million).

In the case of a local, non-international brand, the maximum loan amount is 4 million lari ($1.3 million), and with an international brand and various travel services - 10 million lari ($3.3 million).

The period of state participation has increased from 24 to 36 months. The percentage of government complicity has also increased.

"The budget for the anti-crisis plan was approved at the end of June. A little more than a month has passed since our Produce in Georgia program started working in an updated form, which became more adapted to the needs of small and medium-sized businesses during the COVID-19 period," said Turnava.

The minister added that to date, 687 hotels have used subsidies of the bank percentage of small and medium-sized hotels. In total, 913 hotels applied for help and assistance was approved for them, and the rest of the subjects will also be financed in the coming days.

During the pandemic, the bank loan interest subsidy program expanded and over the past month, 22 businesses have already benefited from assistance. The updated program will create 3,416 new jobs.

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