SME Digital has launched a new financing scheme for guesthouse operators, allowing eligible businesses to secure up to USD 648,509 at a reduced annual profit rate of 7.5 percent.
The new facility is designed to support investment and expansion within the local tourism industry, with financing structured to be repaid in US dollars. This allows guesthouses earning their income in dollars to meet repayment obligations in the same currency.
Under the scheme, businesses can access financing for a period of up to 15 years, including a grace period of up to 18 months.
The funds can be used for a range of tourism-related purposes, including establishing new guesthouses, expanding existing properties, carrying out maintenance and renovations, developing local tourism support services, meeting working capital needs and investing in technological improvements.
SME Digital CEO Badhurudheen Hassan said the facility would provide guesthouse businesses generating US dollar revenue with a more suitable financing option by allowing them to borrow and repay in the currency in which they earn.
He said the initiative is intended to encourage greater private-sector investment in local tourism and contribute to the development of sustainable guesthouse businesses across the Maldives.
Applications for the new financing facility are currently being accepted through the SME Portal.
