€3 million assistance scheme for hotels and restaurants

Hotels and restaurants can take advantage of a €3 million scheme that will help in repaying loans taken out to refurbish and upgrade their property.

For the next 10 years, the government would allocate €300,000 a year in a scheme to offer incentives for the hotelier and restaurant industry to invest, Prime Minister Lawrence Gonzi said on Tuesday at the Vivaldi Hotel in St Julians. The scheme which was pre-launched some weeks ago became operative yesterday. Finance Minister Tonio Fenech and Parliamentary Secretary for Tourism Mario de Marco attended the presentation.

The scheme funds 1.5 per cent of the interest rate on loans taken out for refurbishment projects and one per cent of the interest rate on loans for extension projects.

The scheme, which was an electoral promise, would help improve accessibility, improve the tourist product and generate more jobs, Dr Gonzi said.

Hotels, guesthouses, apart-hotels, tourist villages and hostels can apply for the scheme immediately. It will remain open until the funds are used up. However, only those that have not yet applied for any other similar scheme, EU or local, can apply.