Malta Enterprise has re-launched the Interest Rate Subsidy Scheme for tourism establishments which aims to provide support to owners of hotels and restaurants and to holiday accommodation providers in upgrading their operations with a view to help them provide new and improved services. The scheme is aimed at enhancing business competitiveness the tourism sector as a whole.

These incentives are aimed at encouraging holiday accommodation providers and restaurateurs to improve their product through upgrades and extension works; supporting hotels and restaurants to diversify their products and services with a view to reach a wider client base; and ameliorating the competitiveness of Malta’s tourism sector and increasing the number of satisfied visitors through the provision of value added hospitality services.

The incentive scheme consists of an interest rate subsidy ranging from one per cent to three per cent which may be granted on interest payable to a bank during the first five years of the loan. The maximum subsidy is calculated on a straight line reducing balance of the eligible loan amount over a period of five years.

Businesses which invest in an eligible project in a property licensed by the Malta Tourism Authority as a hotel, guest house or hostel may qualify for an interest rate subsidy on a loan of a maximum value of €7,000,000. On the other hand, businesses which invest in an eligible project on a property licensed by the MTA as a farmhouse, snack bar or restaurant may qualify for an interest rate subsidy on a loan of a maximum value of €500,000.

The aid intensity for projects supported under this incentive scheme is calculated by summing up the present value of future subsidies as a percentage of the total investment.

More information can be obtained by contacting Malta Enterprise on 144 or on info@maltaenterprise.com.

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