SME Digital launches USD repayable guesthouse financing at reduced profit rate of 7.5%

SME Digital on Wednesday introduced USD Repayable Guesthouse Financing, expanding its financing solutions for businesses and entrepreneurs operating in the local tourism sector and supporting the continued development and growth of local tourism across the Maldives.

According to SME Digital, the new financing facility offers a reduced annual profit rate of 7.5 percent for facilities repayable in US dollars, providing eligible guesthouse businesses with a more affordable financing option for investment and expansion.

SME Digital added that by offering financing with repayments in USD, the facility is designed to better align financing obligations with the USD revenue streams of businesses operating within the tourism sector.

USD Repayable Guesthouse Financing provides financing of up to MVR 10 million, with a facility tenure of up to 15 years, including a maximum grace period of 18 months.

The facility can be utilized for the development of new guesthouses, expansion of existing guesthouses, maintenance and renovation of existing properties, development of local tourism support services, working capital requirements, and technological innovation.

SME Digital’s CEO Badhurudheen Hassan said that for guesthouse businesses that earn their revenue in US dollars, the new facility provides an opportunity to access financing at a reduced profit rate while making repayments in the same currency as their income.

“This offers a more favorable financing solution for businesses looking to develop, expand, or enhance their guesthouse operations. Through this facility, we aim to encourage further investment in local tourism and support the growth of sustainable tourism businesses across the Maldives,” he added.

Applications for USD Repayable Guesthouse Financing are now open through SME Portal.