The SME Bank, the subsidiary bank of the SME Corporation, has established a credit line of 80 million roubles for 10 years to upgrade the Victoria Hotel and Spa Hotel in the Republic of Dagestan (Karabudakhkent district, first sea coastline). Funding is provided under the dominance programme, which will have a preferential rate for the first five years. The agreement is signed on the fields of the Caucasus Investment Forum 2024.

“North Caucasus is one of the most popular areas of domestic tourism to date. A number of government support programmes have been successfully implemented to encourage the construction of new hotels and recreation sites. In addition to subsidized credit rates, hotel business entrepreneurs can benefit from special " umbrella " sponsorship of the SME Corporation. This is a simplified credit process where 50 per cent of the risk of non-return is taken by the Corporation. Such a " short product " is particularly relevant for the owners of small hotels, who may have difficulties in collateral in accessing the bank " , and the chairman of the Ivan Podbereznjak SME Board.

Victoria Hotel and Spa is located in the resort area near the Caspian Sea. A restaurant, picnic sites, bath complex and sports area are also located in the hotel complex in addition to the main body of the hotel. Funding is planned for the construction of 4 modular panels and 3 separate modular studio houses. The construction of the SPA Centre and the improvement of the Territory (including the establishment of glempings, interviews) are also planned.

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SME support is provided through the " Small and Medium Enterprise " project.