SUBSIDIZED LOANS FOR LEBANESE HOSPITALITY INSTITUTIONS

The Economic and Social Fund for Development (ESFD) program funded by the European Union, is cooperating with the Syndicate of Owners of Restaurants, Cafes, Nightclubs & Pastry Shops in Lebanon, in order to support food and tourism companies through subsidized loans. According to Tony Ramy, president of the Syndicate, the long-term loans aim to support SMES to update their food safety systems and improve their performance and productivity. Loans can go up to USD 50,000. Applicants may submit their loan requests at the ESFD’S headquarters at Clemenceau or through business consultants affiliated to the Fund across the country. According to Ramy, several potential borrowers have already started to submit the necessary documents for loan approval. “This step is considered a major achievement for the Syndicate,” he said.