The Victoria Hotel and Spa complex in the Republic of Dagestan has received a loan for modernization under a guarantee provided by the “Small and Medium-sized Enterprises” national project. The Guarantee Fund acted as guarantor for this project. The SME Bank opened a RUB 80 million credit line for 10 years for the hotel complex modernization. The resort is located in a picturesque area near the Caspian Sea. The funds will be used for the construction of four modular room blocks, three separate studio houses, a spa center and landscaping.