The Small and Medium-Sized Enterprise (SME) Bank has approved a credit line of RUB 80 million to support the modernization of the Victoria Hotel and Spa complex in Dagestan.

This funding will be used to construct four modular accommodation blocks, three standalone modular studio houses. Additionally, there are plans to develop a spa center and improve the surrounding area by creating glamping facilities and pavilions.

In accordance with the investment project, the funds will be granted under the umbrella guarantee provided by the SME Bank JSC. The umbrella scheme entails partner banks of SME Corporation being granted limits on guarantees, empowering them to extend loans to entrepreneurs. These guarantees provide coverage up to 50% of the loan amount for the bank, with a maximum guarantee value of RUB 1 billion and a ten-year repayment period.

For small and medium-sized enterprises, the SME Bank has set a limit of RUB 25 billion within the realm of the hospitality industry in 2025.