Economymain

“Produce in Georgia” to assist the restaurant business

The representatives of restaurants and food objects will be able to make an application in connection with the subsidy of their credit interests by the government from February 8 till March 5 inclusive, Minister of Economy Natia Turnava reported.

“We have taken the decision and will launch a program of subsidy of the credit interests for the restaurant industry. The food objects expressed quite high interest towards the program and about 2000 objects applied to us after the first meeting, however many of the objects were prevented from joining the program due to certain technical and legal nuances. We looked through the program and analyzed it and we can announce the second stage of receiving applications, which means that the credit interests borrowed before Dec 1, 2020, will be subsidized to this sector,” the minister said.

According to Natia Turnava, the program has been extended and it includes subsidy of the credit interests borrowed in the microfinance organizations. If earlier the subsidy concerned only the loans taken before March 1, 2020, the program has been extended and the credits borrowed before Dec 1, 2020 were included. According to the minister, the food industry needed additional credits for working capital, for salaries and for certain domestic expenses such as rent and other necessary payments. This is very important and restaurants demand this.

The credit ratio between the fixed ratio and the working capital will be reconsidered. Earlier the program mainly focused on the fixed assets, however we know that the ratio is unequal now as business needs working capital more. Thus the ratio will total 50/50, however it will be zeroed for certain categories, especially the credits taken within the last period of time. Additional details will be published on the web-page of “Produce in Georgia” agency,” the minister of economy said.

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