Siem Reap tourism is set to receive a boost with the launch of a loan program by SME Bank for local tour operators. The program aims to provide favorable financing options, rejuvenate the tourism industry, and empower businesses.
The benefits of the program include a preferential payment period of up to 24 months, no credit preparation fees, no penalties for early repayments, and more lenient approval terms compared to regular loans.
CEO Lim Aun announced the program and highlighted its importance in revitalising Cambodia’s socio-economic activity, in line with the government’s objective to boost and revitalize tourism through various initiatives.
Chhay Sivlin, president of the Cambodia Association of Travel Agents (CATA), emphasized the significance of the loan program for tour operators in Siem Reap, expressing belief that operators will creatively harness the loans to enhance and expand their businesses.
The loan program caters to various businesses in the tourism industry, with the option to apply for loans of up to $600,000 at an annual interest rate of 6.5 per cent.
This initiative is part of the bank’s efforts to extend loans to approximately 3,200 enterprises over the past three years, amounting to roughly $490 million. With this new loan program, Siem Reap’s tourism industry has access to necessary financial support for growth and expansion.
