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Coast hotels turn up for Sh3b Fund, says TFC

NEWS
By Philip Mwakio | February 9th 2021
Tourism CS Najib Balala (PHOTO: FILE)

Tourism lender, Tourism Finance Corporation (TFC) has reported a steady increase in the number of Coast hotels applying for Sh 3 billion Tourism Economic Stimulus Fund after the unveiling of an online portal last week.

Speaking at the Mombasa Beach Hotel, TFC CEO, Jonah Orumoi said that they have received a couple of applications since the online portal for Coast hoteliers was opened a week ago.

''The applications are now streaming in. This is quite promising for a region that has the lion share of the Fund, the coast takes Sh 1.8 billion and the remaining Sh1.2 billion is for the rest of the country,'' he said.

Orumoi said that there is a need for most of the beach properties located along the Kenyan Coast particularly in Lamu, Watamu, and Malindi to come forward and apply for the loans.

''Successful loan applicants shall be able to refurbish their properties and make them ready to welcome in the guests as tourism recovers fully,'' the CEO stated.

The online portal was opened on February 2, 2021, to run until March 3, 2021 noon.

Fewer hotels had applied for the fund initially despite being allocated a better part of the money.

''We pitched for hoteliers to come forward and make their applications by following all the set requirements. All the soft loan applications will be done online as per the requirements in Stimulus Portal. Hard copies will not be accepted,'' TFC said.

As a requirement those applying for the loan must produce a detailed business plan/ feasibility study, business registration document (business to have been in operation for at least 3 years), identification document, pin certificate( director and company) and 3 years audited company accounts.

Other requirements include the board partnership resolution to borrow, up to date Tourism Levy Compliance certificate, loan security documents, Tourism Regulatory Authority (TRA) registration certificate, Bill of quantities, One-year bank statements, and valued quotation for the item being purchased.

Kenya Tourism Federation (KTF) National chairman, Mr. Mohamed Hersi said that future government interventions in backing up the industry could hinge on how best the current fund is utilised.

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