If you operate in or plan to invest in the tourism and hospitality sector, there is good news for you. The Tourism Authority has confirmed industry-players could from next year have access to loans of interest rate lower than the market rate. This would be from the Tourism Development Fund established with the 1 percent levy which took effect from October 01. Deputy Chief Executive for General Services at the Tourism Authority, Sampson Donkor tells JOY-BUSINESS, operators in the sector could access cheaper funding soon after adequate funds are accumulated from the collection which has began with star-rated hotels across the country. “There is a provision in the Act that allows for the private sector to also benefit from the fund. We have realized that in the Tourism Sector any project that attracts an interest of more than 10 percent is not viable because the gestation period for tourism projects is very long – it takes between 5 and 10 years. So our interest rate would definitely be lower than 10 percent and possibly below 5 percent because we want entrepreneurs to come in and develop the tourism sector” he noted. The projects would include the development of sites and bigger conference facilities for international conferences. We’re even looking at businesses like the chop-bars, drinking bars, hotels, restraints, guest houses and festivals and other traditional events among others” he added. He further outlined the how different the initiative and its mode of implementation would be from other existing funding schemes. “We will first give preference to association members because it would easier to deal with such people than individuals. But where an individual has a project we see would benefit the tourism sector, we would have choice but to consider it” he explained. The project would come to the board of directors who would recommend to the fund administrator and then as a back-up check or due diligence they fund administrator would contact the authority to use our Business Development to assess a project and recommend for funding. I don’t think the bureaucracy would be that bad to discourage people from sourcing the fund” he concluded.