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HomeBanking/FinanceGovernment providing loans to small businesses at low interest rate

Government providing loans to small businesses at low interest rate

Dominica’s Prime Minister Roosevelt Skerrit has disclosed that his government is committed to helping small and medium-sized businesses in obtaining financial assistance through a small loan and a very low interest rate.

Skerrit, who is also the island Finance Minister disclosed that his government has made a commitment to provide some 30 million dollars over a three-year period through the AID Bank to un-lend to small businesses.

“The government of Dominica is contracting this loan from the Caribbean Development Bank (CDB) over a three-year period (ten million each year),” he said.

“However, we have decided to advance this full amount in one year and make it available to the AID Bank. There have been some delays in the submission of certain documents and approvals, but we are nearing the end of that process”.

He stated that he was hoping that the process would be completed “very soon so that the 30 million dollars can be made available to un-lend to small and medium-sized enterprises in Dominica at a generous interest rate.”

“I can tell you that it will certainly be the lowest interest rate that you can find in any financial institution. It will no doubt help in sustaining small businesses and also in the process allowing people with ideas to have access to financing that will help them advance their small businesses,” Skerrit stated.