Government of Dominica launches MSMEs Loan Facility at the AID Bank

Dominica: The government of Dominica launched the Micro, Small and Medium Enterprises (MSMEs) Loan Facility at the AID Bank to provide access to capital for business investment and expansion on March 8, 2022.

Prime Minister Dr Roosevelt Skerrit underscored, “I encourage business owners who qualify to take this opportunity to grow their businesses sustainably.”

PM Skerrit further notified that the importance of the MSMEs have been identified by the Government of Dominica and highlighted that agro-processors, plumbers, electricians, farmers, fishermen, vendors, barbers, hairdressers, retailers, artists have ensured that the economic activities in the region are steady.

“The Government understands the importance of the contribution of the MSMEs to the Dominican economy. I speak here of the agro-processors, plumbers, electricians, farmers, fishermen, vendors, barbers, hairdressers, retailers, artists, and other entrepreneurs who ensure that economic activity is steady,” the Prime Minister of Dominica added.

Later, he mentioned that the positive impact of the sector had been identified by the government of Dominica. “We believe the injection of funds into this sector will positively impact small business activity and touch the lives of the commoner in every village, in every part of Dominica,” PM Skerrit.

The Prime Minister further informed the businessperson would benefit from loans at an interest rate of three and a half percent (3.5%) per annum.

“The loans will be offered at an interest rate of three and a half percent (3.5%) per annum on the reducing balance and borrowers will be given a grace period of six (6) months on the payment of the principal and interest. The maximum term is up to ten (10) years, exclusive of the grace period,” the prime minister stated.

He further added, “The business must be registered with the Inland Revenue Division and the Dominica Social Security and the owner must be (i) a citizen; or (ii) a permanent resident of Dominica, operating on the island for 10 years or more.”