Although the National Development Foundation of Dominica (NDFD) is boasting of achieving ‘maximum impact’ in the sector it serves, the issue of delinquency continues to be a major problem for the institution.
Chairman, Oliver Henderson, told the NDFD’s annual general meeting on Wednesday afternoon that the the issue is the biggest stumbling block in moving forward.
“Although the NDFD was able to meet the challenges which it encountered, the biggest challenge continues to be that of delinquency,” he said.
He called on all delinquent clients to pay up.
“I therefore personally urge, in fact I beg you our delinquent clients, to please make every effort in meeting your obligation to the foundation,” he pleaded, “For it is in so doing that other aspiring entrepreneurs can get funding for their enterprises.”
In spite of this negative situation, the foundation is boasting of achieving “maximum impact in 2013 on the sectors for which it served.”
“The NDFD has realized an operational surplus of EC$ 683,971 for the reporting period 2013,” Executive Director of the NDFD, Cletus Joseph, told the AGM.
“This is an increase of EC$36,108 or 7 percent over 2012,” he pointed out. “The main revenue item was interest on loans which yielded EC$ 1,514,786 and other income of EC$ 348,073.”
According to Joseph, income was generated through loan processing fees, $ 108,076, rent revenue $23, 617, training fees $ 44,660, business support $ 29,511 and bad debts recovered $82,321.
Joseph noted that the foundation’s financial position has “continued to improve,” as there was growth in the asset base totalling, as at December 31st, $ 12,916,737 and increase of an excess of $700,000 over 2012.
“This was realized despite loan write off of $ 369, 627,” he explained. “The foundation was able to improve the general fund from negative $431,555 in 2012 to negative $139,845 at the end of the period. This shows that there is significant improvement in the financial position of the NDFD.”
He lamented that this situation could have been “significantly better,” but the foundation had to use funds to write off bad loans which had been in its system for a long time.
He too re-echoed the call to their bad paying clients to honour their commitments.
For its last financial year, the NDFD has provided loans funding to the service, distributive trade, fishing, agriculture and tourism/vending industries totalling EC$8,605,052.
The AGM was held under the theme: Growth and Poverty Reduction through a sustainable Micro, Small and Medium Size enterprises (MSME’s).
The nerve of some people …LMAO …how great i like the pic..The lead delinquent on repay money LOAN present and counting.whoyee doe kill me
I heard two testimonies at the AGM , why do you publish something positive DNO.
some ppl like to take loan and doh pay back like is their father that leave money for them there.
allu must stop that
publish they need to publish there names……..on tv, newspaper, facebook, just name it……..publish their names, cause when they need the loan they would plead, and sometimes even lie to get it, and at the end they not keeping true to their word of paying back……..
if a situation happens, you can always go in and talk to let them know if you cannot make a payment……..
PUBLISH THEIR NAMES…………….
This is not necessary. Every country has this problem. No need to broadcast their names. It is a private matter between the lenders and themselves. A credit report and rating is sufficient to determine their eligibility for credit which they should comprehend.
Certain circumstances cause people not to honor their commitment. They should discuss this with their lenders who could advise them how they could fulfill their obligation. If they cannot afford to pay the full monthly amount, they could pay a certain portion. This all depends on their financial situation.