The National Development Foundation of Dominica (NDFD) has recorded a surplus of $237,500 in 2011, officials have revealed.
This is an increase from $188,245 in 2010.
Speaking at the organization’s 31st Annual General Meeting Executive Director, Ronald Knight, said there was a major increase in the company’s main source of income.
“The NDFD was able to show a surplus of $237,500 which is an increase from $188,245 over the year before. We saw a major increase in our main source of income which is our loans of over a $1-million which was six percent increase over the year before.” Knight disclosed.
He said the NDFD has made strides in other areas including recovery.
“The other areas that we really saw increase was the loans processing fees, and we had a lot of work done by our recoveries department which showed an increase in bad debt recovered of $51,000. Last year we instituted a new business which was our business support unit which showed the relevance we saw people coming to get business and marketing plans done and to also assist with their records,” Knight stated.
The NDFD says over 1,500 loans were approved in 2011 to the tune of $5-million.
“We are now at a better cash position, we have recorded a decrease in our negative cash flow which shows that there is more cash available to unlend,” Knight said.
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