27 million to be placed at AID bank for small business in next two months

Prime Minister Roosevelt at the first cabinet press conference for 2021

Prime Minister Roosevelt Skerrit has announced plans to advance a commitment made to deposit 30 million dollars at the Dominica Agricultural Industrial and Development (AID) Bank for on-lending to micro, small and medium-sized businesses.

In the 2020-2021 budget address, Skerrit told the nation that government is cognizant of the need to continue to assist these businesses in accessing the necessary financing for their development, growth and viability and pledged to the financial institution an amount of 30 million dollars over three years for on-lending of those businesses.

Speaking during the first cabinet press conference held on March 17, 2021, the Prime Minister disclosed that the three years will be reduced and the funds will be deposited in the next two months.

“I am happy to report that we will be advancing that initiative and we will provide the AID bank in May, 27 million dollars that will go towards the micro, small and medium-size businesses to on-lend to them at a highly concessionary rate,” the head of Government stated.

In last year’s budget address, the Prime Minister indicated that those funds will be lent to small business owners at 1% and managed by the institution.

According to him, “We intend to launch a major initiative to provide financing to small and medium businesses because many …keep complaining that they do not have access to financing, those who do [find it] expensive and they can’t afford it.”

The Prime Minister highlighted the importance of small businesses to the economy labelling them as “critical to the continued survival of the economy and the creation of jobs.”

He said legislation will also be included.

“That will also include the passage of legislation to create the legal framework for the operation of small businesses where concessions, fiscal incentives and recognition are concerned…” Skerit stated .

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16 Comments

  1. March 20, 2021

    Someone help me. Who is this picture above?

  2. kenny
    March 20, 2021

    Let me break it down “my boys them, main importers in d/ca are goin to be importing some new products (grocery items from turkey). So in order to facilitate that initiative i want you to revamp, rename, repaint, just reorganize urself to retail these grocery items so d importers wont experience too much clutter at their compounds!!!!!

  3. Small Businessman
    March 19, 2021

    I have read most of the comments listed above. I have read the Prime Minister’s words, and I have to agree with the commenters more than with the veracity of the Leader. After Maria, it was “small business loans” that never materialized, ccp virus (covid 19) came, again “small business loans ” that have not materialized, and now here we go again. My belief in this drama is strongly being tested, as I personally have applied after Maria, and believe it or not in June of last year for these “small business loans, and to this day I have not yet received an answer. Not, no we are not giving you a loan, not yes you will get a loan, nothing except your paperwork is in administration. Well this time Mr. Great Leader, tell us the small business men what do we have to do to qualify for, and receive this “small business loan” that you are throwing in our faces again. We are Dominicans, and we are a proud people who do not grovel, or seek to beg. You as Leader need to step up and be…

  4. ccs
    March 19, 2021

    Why cant the govt use the money or part of it to give a stimulus package for Dominicans? Why does everything have to be a loan through Aid Bank?

  5. Bringback the kidnapped parrots
    March 19, 2021

    The leader should give every citizen $10,000 from the money he has gotten from the sale of passports so far. He has plenty of money.

  6. LifeandDeath
    March 19, 2021

    Where is the report from the previous round of same strategy? This is not the first time, where are the results?
    Are we making progress?

  7. Piper
    March 19, 2021

    That’s the same man that said he placed millions in the ministry of youth development for young people under the age of 40 who are first home builders to get 10 thousand dollars…. when u apply for the money they make it so difficult for you to get .. all kind of nonsense about picture of house building.. letter from mayor.. letter from grandfather that in the grave.. Land title .. money in bank .. all kind of crap,. I mean these people using state money how they please but when is for poor people they putting all kind of conditions.. can u believe that .. A government that says it’s trying to help it’s people making it so difficult for the same people to get a little 10 thousand dollars to help themselves… This is ridiculous.. I mean is time to get rid of these people ..

    • Potters
      March 19, 2021

      You clearly are not in possession of the DLP membership booklet.

  8. our Sisserou laying Eggs
    March 18, 2021

    i think making funds available to the public to start micro, small, and medium sized businesses is a very good idea. i think the biggest problem with our people is their lack of imagination. everyone wants to do things others are already doing. if we think out of the box for a bit, we could literally boost up the economy and the livelihood of our people in about 5 years.

  9. Roger Burnett
    March 18, 2021

    If a small fraction of this amount were to be invested in research and development we’d be getting somewhere. I am not referring to hi-tech but practical ways by which we can make the most of Dominica’s abundant materials and resources.

    The few of us who are experimenting in this field are working on a shoe-string and under our own steam.

  10. MAGWA CA
    March 18, 2021

    has he not realized that if he gave contracts to the regular man and small companies and mandate that they only higher dominican workers. that there will be no need for this. when u give the big company the jobs and they hire hatians and chinese the money leaves the island. when u give the contract to the small man and stipulate that the hires ( 90% random number selected ) dominican workers that the money stays on island and is spent in those same small businesses. not only does the money stay on island that money when spent on island goes back into the gov pocket as collected taxes. just giving out loans to the small business is not gonna work, cause at the end of the day the small man does not have jobs to spend money in the small busineses. so how are they going to pay back those loans? DOES MR HAVE A MONEY TREE CAUSE HE ALWAYS SAYING COUNTRY DOH HAVE MONEY THEN CAN MAGICALLY COME UP WITH MONEY. he must have someone shaking there pampalam and giving him the profits

  11. Who you fooling
    March 18, 2021

    So 3 days ago the Dominica Aid bank was down graded to B level. It was down graded because 50% of its loans are “under performing”, bank language for not being paid. Investors don’t like B grade assets, kinda like junk bonds. So I guess Dominica will put 30m into bank, bank will loan to government friends, loans won’t be paid, gov will come up with story to bail bank out. Looks like another mirror and smoke game wrapped up in a story to help poor small business, when the real goal is for the politicians to steal more in a covert way.

  12. L C Matthew
    March 18, 2021

    How long will it take you guys to realize the government actions are failing to grow the economy as a result AID bank is failing and the government keep pumping money into the bank ti try to keep it from crashing. How many times we have seen these infusions of millions but no capture on the economic outcome to country. AID bank is ran by a political hack who is allowing this corrupt incompetent PM to destabilize the bank and his response is to use CBI money as cover. How much of that is used to cover operational cost. It is clear AID bank is not making enough returns on loans to re invest. Who long will this BS continue?

  13. Ibo France
    March 18, 2021

    The DLP-led government is presently beset with many monumental problems. The missing billions, death in police custody, electoral machinations, CCJ decision, a comatose economy, mammoth unemployment, empty hotels, a rapidly declining manufacturing sector, police brutality, pathetic healthcare system, mushrooming vagrancy, slave wages, China-like dictatorship and many more unflattering happenings. The country is in dire straits.

    In recent times these things are being touted: electoral reforms, international airport, geothermal energy, housing program, and now this most recent initiative – $30 000 000 for small and medium size business.

    This is just another fairytale day in Dominica. This is just one more attempt at distraction by a beleaguered autocracy.

  14. Benton
    March 18, 2021

    However innovative and positively focused, the objective being achieved will involve the honest and applied diligence of its receiptients. And to access it from a standpoint of meeting the requirements, AID bank needs constant consultation to the recipients before, during and after application, in such a way as to securely advance the objective, of achieving success out of the disbursement of these funds. To make it an implorable effort worth repeating.

    • VereTere
      March 18, 2021

      Due diligence… is a dirty word in government circles! Remember the due diligence with the sale of passports. As far as these loans are concerned, all that matters is that the applicants are members of the DLP and Skerrit followers. Nothing else matters. To hell with due diligence.

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