Manager of the Dominica Agricultural, Industrial & Development Bank (AID Bank), Marie-Therese Johnson, says that to-date, over $900,000 has been approved under the $5 million loan facility at the AID Bank which the government has provided as part of its Covid-19 economic relief measures.
In the loan agreement, small business owners can benefit from a $15,000 loan facility at a 1 percent interest rate and no down payment for 6 months.
“For the thirteen days since we commenced the facility, over 500 clients have been contacted to arrange appointments and commence the loan process,” Johnson stated on a DBS radio programme last week. “To date, over $900,000 has been approved so that just gives you the indication of what its is we’ve been doing.”
She continued, “I again want to re-emphasize that we remain committed to the 48 hour turnaround time. Once all the documentation is received and also to say that there have been instances where we have exceeded this expectation and turnaround application in 24 hours.”
Despite this reassurance from Johnson, there have been complaints from some applicants regarding this turnaround time promised by the bank and others have said that they keep being asked to provide additional documents even after they think that the application has been completed.
The AID Bank encourages clients who have submitted applications to call the customer service unit at 255-9414, 255-9453 or 255- 9400 to follow up just in case for some reason the company missed their call.
Head of the Credit Facility at the AID Bank, Nichole Faustin, mentioned some of the things that can be used by loan applicants as evidence of their small business.
“There are various items that the small businesses can provide for the evidence of small business, that can include their financial statements; if they have certified copies of their tax returns; any social security or licenses that they may have paid. We also accept letters from the Justice of the Peace within the communities and also the village councils,” she explained.
Faustin also said that there is a level of flexibility in terms of what can be accepted.
“We understand that a lot of businesses may not be operating at the level that they are, so we can accept in addition to the taxes they would have made, for the small shops, they have a small shop license that they pay; for food handlers permits, the restaurants have food handlers permit; the vendors also pay something to City Council and they can also get a letter from the Justice of the Peace in the community and their village councils,” she advised. “That can certify that I know that this furniture shop has been operating for the past two years and they were operating up to March 2020.”
DNO, first of all improve the look of your articles and get a better picture of Marie than that one….Something more flattering, youthful, attractive etc. When you contact her for the picture ask her when will she respond to my email and inform that my loan is approved. 24 and 48 hours turnaround only applies to their people because she does not demand that they provide a long list of other requirements while treating other applicants, with genuine business, extremely poorly. Shame on all of these lazy and inefficient people who operate a bank so poorly in 2020……………………………………..
DNO, the words ”approved” and ”disbursed” have different meanings. The General Manager reported that over $900,000 has been approved. It does not necessarily mean that the monies have been disbursed.
ADMIN: Thank you, we appreciate the observation and agree. We have since made a change to the headline.
My business has everything they can ask for. I place an online application. Called a week ago to follow up. They told my husband they would call him back after their search of my application. up to this day we waiting on the call.
i made another application and took out a pic for evidence.Try calling all these number,and i’m wondering if any body works at Aid Bank. It is so difficult to get through to them. What makes us different from all the other people the approved loan for?
My business has everything they can ask for. I place an online application on May.31.2020. Called a week ago to follow up. told my husband they would call him back after they did their search of my application. up to this day we waiting on the call.
i made another application and took out a pic for evidence.Try calling all these number,and i’m wondering if any body works at Aid Bank. It is so difficult to get through to them. What makes us different from all the other people the approved loan for?
Ali,nobody ask you to believe them.You said there was a law which states,BUS DRIVERS ARE ENTITLED TO COMPENSATION.Quote the law,LIAR.
There is a loan facility at the AID Bank for small business Owners. They can apply for up o $15,000.00 or less. The loan is at 1 per cent repayable in six (6) months time. Small business includes shops, barbers, vendors etc. The Aid Bank has received 500 applications. Some $900,000.00 have been approved so far. What else do you want to know? 500 applications received. Over $900,000.00 approved in $’s. What u want to know?? Who are the people? Do you hear you? You want to see who receive the monies so you can talk some other nonsense. I hope you have a small business. If you do go full your application and provide the necessaries. I will try to understand you guys (always looking for something negative to say).
?????? Did you READ the article?? I doubt. I pray, tell me sir/miss/ madam, HOW MANY is OVER 500 applications and HOW MUCH is OVER 900000 dollars??!!
HOTEP!
Ah ha? Well ok then very simple. Since this is so significant it would be good to publish statistics. Not names but stats.
Marie is one of those freedomites turn labourites, I do not trust her one dam bit!
Remember she was one of those on the committee or whatever that was created after Erika or Maria and what do they have to show for it??????????
I guess that you are willing to meet the cost of the numerous lawsuits that they will face for disclosing peoples personal business.
I don’t get it. Mrs Johnson is the MANAGER of the Aid Bank. She is on Talking Point this morning and she CAN’T give the public SPECIFIC numbers?? Over 500 applications received and over 900000 dollars. What is all this about?
Our officials never want to tell the truth; like we doh have a right to KNOW.
Fed up with the nonsense.🤔🙃😐
HOTEP!
Instead of complaining and making an unfounded accusation, can you tell us what do mean by your statement, “she CAN’T give the public SPECIFIC numbers.” Didn’t The Manager of the Bank told us the amount of people who applied and the amount of money that was given, what more do you need to know.
@Nkrumah Kwame– What do you mean by “what is all this about”? The lady gave you an idea in figures, pertaining to what they are appointed to do with the money from the government, what more do you want her to tell you?
Did you expect her to broadcast the names of those who qualified for the loan and the amount of money they received? When are you guys planning to stop your negative approach to everything?
When you go to NBD or any other financial institutioin to get a loan to do whatever, do they put your business outside? Do they tell the public how much was your loan amount and what you took the loan for and if you used it for that purpose? Stupsssss….
My loan application is going into 2 weeks with no communication from the Aid Bank. So the 48 hours is a lie
I recent times I just can’t find it in me to believe anything that AID Bank says since they seem to be deeply in bed with Skerrit and his propaganda and corruption. If they want me to start to believe them this time, they will have to show me who they gave money, how much each person got and what they got the money for. Until such information is made available to the public I will continue to treat them as friends and colleagues of Skerrit
Alibaba have u ever heard banks/Credit Union or any lending financial institution “show me who they gave money, how much each person got and what they got the money for. Until such information is made available to the public I will continue to treat them as friends and colleagues of Skerrit” Est ce que u serious? You need to go back to kindergarten School or Pre School. What foolishness comes from u Alibaba?
Your political partisan belief has done such impairment to your reason, to the extent you do not even know how irrational your are with such a comment. Do you think your continuation of such ludicrous belief is going to affect the Covid-19 economic relief measures put in place by The Government, so long, pay attention to
the thieves in your mind causing you to make such irrational comments.