Chairman of the AID Bank, Martin Charles, has welcomed the reduction in the interest rate of a loan facility for those in the tourism and manufacturing sector.
The facility had an original rate of 3 percent interest but in a bid to stimulate the economy after Hurricane Maria, the government has made a number of amendments to it among them a reduction of the rate to 2 percent.
Charles said the reduction will speak volumes for customers of the facility.
“They will benefit in a very big way because though the reduction may appear to be small but one percent interest on any loan, based on the size of the loan, can be quite an amount to pay,” he stated at a signing ceremony for the amendments on Friday morning. “So we are very heartened, and I want to assure the government and our customers that this one percent reduction will definitely be passed on.”
Speaking on the amendments of the facility, Minister for Small Business, Commerce and Enterprise, Roselyn Paul said a bill of sale for new equipment or machinery for up to $100,000 can be used for accessing the loan facility.
“We know the importance of machinery and equipment to manufacturers in particular and so this will better allow you for better access to the funds available to you,” she stated.
She added that one of the amendments of the facility has to do with the utilization of the funds for post-Maria repairs.
“As well it is good news for you to note that you are able to utilize the existing security with the AID Bank for new loans once the value of the security exceeds consolidated loans by 14 percent,” Paul said.
Disclaimer: The comments posted do not necessarily reflect the views of DominicaNewsOnline.com and its parent company or any individual staff member. All comments are posted subject to approval by DominicaNewsOnline.com. We never censor based on political or ideological points of view, but we do try to maintain a sensible balance between free speech and responsible moderating.
We will delete comments that:
See our full comment/user policy/agreement.