Growth in the Small Business Sector is essential for economic growth in Dominica. Managing Director of the National Bank of Dominica Ltd., Ellingworth Edwards, expressed the Bank’s commitment to prioritizing the growth of the small business sector as a way of contributing to the economic growth of the country.
Speaking at the Bank’s Small Business Success Forum at Laplaine last Wednesday, Mr. Edwards said, “As the indigenous bank, NBD recognizes its responsibility to play its part in the economic development of Dominica. Helping our small business community grow is one of our primary objectives.”
The Bank has embarked on a series of five fora covering all communities around Dominica. The first was held at La Plaine, involving communities from Delices to Good Hope. Sixty-five small business owners and budding entrepreneurs attended the forum in which they were given practical guidance on how to start and manage their businesses successfully.
Realizing that access to finance is one of the key challenges facing this sector, the forum focused on educating small business owners on how they can have a successful banking relationship. According to Mr. Edwards, “if the business owners do the ground work in terms of developing their business plans and maintaining adequate and accurate financial records, this makes it so much easier for banks to assess them and work with them.”
Mr. Edwards explained that the presentations and discussions were carefully crafted to offer counsel to the attendees on managing their businesses, even if they are micro-businesses, in accordance to best business practice. He further explained that the Bank also had an objective to capture the concerns and challenges of the small business communities, and seeks to address them by crafting solutions to assist these business owners.
Other sessions will be held at Marigot on July 15th, Grandbay on July 29th, Portsmouth on August 12th and Roseau on August 26th. The NBD encourages both existing and potential small business owners to come, get information and start a partnership that could transform their business.
I am sorry hate to be negative but I am sure alot of people in Dominica have this same story……some of these financial institutions in Dominica are a joke they all talk a good talk and are professional bull….and before you all knock my comment hear me out…..National Bank, NDFD, AID BANK each of these institutions all have money received from government… to aid small business and stimulate economic growth. Funds which they can lend using concessionary rates to help people and they do litttle or nothing to advance that mandate…..Workshops and Forums are all well and good. But when you have people litteray turning them away when the seek funding people who meet the 5 Cs of credit easily…. You turn away with the reason being “your business idea wont be viable” or some other lame excuse….but at the same time you give loans to large companies like millions of dollars to what in part?? Quoting from a earlier article “to vigourously recapture lost market share” yeah…
ULarge companies refering specifically in this case to Bello 4.9 million to what??? In part to “vigourously recapture lost market share”?????? http://sundominica.com/articles/aid-bank-injects-49-million-into-bello-1536/…… and we in Dominica all know the other sweetheart deals that were made……. How is it they never make them “gwo boug” attend forum and workshop too before giving them millions with no security…but no is ordinary people you want to kyoneh…..no thanks….
I would like the NBD to concentrate on improving their customer service. Edwards closed a branch several weeks ago and tried to sell this move to us that it was an effort to improve customer service. Well, ever since the lines in the remaining branches have increased dramatically. Not only that, but at the same time they started charging $1 for each ATM withdrawal. As far as I am concerned ATMs are there to reduce traffic in the bank building itself but he in implementing this charge actually increased already heavy footfall even more. Everything in Dominica is back to front. Maybe one day Dominica gets true professionals that can lead its institutions not only in a profitable but also in a top customer service orientated manner. In everything we try to ape what Americans are doing but one thing Americans are top we just cannot get our head around that – Customer Service!
I FULLY ENDORSE YOUR STATEMENT.
It is absolutely ridiculous how one has to suffer whilst in that bank.
How can a person come to do business in the city, and have to spend 45mins to an hour, awaiting service.
What I loathe the most, is that many times, you come to do a simple transaction. say: Save, Withdraw, or foreign exchange; and you have to wait 100 years. why isn’t there a Teller for these SIMPLE transactions only.
then you have some persons who spend 100 years with one teller
Dominica is backward in all aspects. and even banking.
In other countries, businesses do not want you to spend more than 10 mins in queue. Try the UK and US.
they apologize profusely.
These are serious issues that need addressing. Closure of that independent street bank was a mistake although it was a time waster as well.
ATMs: the one at whitchurch never works.
NBD need an overhaul. utter waste of Time.
whenever I go that bank, and waste my time. my pressure goes up
and they are also stealing 1.00 for every Debit card transaction.
You save in a bank to try to be rich,
but the Bank is robbing you…
HOW IRONIC.