The National Bank of Dominica (NBD) and the National Development Foundation of Dominica (NDFD) have entered into a partnership to finance small and medium-sized businesses in Dominica.
Under the partnership agreement, NBD has provided a $3 million non-revolving facility to NDFD to finance these businesses.
The announcement was made by Director on the Board at NBD, Paul Moses at a press conference held at the NDFD conference room on Tuesday.
According to him, in the strategy for Dominica, the development of small business is cited as a growth engine and has been prioritized as a focus area.
“The National Bank of Dominica Limited as a priority endeavours to participate in the national development process, the bank is beholden not only to our immediate stakeholders but the institution is also committed to contributing positively to Dominica’s overall economic development,” he said a the launch of the initiative. “This partnership with the NDFD provides an ideal opportunity for the bank to participate meaningfully in national development by offering financing that will help stimulate economic growth.”
He stated also that through this arrangement with the NDFD, the NBD, will be “able to provide an affordable rate and the necessary support services which are already being provided by the NDFD to small and medium-sized businesses.”
“The funds are provided in the framework of NBD’s programme for the support and the development of SME’s,” he explained. “NDFD will select its sub-borrowers and provide them with targeted loans for business development. These will be small and medium-sized businesses that meet the eligibility criteria agreed between the parties.”
Moses pointed out that the partnership will foster the creation and enhancement of favourable conditions for more sustainable development of small and medium-sized businesses in Dominica and improve the competitiveness of small and medium-sized business in the domestic and foreign markets, the advancement of an infrastructure for Dominica’s market economy.
“We at NDB believe that there is great potential for growth in the small and medium business sectors and we acknowledge their contribution to our society,” he noted. “Therefore, we need to ensure that they have access to the funding that they need to succeed. The result of this initiative will undoubtedly contribute positively to Dominica’s GDP.”
Executive Director of the NDFD, Cletus Joseph said the initiative highlights, on a broader level, the need for organizations within Dominica, “to come together and establish and identify our competitive advantages and our strengths which exist within every organization on island.”
“Let us identify that we put aside whatever differences that we have and work towards greater good of national development,” he noted.
Meantime, Chairman of the Board of Directors of NDFD, Oliver Henderson, encourages small and micro business owners and potential entrepreneurs to visit the NDFD with their ideas or businesses to develop a way forward to maximize on all the services available.
“We want to help you to take your dreams and visions and convert them to reality, which is thriving profitable businesses which among other things create employment, generate foreign exchange, contribute towards food security and also generating wealth for you the business owner,” Henderson stated.
“NBD has provided a $3 million non-revolving facility to NDFD” what does this mean? and what does this mean for people who already have loans at NDFD
Something Positive out of Dominica. The other liquid banks should do the same.