Small businesses and cottage industries are to benefit from a $5-million, low interest loan facility made available by the Government of Dominica through the National Development Foundation of Dominica (NDFD).
Prime minister and minister for finance, Roosevelt Skerrit, told parliament on Monday, October 28, 2013, an agreement will be signed next week between the government and the NDFD which will implement the facility.
The prime minister confirmed that a first cheque of $2-million will be made available to the NDFD in November.
This investment in small business and cottage industry development is with a view of creating jobs in agriculture, tourism and other service industries.
This is in keeping with government’s belief that anyone with a good, viable business idea should be provided with assistance for its establishment and that existing businesses in need of additional resources to take advantage of market opportunities should be provided with the necessary support.
NDFD makes it to difficult for small business owners or future owners to get these loans, they asking for large deposits and other types of collateral that these peolple don’t have. Can you imagine asking for a small loan of $10,000EC and u need 25% deposit plus a co signer and maybe property as more collateral. Some of these recommendations has to be looked at asap. Its suppose to be a lot easier than going to the bank but its a lot more difficult.
my sentiments exaclty!!! the process is more tedious than it should be!! that causes discouragement and kills incentive and motivation. simplify the process. where the young entrepreneur is gonna get the collateral needed to secure the funds when they dont have it. stupes!!
Good, I can see a Govt. at work.
lol, Skerrit is on his toes
Skerrit come in the light where i can see you…i don’t want nobody (whinining on you) saying you not doing a thing
I must commend the effort, however, the process in
securing the funding must be smooth. Quite often, the authorities frustrate the potential or current entrepreneur. This has resulted in the closure of firms, as well as, discouragement to set up shop. Please do no add any unnecessary road blocks. We need jobs, also, we must expedite the process to assist the risk takers.
I love my freaking PM