Small and medium size enterprises in Dominica stand to benefit from a new loan facility amounting to over $5 million.
The resolution authorizing government to borrow from the Eastern Caribbean Partial Credit Facility was approved in parliament on Monday.
“It’s an OECS regional facility passed in Parliament today, the resolution to have us access this fund,” Minister for Commerce, Enterprise and Small Business Development, Roslyn Paul said.
According to her, this will benefit micro, small and medium-sized enterprises (MSME’s) in Dominica.
“First and foremost we will be accessing this loan and I guess the small business owners are going to be happy because access funding has been a major challenge to a number of small businesses in Dominica, especially coming on the heels of Hurricane Maria where number of small businesses were affected,” she said.
Prime Minister Roosevelt Skerrit commended Paul and thanked the World Bank.
“The World Bank continues to be a true partner of Dominica. They have always been there with us, more so, since Hurricane Maria and we are grateful to the leadership of the bank,” he stated. “I want to give my absolute support. I want to express my excitement for this.”
He said this will go a long way in addressing some of the challenges which people who are in involved in small businesses may have in accessing additional financing.
Meantime, Attorney General Levi Peter said the country has taken action to get out of the EU’s Blacklist.
Government amended the offshore Banking Act in order to handle tax transparency.
“Government is committed to taking all the actions necessary to ensure that Dominica does not remain on the negative list and that Dominica is not deemed to be uncooperative in tax matters,” he said.
According to Peter, government is definitely not opposed to the principles of transparency.
He said the demands placed on small states with regard to these matters are onerous.
“Moreover, the varying standards and the frequent changes in standards take little account of the capacity constraints of small developing countries,” Peter stated.
He said Government will continue to do its best to respond as these demands are made.
“Small and medium size enterprises in Dominica stand to benefit from a new loan facility amounting to over $5 million. ”
This is just another dangling carrot, another way of bribing the unfortunate, and those who look forward for a handout from Roosevelt.
Not too long ago money was distributed all in the name of creating small business, some people got as little as three ($300.00) hundred dollars!
What sort of small business can three hundred dollars set up?
We understand one young lady obtained approximately three thousand dollars; which she used to buy herself a set of new cloths!
What sort of enterprise is she talking about, how many people do they employ, and what are they producing and exporting out of the country?
If everything is for local consumption, it is a wast of time, since ninety percent of the people are unemployed, the population is small and dwindling!
The DNO article : ”According to Peter, government is definitely not opposed to the principles of transparency.”
Since the government is for transparency, Mr. Peter, please confirm that the French authorities have requested certain information on the Prime Minister under the Mutual Legal Assistance Treaty.
In mid 2017, the minister distributed over $340 000 in her constituency for “small business”. I would like to know how many small businesses actually materialized from that venture and whether these businesses being assessed/evaluated/monitored; and if so by whom?
After all, it is the tax payers’ money on the line and one would expect some level of accountability AND transparency.
More nonsense, more voted bought, however, no economic impact. There was NO accountability in the last handout of the millions. People suddenly had small businesses, the money was spent on good time and bills and other things. Many small businesses have closed since then. This practice of just handing out money needs to stop. There needs to be a way to develop areas and put things in place to minimize the cost of establishing and operating a small business here, allowing owners to make sustainable investments in their operations. Otherwise, that money being handed out is just going to go into thin air. never to be seen again.
what are the terms?
This government is reactive when it should be proactive. It reluctantly responds, on occasion, when it finds itself in hot water. It engages strictly in political profiteering. There are no visionary plans for the country; everything is done haphazardly to bamboozle the ignorant and unsuspecting electors. So many residents have fallen below the poverty line in the last nineteen years while Ministers of government and their cronies have grown filthy rich. There isn’t anything that the government has done to smile or boast about in Dominica. Everything is on the decline whether it be sports, the economy, agriculture, light manufacturing, education, national security, youth employment, infrastructure, law and order, respect for one another. The country is like a progressive desert, all you are seeing is an expansion of barrenness and impoverishment. Sherrit has his knee on the back of the country’s neck suffocating it to death. He has to go this time!
What are the terms and conditions?
How lost you are Dominica that you depend on the World Bank. However, you aren’t the only one.
Boy so Roselyn get gason. Boy corruption really kills eh. I don’t believe a thing Roselyn Paul says because she is not a person of integrity at all. She is the kind of person that will give all cats and dogs money in the name of small business, like she did already. Even ganja people that supporting her will get money only to find out there will be no business to show. Roselyn Paul and Roosvelt Skerrit are two of the same. Dominica has a lot of rotten teeths that needs need to be pulled out before they infect the entire country. Those rotten teeths are smelling in church, in school, in the financial center and just about anywhere. But the dentistd will soon be in every village in Dominica and those rotten teeths will be extracted
I am a greedy person, a yes PM person, a person that will do anything Skerrit asks me to do for money. Honestly speaking Pm does not even have to ask me to kiss his donkey because I am willing to do that everyday for him. I will even go to his garden and clean his garden hose for him. That’s who I am by nature
More racketeering on the way. All toulooloo going to have small business,however genuine ones won’t qualify. When will this end?
DNO your reporting on this EC$5.0 Million is not very clear. I did some research and found out that this loan signed with the world bank will not be available through the Government Ministry but rather business men and women including the Kalinago people from 18 years old and over in Dominica will go through a participating financial institution for a loan and that financial institution will seek a guarantee for that loan through the Eastern Caribbean Partial Credit Guarantee Corporation. Hence, this World Bank loan is Dominica’s contribution towards setting up the ECPCGC that will be based in St. Kitts. You had vacancy postings on your site a few weeks back for that corporation. Their website – http://www.ecpcgc.com shows two Dominicans on that Board of Directors and their operations manual is on that site.
ADMIN: Thank you for your insight. We are looking into this.
I live in Soufriere and my small business was destroyed by Maria. No one gave me any assistance. This resulted in it’s closure since I can’t afford to take a loan. My dwelling also got damaged and I haven’t
been given any assistance. Parl Rep has been playing politics with giving assistance. The same set of people are receiving all the time.