Executive Director at the National Development Foundation of Dominica (NDFD) Cletus Joseph is reporting a $ 3 million increase in their loan portfolio, despite what he describes as a challenging 2014.
“We saw a significant growth in our loan portfolio of a little more than $ 3 million, “Joseph told Dominica News Online (DNO) in an interview on Friday. “The majority of that went to the Micro, Small and Medium Enterprise (MSME) sector. And so that is a positive and by our last calculations, they have impacted in excess of 300 jobs in that last count,” he said.
That notwithstanding, the year was a challenge for the NDFD, Joseph reports.
“2014 was another challenging year for us,” he stated, adding that the NDFD’s mandate which is to develop the MSME sector is itself a challenge, since whatever affects the sector also affects them.
“So whether they just survive or they excel in what they do or whatever challenges they get otherwise will also affect us and we want to ensure that this sector does well and in the end we ourselves will do well,” he explained
The NDFD Executive Director is also concerned about the success rate of small businesses on island.
He stated that in this regard, they are working towards improving it by determining the exact rate of business failure.
He said in 2015, the public can expect to see a strengthening of the MSME sector particularly in the business support program area and adding value in terms of manufacturing and packaging of goods.
Joseph said some of the year’s highlights for the NDFD include financial education and customer service and events such as the Creole in The Streets Expo which provided avenues for growth, sales and exposure for their clientele.
He said the institution is also renewing its calls to delinquent clients to honour their commitments.