The National Development Foundation of Dominica (NDFD) has introduced a specific loan product to its clients called the Green Loans designed to help reduce their energy bill and at the same time help save the planet.
George Challenger, who is one of the longest serving Business Development Officers at NDFD, said the loan amounts range from $1000 to about $15,000 at an interest rate of 6.5% and above $15,000 to a maximum of $150,000, the interest rate is about 8% on a reducing balance.
He said business owners, farmers, shop and bar owners specifically looking to purchase energy equipment, and fisherfolk, can qualify for that loan.
“The Green Loan is specifically designed to help consumers reduce their energy bill which will help them save at the end of the month and at the same time help save the planet,” he said. “Why green? Green speaks about the reduction in the contribution of carbon footprint, because of climate change, because of Tropical Storm Erika and Hurricane Maria.”
According to Challenger, the basic requirements in obtaining that loan are two government ID’s – a social security card, driver’s license or a valid passport – as well as a job letter for employed persons, and financial statements for business people.
“The invoices have to be specifically for energy efficient appliances, for example solar panels, four stroke outboard motors,” he stated.
Challenger said if one is into business, their business must be registered.
“In terms of a fisherman, he would have to bring in his fisherman’s ID card,” he stated. “They would have to get a recommendation letter from the fisheries division.”
He said credit reports and other requirements will be available at the NDFD office and its Facebook page.
Challenger made it clear that the total cost of the project must be 50% green energy.