{"id":251146,"date":"2020-06-15T11:37:23","date_gmt":"2020-06-15T15:37:23","guid":{"rendered":"https:\/\/dominicanewsonline.com\/news\/?p=251146"},"modified":"2020-06-17T13:35:20","modified_gmt":"2020-06-17T17:35:20","slug":"almost-1-million-dollars-disbursed-in-loans-under-government-covid-relief-measures-aid-bank","status":"publish","type":"post","link":"https:\/\/dominicanewsonline.com\/news\/homepage\/homepage-carousel\/almost-1-million-dollars-disbursed-in-loans-under-government-covid-relief-measures-aid-bank\/","title":{"rendered":"Almost $1 million dollars approved in loans under Government COVID relief measures – AID Bank"},"content":{"rendered":"
\"\"
Marie-Therese Johnson, Manager of the AID Bank<\/figcaption><\/figure>\n

Manager of the Dominica Agricultural, Industrial & Development Bank (AID Bank), Marie-Therese Johnson, says that to-date, over $900,000 has been approved under the $5 million loan facility at the AID Bank which the government has provided as part of its Covid-19 economic relief measures.<\/p>\n

In the loan agreement, small business owners can benefit from a $15,000 loan facility at a 1 percent interest rate and no down payment for 6 months.<\/p>\n

\u201cFor the thirteen days since we commenced the facility, over 500 clients have been contacted to arrange appointments and commence the loan process,\u201d Johnson stated on a DBS radio programme last week. \u201cTo date, over $900,000 has been approved so that just gives you the indication of what its is we\u2019ve been doing.\u201d<\/p>\n

She continued, \u201cI again want to re-emphasize that we remain committed to the 48 hour turnaround time. Once all the documentation is received and also to say that there have been instances where we have exceeded this expectation and turnaround application in 24 hours.\u201d<\/p>\n

Despite this reassurance from Johnson, there have been complaints from some applicants regarding this turnaround time promised by the bank and others have said that they keep being asked to provide additional documents even after they think that the application has been completed.<\/p>\n

The AID Bank encourages clients who have submitted applications to call the customer service unit at 255-9414, 255-9453 or 255- 9400 to follow up just in case for some reason the company missed their call.<\/p>\n

Head of the Credit Facility at the AID Bank, Nichole Faustin, mentioned some of the things that can be used by loan applicants as evidence of their small business.<\/p>\n

\u201cThere are various items that the small businesses can provide for the evidence of small business, that can include their financial statements; if they have certified copies of their tax returns; any social security or licenses that they may have paid. We also accept letters from the Justice of the Peace within the communities and also the village councils,\u201d she explained.<\/p>\n

Faustin also said that there is a level of flexibility in terms of what can be accepted.<\/p>\n

\u201cWe understand that a lot of businesses may not be operating at the level that they are, so we can accept in addition to the taxes they would have made, for the small shops, they have a small shop license that they pay; for food handlers permits, the restaurants have food handlers permit; the vendors also pay something to City Council and they can also get a letter from the Justice of the Peace in the community and their village councils,\u201d she advised. \u201cThat can certify that I know that this furniture shop has been operating for the past two years and they were operating up to March 2020.\u201d<\/p>\n

\"\"
Clients at the AID Bank<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"Manager of the Dominica Agricultural, Industrial & Development Bank (AID Bank), Marie-Therese Johnson, says that to-date, over $900,000 has been approved under the $5 million loan facility at the AID Bank which the government has provided as part of its…","protected":false},"author":15,"featured_media":251149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[18,36,11,235,9],"tags":[],"class_list":["post-251146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy-development","category-general","category-homepage-carousel","category-news"],"acf":[],"yoast_head":"\nAlmost $1 million dollars approved in loans under Government COVID relief measures - AID Bank - Dominica News Online<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dominicanewsonline.com\/news\/homepage\/homepage-carousel\/almost-1-million-dollars-disbursed-in-loans-under-government-covid-relief-measures-aid-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Almost $1 million dollars approved in loans under Government COVID relief measures - 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