The Government of Dominica on Thursday signed a $5 million loan agreement with the AID Bank, to assist small businesses that have been impacted by the Covid-19 Pandemic
Prime Minister Roosevelt Skerrit, who was addressing the signing ceremony, for a $5 million loan agreement with the AID Bank to assist small businesses that have been impacted by the Covid-19 Pandemic, encouraged citizens to take advantage of the facilities. He said, “1% interest on any loan amount is a significant consideration.”
Mr Skerrit pointed out that the generous terms must also be considered in terms of the repayment, schedule and the grace period, saying, “I am happy to note that the AID Bank will seek to efficiently respond to the applicants because time is certainly of the essence and seeing that our country is gradually reopening, it is important for them to reposition themselves so that their business activities can resume in a very positive manner”.
He added that bus drivers can also access the loans which can be used for a wide range of business activities saying, it could be used to help cover their recurrent cost and overheads, or to buy equipment or machinery for their small business”. He said, “We have tried to tailor this loan facility to respond to the specific challenges which businesses are encountering.”
He added that in normal circumstances, one will not get a small business loan to pay salaries or to cover recurrent expenditure. He referenced an amount of $15.7 million which will be made available to the Dominica Social Security (DSS) to provide income support to those whose income has been affected during this pandemic. He encouraged small businesses to apply for these loans, saying no matter how small the amount may be in people’s eyes or in your own view, whether it is $1.00 or $5.00, it will make a difference in your lives.
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