News

Dominican Republic Receives $30 Million Loan For Small Business Development

By: Caribbean Journal Staff - January 9, 2014 - 6:00 am

Above: Santo Domingo

By the Caribbean Journal staff

The Dominican Republic will be receiving a $30 million loan from the Inter-American Development bank to boost productivity in the micro, small and medium-sized business sector.

The project will provide access for medium and long-term credit, the bank said, aiming to improve both the management of MSMEs and their support from the public sector.

It will create a fund supported by a guarantee fund, which will finance “investment projects, permanent working capital, and technical assistance,” according to the IDB.

According to data from the Inter-American Development Bank, 97 percent of Dominican enterprises can be considered MSMEs, which combine to account for 30 percent of the country’s Gross Domestic Product.

The bank said the project was expected to increase labour productivity and sales among MSMEs.

The loan is for a term of 25 years, with a five-year grace period. The local counterpart on the loan totals $4.2 million.

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