Govt and AID Bank Sign $5 Million Loan Agreement to Help Small Businesses
The government and AID Bank signed a $5 million loan agreement to enable small businesses cope with employee salaries and business expansions. The small business loan comes with a 1% interest and repayable over six months. The government loan is meant to help businesses recover from the oppressive impacts of COVID-19.
Prime Minister Roosevelt Skerrit who attended the signing ceremony said the loan would be helpful to barbers, commercial bus drivers, private school owners, beauty salons, and other small businesses that were impacted by the coronavirus pandemic. He said the loan could be applied to paying staff workers or taking care of recurren expenditure.
“I want to say to our citizens that it is important that we take advantage of these facilities,” PM Skerrit said. “One percent interest on any loan amount is a significant consideration. It could help cover your recurrent cost, your overheads or to buy equipment or machinery for your small business. We have tried to tailor this loan facility to respond to the specific challenges which businesses are encountering.”
AIDS bank general manager Marie-Theresa Johnson urged business owners across Dominica to avail themselves of the opportunity of the loan, saying applicants can expect a payout within 48 hours of successful application.
PM Skerrit equally made reference to the $15.7 million Dominica Social Security (DSS) fund which targets providing support to individuals who have lost their jobs or suffering any hardships as a direct result of COVID-19 pandemic. He explained that regardless of how small the amount may be, it will make a significant difference in the lives of people when it is obtained under the current economic situation in Dominica and across the world.
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