The Dominica National Petroleum Company Ltd has joined forces with the National Bank of Dominica (NBD) to assist the island’s business sector. On Monday, the NBD formally launched a Productive Sector Development Loan during a press conference at its branch office in Canefield.
Managing Director of NBD, Michael Bird said that the loan programme is a solution.
“This initiative is consistent with our bank’s tradition of providing solutions to our customers and enriching their lives [as well as] facilitating national growth and development. In this current environment, we are keen on providing solutions that are relevant to our customers’ needs. We all know the many challenges being faced by this sector and NBD is offering a solution today that will aid in one critical area- the area of financing,” he said.
The programme targets small and medium sized businesses in productive sector with a focus on agriculture, manufacturing, agro-processing, trade and tourism.
Bird said, “Through this programme we will provide startup capital for new businesses, as well as financing for growth and expansion initiatives for existing enterprises in these sectors.”
The Dominica National Petroleum Company Ltd will provide the funding to the NBD for on lending to potential borrowers at an interest rate of 6.5 percent.
The new loan facility will provide opportunities to those wishing to expand their own business and business people with new ideas.
As part of Government’s Growth and Social Protection Strategy for 2012-2014, business development was cited as one of the key areas of focus.
The strategy seeks to increase the contribution of manufacturing and agro-industries to Dominica’s Gross Domestic Product (GDP) and to increase income and employment for the small business sector.