Business people involved in enterprises such as confectionary, agro-processing, and garment manufacturing are set to benefit from a one million dollar ($1,000,000) cash injection into the Small Business Support Unit (SBSU).
The money has been allocated by the Government of Dominica in the next financial year, as part of Government’s commitment to supporting the development and expansion of small and micro businesses on the island.
Prime Minister Hon. Roosevelt Skerrit made the announcement while presenting the 2012/2013 Budget at Parliament on Tuesday.
This is one of many measures announced by the Prime Minister to fuel income-generation for nationals who depend heavily on small business.
The Dominica leader told Parliament that the Small Business Support Unit which was established in 2008 has to-date disbursed $5.2 million in soft loans and grants to one thousand six hundred and ninety-five (1695) business owners across the island.
He said the one million dollars will be available for people needing cash to set up small and micro businesses.
“In the next round of financing, the SBSU will utilize eighty percent of its funds to target specific enterprises.”
He went on to explain that specific sectors to benefit from the funds would include confectionary, agro-processing, garment manufacturing, furniture manufacturing, craft/woodwork/art and hairdressers, hair braiders and barbers.
Prime Minister Hon. Roosevelt Skerrit is confident that this move will further stimulate economic activity in the country and give a boost to people with viable business ideas wishing to start their own businesses.
Of the 5.2 million dollars disbursed so far by the Small Business Support Unit, the Prime Minister reported that one thousand six hundred and forty-one (1641) jobs have been created and sustained.