Small businesses in Dominica can now get loans with just 1% interest: PM Skerrit

Caribbean Nation of Dominica has signed an agreement with Dominica Agricultural Industrial (AID) Bank to support small businesses. As per the government of Dominica, people financially impacted by the pandemic can also apply for small loans with a mere 1% interests and a fast 48-hour turnaround.

The government funds support this five million EC dollar scheme which strictly aims at sustaining small businesses by providing a monetary allowance to modify their business models and services in anticipation for the expected return of tourists.

Prime Minister Dr Roosevelt Skerrit acknowledged the IMF and world bank for valued partnership and immediate aid that accommodated Dominica manage the pandemic thoroughly.

During the signing ceremony on Thursday, Prime Minister stated that these loans could be utilized for a vast range of businesses.

He added that "I am delighted to record that the Dominica Agricultural Industrial Bank will endeavour to efficiently answer to the appellants because for a multiple of these applicants time is undoubted of the essence and understanding that our country is slowly reopening, they need to reposition themselves so that business activities can resume."

As per the Prime Minister Dr Skerrit, in total there is EC$20.7 million income support to revive small loans.

Over the past several years, Dominica has been building an encouraging ecotourism sector rooted in sustainability, nature immersion, intimacy, wellness and tranquillity.

In the fall of 2019, the Financial Times' PWM filmed a documentary where Editor-in-Chief Yuri Bender said that Dominica is "carving a niche of its own" focused on the quality of tourists rather than quantity.

Prime Minister Dr Skerrit stated that people of Dominica acted efficiently and supported the government in eliminating coronavirus from the island.

The government is now taking rapid actions to revive small businesses highly affected by the coronavirus pandemic. After weeks of curfews and lockdowns, the country is slowly opening and preparing itself for coming tourist season.