Dominican Republic to help small and medium businesses

With RD$ 10.0 billion

The Government allocated more than RD$10.0 billion (US$256.4 million) to promote Small and Medium Businesses, Presidency chief of staff Gustavo Montalvo announced Thursday.

He said the Reservas Bank has RD$4.6 billion available, the Agricultural Bank RD$2.0 billion; the Promipyme Agency RD$1.5 billion, the Bank Solidarity, Women and the Poor RD$ 1.0 billion, in addition to another billion pesos donated by the EU for technical assistance and training.

The official said the SMEs can borrow through the Reservas Bank, Agricultural Bank and Promipyme at a preferential rate, according to the applicant’s repayment capacity.

The details were revealed yesterday afternoon during the presentation of the Government Action Plan of the MSMEs, in a a National Palace ceremony headed by President Danilo Medina and Vice President Margarita Cedeño.

Montalvo added that the Presidency issued a decree amending the Law on Public Procurement and Contracting, and among other aspects J orders all agencies to make 20 percent of their purchases from MSMEs starting January.

Dominican Republic Live, from DT, 07.09.12, 11am

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