Dominican Gov. rolls out US$69.0M in soft loans for businesses

Santo Domingo.-The Dominican Government has for the micro, small and medium-sized companies some RD$4.1 billion (US$69.0 million) for soft loans as part of the plan to reactivate businesses with sales of up to RD$58 million per year.

“The plan that seeks to support one of the sectors most affected by the coronavirus pandemic, will be led by the Ministry of Industry, Commerce and Mipymes (MICM) and consists of three programs of immediate application through Promipyme, the Institute of Cooperative Development and Credit (Idecoop), Banco Agrícola, Fiduciaria Banreservas and Fundación Reservas del País,” the Presidency said in a statement.

At the event, led by the President Luis Abinader, the Minister of Industry and Commerce, Victor -Ito- Bisonó, said the first program will be executed through Promipyme / Banca Solidaria, from where it will be used for formal and informal business, RD$2.5 billion for new loans with fixed annual rates between 6% and 10% and 6 months of capital grace (only interest payments).