Government has granted loans in excess of RD$4.3 billion to young people for entrepreneurship

Santo Domingo.- Under the leadership of President Luis Abinader, the Dominican government, in collaboration with the Entrepreneurship Laboratory and the Fairs of the Ministry of Youth (MJ), has provided loans totaling more than RD$4.3 billion pesos to young people. This achievement marks a record in the creation and expansion of business ideas.

Benefitting a total of 51,784 young individuals between the ages of 18 and 35 across various provinces in the country, these loans were made possible through the National Council for the Promotion and Support of Micro, Small, and Medium Enterprises (Promipyme). The Entrepreneurship and Policies Laboratory of the First Youth Employment, in conjunction with the Ministry of Youth’s Entrepreneurship and Youth Fair, facilitated the allocation of funds and acted as a platform for young entrepreneurs to access offerings from various banking institutions.

The financial support provided has led to the creation of 35,627 jobs and the strengthening of 222,671 existing positions. This has made a significant impact on the job market, with a total of 258,298 jobs being positively affected from August 16, 2020, to June 5, 2023.

Minister of Youth, Rafael Jesús Féliz García, expressed his gratitude to President Abinader, describing him as the primary ally of Dominican youth due to his unwavering support.

“President Abinader has gone above and beyond in supporting the youth of our country like never before. He is a president who defends and empathizes with the Dominican youth,” said Minister Féliz García.

The funds provided by Promipyme were disbursed to eligible applicants under the category of “entrepreneurship loans,” further demonstrating the government’s commitment to fostering youth entrepreneurship and economic growth in the Dominican Republic.