Economy October 6, 2023 | 11:59 am

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Cultural and sustainable tourism attracts financing from Dominican banks

Santo Domingo.- BHD Bank is actively exploring the risks, opportunities, and multiplier effects of cultural and sustainable tourism. They aim to categorize companies in the tourism sector to develop more targeted products and services. The bank has a loan portfolio for the tourism sector, amounting to approximately $400 million. According to Luis Molina, the Senior Vice President of Corporate and Business Banking at BHD Bank, about 65% of this portfolio is allocated to large companies, with the remaining 35% directed towards SMEs.

Banreservas (Reserve Bank) also recognizes the significance of SMEs in the tourism ecosystem and their impact on communities. Kenneth Martí, the Senior Business Director of Banreservas, explained that the bank supports artisans, farmers, taxi drivers, tourist guides, and tour operators, as these businesses benefit from various programs. Additionally, Banreservas provides direct support to tourism projects that generate employment and stimulate the local economy.

Banco Popular focuses on providing guidance to business owners in the creative industry to help them develop viable business plans. This guidance is essential for the success of ventures in the cultural and creative sectors. Banco Popular has supported the film industry, financing the production of approximately 62 films in the last decade. The creative sector represents around 40% of Banco Popular’s loan portfolio.

In recent years, Banco Popular has financed approximately $1.6 billion, contributing to the development of new and renovated hotel rooms, which has had a significant impact on the tourism sector’s growth. The bank is also actively involved in providing educational platforms and support to creative entrepreneurs to help them succeed in their ventures.

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