ROSEAU, Dominica, Thursday August 18, 2017 – Manufacturers in Dominica are getting some much needed assistance from the Government.
The Roosevelt Skerrit administration has outlined plans to establish a US$5.5 million special loan facility to meet the needs of the manufacturing sector.
“To be eligible, the manufacturer should be engaged in manufacturing in Dominica, and such eligibility will include new and existing manufacturers who are currently in active production. Startups will be channeled through the Invest Dominica Authority,” he explained during the recent 2017/2018 National Budget.
The prime minister said he hoped the measure would yield substantial benefits to the manufacturers and to the economy as a whole.
“The terms of the special loan facility are: an interest rate of three percent; maturity of five to 12 years and; a grace period of up to 12 months for investments and three months for loans contracted for working capital,” he added.
Funds available via the special loan facility will be accessed via the island’s Agricultural Industrial and Development (AID) Bank for lending for working capital, expansion and/or improvement of manufacturing plants; construction of facilities; purchase of equipment/machinery and; systems updates.
Skerrit, who is also finance minister, noted that for many years, only one company dominated the sector. And he made an appeal for other companies to begin making a more substantial contribution to manufacturing.