Santo Domingo.- 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.