Santo Domingo.- The on Thursday eased the requirements for small and medium businesses to get loans, raising the financial system’s consolidated debt ceiling for SMEs, from RD$15.0 million to RD$25.0 million.
In this regard, the SMEs seeking the consolidated figure of RD$25.0 million will be evaluated based only on its payment history, not on the audited financial statements.
In a statement, the Central Bank said updating the Asset Assessment Review (REA) should further increase the channeling of bank funds to the sector, contributing to economic growth and new jobs.
It said the Monetary and Financial Authorities, as part of the government policy to promote the development of MSMEs, created the Banking subagent, which makes it easier and democratizes the national financial inclusion.
The Central Bank said the provision will give large segments of the population greater access to financing and bank credit, not readily available today, “or for users who still have to travel great distances to receive these services, thus increasing in transport costs.”