Government has granted loans in excess of RD$4,316 million to young people for entrepreneurship

The Dominican Government chaired by Luis Abinader through the Entrepreneurship Laboratory and the Fairs of the Ministry of Youth (MJ) through the placement of funds from the National Council for the Promotion and Support of Micro, Small and Medium Enterprises (Promipyme), has granted loans in excess of RD$4,316 million pesos to young people, reaching record numbers for the creation and expansion of business ideas.

Some 51,784 young people have been the beneficiaries of the different provinces of the entire national territory between 18 and 35 years old after being channeled through the Laboratory of Entrepreneurship and Policies of the First Youth Employment, which also carries out the Entrepreneurship and Youth Fair of that ministry , which serves as a catalyst for young people and offers from various banking institutions.

These funds have allowed the creation of 35,627 jobs and 222,671 have been strengthened, impacting a total of 258,298 jobs from August 16, 2020 to June 5, 2023.

The Minister of Youth, Rafael Jesús Féliz García, described President Abinader as the “main ally of the Dominican youth” for his strong support.

“President Abinader has spared no effort in giving back like never before to young people across the country. A president who defends and suffers from the Dominican youth”, said Féliz García.

They were also disbursed to be delivered to the applicants under the modality of “entrepreneurship loans”, granted by Promipyme.

loans

In the North, Northeast and Cibao, 1,772 million 852 thousand 853 pesos were granted ranging from Cotuí, Moca, Monte Plata, La Vega, Nagua, Santiago Rodríguez, Santiago, Salcedo, Puerto Plata, Monte Cristi, Valverde, to San Francisco de Macorís , among other provinces.

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For the National District and Greater Santo Domingo, a total of RD$1,287 million 189 thousand 932 pesos were benefited.

Young people from the southern region of the country received an approximate amount of more than RD$794 million 963 thousand 308 pesos, belonging to the provinces of Azua, Baní, Barahona, Dajabón, Elías Piña, Jimaní, Neyba, Pedernales, San Cristóbal, San Juan de La Maguana and San José de Ocoa.

In the East, an estimate of RD$ 459 million 299 thousand pesos has been given; There, the entrepreneurs from the provinces of San Pedro de Macorís, Higüey, La Romana, Hato Mayor and El Seibo received their loans.

This financing program provides an opportunity for the establishment of new microenterprises, with the aim of promoting the business development of men and women who have the knowledge and/or experience to start a new business.

Within the financing conditions it consists of a service fee, ranging from 12% annually and with a term of up to 36 months, to this is added a grace period of 3 to 6 months in the payment of capital.

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