The National Development Foundation of Dominica has not wavered in its support of the Dominican people.
During the organization’s 34th Annual General Meeting, Chairman of the NDFD, Oliver Henderson, revealed in his chairman’s report that the organization remained dedicated following one of the most significant incidents of the past year, the occurrence of Tropical Storm Erika.
“We were able to provide some humanitarian relief to a few areas which were severely affected. We tried our best to assist as many people- especially our clients- as we could. As it relates to affected businesses, the approach was to carry out an immediate assessment of these clients and to determine the best approach. Each case was treated based on its own merits.”
Henderson reported that grace periods, interest waivers, refinancing and technical assistance on restructuring were employed to assist entrepreneurs.
The chairman stated that this year’s theme ‘Empowering the Entrepreneur through Support and Information’ is fitting as the organization remains committed to the nation’s entrepreneurs according to its mandate.
The Chairman reported that as at December 31st, 2015, the NDFD balance sheet showed an increase in assets of more than a million dollars. This was mainly due to a growth in its loan portfolio.
The organisation’s liabilities increased by almost seven hundred thousand dollars however, its revenue increased while expenses decreased.
Henderson says these are positive directional signs for both the organization and micro, small and medium-sized enterprises.
A loan taken by the NDFD to boost MSMEs resulted in funding for 343 business and 697 new or sustained jobs in 2015.
He affirms that business was conducted in an effective and transparent manner.