President assigns billion to PYMES

[NewsWhore]

President Leonel Fernandez has assigned RD$1 billion towards the development and strengthening of small, micro and medium-sized business enterprises in the Dominican Republic. The aim is to increase jobs. The President also said that while the government's cash box is not as "robust" as he would like, his team has done some creative thinking and if the government lacks the funds they will be found "with the help of some good friends". According to Hoy, the President said that he had spoken to the head of the National Housing Bank, Leonardo Matos Berridos, requesting his cooperation with the government by supporting small and medium enterprises. The Chief Executive also said that money from the Reformed (State) Enterprises Heritage Fund (FONPER) was also available to help these small businesses. Fernandez said that although he felt that this was not enough, it was the largest amount of support ever given to the sector. The President was speaking at the Fifth Small Business Award ceremonies where dozens of small-scale entrepreneurs were honored. The head of the National Council for the Promotion of Micro, Small and Medium-sized Enterprises (PROMIPYME), Mayra Jimenez reported that the institution had given loans to 26,000 small businesses for a total of RD$1.8 billion. According to her report, these loans have generated 150,000 jobs. The President is quoted in the Listin Diario as saying that small business provides the largest number of jobs, and as such are the backbone of the Dominican economy.

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