Leonel Castellanos Duarte.
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SANTO DOMINGO.- The National Association of Companies and Industries Herrera (ANEIH) warned about the “serious difficulties” that a large part of the business fabric of the Dominican Republic has to meet financial commitments with banks.
For this reason, he proposed that the monetary stimulus measures, such as the release of resources from the legal reserve, be complemented “with mechanisms to refinance existing loans.”
Through a document sent to ALMOMENTO.NET, signed by its president Leonel Castellanos Duarte, he suggested that the negotiation imply a rate of no more than 8%, with a moratorium of no less than 6 months to start the capital amortization payments plus the interests.
In his opinion, this would significantly contribute to overcoming the economic problems of many companies, generated as a result of the COVID-19 pandemic, since they can continue their activities without affecting the fulfillment of the payment of their obligations.
In this vein, he highlighted the program as a “valid” reference Bounce Back Loans implemented with great success in England, through which the amount of financial facilities reaches up to 25% of the volume of annual sales of companies before COVID-19, at a preferential rate of 5% per year and with a full grace of one year, for the beginning of the principal and interest amortization payments.
< The business entity said that in the current circumstances “these resources will hardly be able to reach quickly -if they do reach- those who urgently need to receive them >>, Time to explore new ways After indicating that it is time to explore new ways so that the monetary aid is directed in a certain way towards the sectors and companies that need it most, he suggested that the refinancing be oriented to those loans that do not have collateral and are at a rate of high interest for those companies. Reformulation of the modified budget 2020 The ANEIH also advocated that the 2020 Modified Budget be reformulated, to consider including direct fiscal support measures for affected micro and small entrepreneurs, so that they can have direct relief in their cash flow, and support for working capital. sp-am
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