They highlight that Promipyme has resources to reduce the negative impact of COVID 19 on the sector
The National Council for the Promotion and Support of Micro, Small and Medium Enterprises (Promipyme) will increase by RD $ 12,000 million, about RD $ 1,000 million per month, the loans that it will grant this year to companies in the sector, with the aim of reducing the negative impact that the covid 19 has caused them.
The general director of Promipyme, Porfirio Peralta, during his participation as a guest in the HOY Economic Meeting, together with Ángel Matos, deputy director of Management and Business Development; Juan Casilla, administrative and financial deputy director and Wagner Jiménez, deputy director of Credit, explained that as a result of the pandemic, many decisions have been made in favor of that sector, which are being carried out.
Peralta indicated that within Promipyme’s Strategic Plan there are three important axes, one of them being the financial services part.
Regarding this axis, he revealed that in the current government administration, Promipyme has already placed around RD $ 4.4 billion, benefiting more than 60,000 micro, small and medium-sized companies nationwide.
He said that specialized teams from the institution travel every week to different provinces of the country to work around the environment of MSMEs to identify their needs and then a kind of “loan fair” is held to reach as soon as possible the largest amount of business possible.
“We are walking towards a placement goal of one billion pesos per month. That would be about twelve billion pesos at the end of the year. Now in February we reached eight hundred million pesos ”. the official pointed out.
One aspect that the director of Promipyme highlighted is that with the recovery that the institution has in its loan portfolio and the resources that are available, it would not need more support from the Government for this year.
However, he added that in 2022, as a result of the trend in activity in the sector, more resources may be needed.
He recalled that Promipyme’s previous management focused on the Solidarity Banking program, granting loans to informal businesses for an average of RS $ 50,000, the maximum being about RD $ 300,000.
He said that this management decided to increase the maximum of a loan to RD $ 7.0 million, with the possibility of taking it to RD $ 10.0 million due to the integration that is taking place at the national level, especially in the industrial sector, which are accessing financing for the amount that Promipyme is lending.
He added that this joins the initiative announced by the President of the Republic, Luis Abinader, which seeks to reactivate the MSMEs sector, approving the placement of RD $ 2,500 million in specialized Promipyme for industries.
The official recalled that the disposition of the president is that these resources reach low interest rates, so it is at 6%, with grace periods of up to six months in case they are for the investment or purchase of equipment.
Meanwhile, 10% for mipyme in the lines of commerce and service.
He pointed out that Promipyme’s official rates are 8% for industry and 6% for service.
He stressed that the Plan for the Reactivation of MSMEs until December 31 of this year has these special concessions for the sector.
The official recalled that the disposition of the president is that these resources reach low interest rates.
The phrases
Porfirio Peralta
There is a great national commitment, because it is a moment of great impact for the MSMEs sector. It is a sensitive sector, so as a result of the pandemic, many decisions have been made in its favor, which are being implemented.
The amount
98 percent. Of the companies in the Dominican Republic are micro, small and medium-sized companies.
Second floor loans
Promipyme’s deputy director of Credit, Wagner Jiménez, indicated that this institution will grant RD $ 2 billion this year in second-floor loans to cooperatives and microfinance institutions.
Jiménez explained that within the strategic plan called Promipyme Siglo 21 the creation of a second-floor window is contemplated aimed at allocating resources to cooperatives and institutions specialized in microfinance, with a maximum of RD $ 50 million or up to 50% of the current portfolio that have those entities.
He indicated that interest rates would not exceed 12%.
He added that the creation of new cooperatives is also being promoted, so there is a department for these purposes.
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