DBM offers new loan plan
Indradev Curpen
Senior Journalist with News On Sunday. Covers economics, finance, and business news. Has also worked for the national radio and television and other local publications. Holds a Diploma in Mass Communications. Has travelled widely.
By Indradev Curpen
Published on 29th February, 2008
The Development Bank of Mauritius (DBM) is coming forward with a new loan scheme for small businesses and will inaugurate an industrial village in April next to help small new entrepreneurs.
The bank disbursed Rs 2 billion rupees in 2007 to support low income groups.
“The DBM has always been at the forefront in the fight against poverty by promoting business opportunities for the vulnerable groups,” the chairman of the DBM, Dr. Chandan Jankee, told News on Sunday.
“Our mission is to promote economic development, job creation and business facilities. Our clients are from a particular segment of our society who need financial support to start their own enterprises. And we have been helping through the Trust Fund for the Vulnerable groups; a Booster Loan Scheme; the Empowerment Programme and through the DBM Venture Capital Fund,” he added.
The bank, he said, has earmarked Rs 35 million for the Trust Fund for the Vulnerable groups for the launching of micro credit schemes. In this scheme, families with a total revenue of less than Rs 6,000 can benefit up to Rs 50,000 to start a small business at an interest of 5%. They have a moratorium of six months and the reimbursement is spread over four years. Since June 2006, the bank has allotted loans to the tune of Rs 9.8 million to 300 beneficiaries.
The Trust Fund recommends the project to the DBM which gives its final approval for disbursement. The monitoring is followed by the Trust Fund itself.
There is also a Booster Plan, which in fact is a special scheme for those who need more than Rs 50,000 but not exceeding Rs 75,000 under the Empowerment Programme. Around Rs 25 million have been earmarked for the scheme. The booster plan aims at helping those who already have a business to expand. More than 300 persons have benefited from this scheme.
IFAD in collaboration with DBM has also disbursed last year around Rs 25 million for 600 beneficiaries sponsored by the Ministry of Women's Rights. This scheme has enormously helped women who lost their jobs in the textile sector and who have been re-skilled to put up their own cottage industry.
“The DBM has an open-door policy. Those who want to put up their own business have the best opportunity to come up the ladder. We are here to help all those who want to come up in life,” Dr Jankee said.
“The DBM has always been at the forefront in the fight against poverty by promoting business opportunities for the vulnerable groups,” the chairman of the DBM, Dr. Chandan Jankee, told News on Sunday.
“Our mission is to promote economic development, job creation and business facilities. Our clients are from a particular segment of our society who need financial support to start their own enterprises. And we have been helping through the Trust Fund for the Vulnerable groups; a Booster Loan Scheme; the Empowerment Programme and through the DBM Venture Capital Fund,” he added.
The bank, he said, has earmarked Rs 35 million for the Trust Fund for the Vulnerable groups for the launching of micro credit schemes. In this scheme, families with a total revenue of less than Rs 6,000 can benefit up to Rs 50,000 to start a small business at an interest of 5%. They have a moratorium of six months and the reimbursement is spread over four years. Since June 2006, the bank has allotted loans to the tune of Rs 9.8 million to 300 beneficiaries.
The Trust Fund recommends the project to the DBM which gives its final approval for disbursement. The monitoring is followed by the Trust Fund itself.
There is also a Booster Plan, which in fact is a special scheme for those who need more than Rs 50,000 but not exceeding Rs 75,000 under the Empowerment Programme. Around Rs 25 million have been earmarked for the scheme. The booster plan aims at helping those who already have a business to expand. More than 300 persons have benefited from this scheme.
IFAD in collaboration with DBM has also disbursed last year around Rs 25 million for 600 beneficiaries sponsored by the Ministry of Women's Rights. This scheme has enormously helped women who lost their jobs in the textile sector and who have been re-skilled to put up their own cottage industry.
“The DBM has an open-door policy. Those who want to put up their own business have the best opportunity to come up the ladder. We are here to help all those who want to come up in life,” Dr Jankee said.