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Development Bank introduces new loan schemes for Micro Small and Medium Enterprises

Date: August 02, 2018
Domain:Economy & Finance; Business & Industry
Persona: Business; Citizen; Government; Non-Citizen
 

GIS - 02 August, 2018: The Development Bank of Mauritius (DBM) has taken a leap ahead with the introduction of six new loan schemes at an interest rate of 3% in favour of  Micro Small and Medium Enterprises (MSMEs). The aim is to support entrepreneurs by providing them with funding facilities and a more conducive framework  to help them develop their business.
DBM chairman, Mr Anand Babbea,  made this announcement yesterday at a press conference at  Le Labourdonnais Waterfront Hotel in Port Louis during which achievements of the Bank as well as the new features to be implemented as enunciated in Budget 2018/2019 were highlighted. 
He outlined the bank’s roadmap to attain the set objectives is to serve as a catalyst for the promotion of accelerated socio-economic development of Mauritius. He rejoiced that the DBM has recorded a profit margin of around Rs1 billion for financial year ending June 2018 along with a sum of Rs1 billion earmarked for the provision of access to finance for MSMEs.
With the introduction of the schemes, the DBM aims to put forward a specific programme to increase the number of competitive and innovative SMEs, contributing fully to the social and economic development of Mauritius and Rodrigues, he said.
The new schemes which will be implemented in collaboration with the Food and Agricultural Research and Extension Institute (FAREI) and the National Women Entrepreneur Council  carry an interest rate of 3 %. They are:
·         Micro credit up to a ceiling of Rs 250 000 for MSMEs with turnover of less that Rs 2 million (limited to individuals)
·         Startups and women entrepreneurs with loan facilities up to Rs 1 million for youth and women entrepreneurs
·         MSME financing with loan facilities up to Rs 3 million for individual, cooperatives or companies in the manufacturing, service, tourism, agri-business and ICT sectors
·         Sheltered farming with loan up to Rs 3 million for individual, cooperatives or companies involved in the cultivation of vegetables, fruits and flowers
·         Organic farming with a loan facility to a ceiling of Rs 1 million for individuals, cooperatives or companies for entrepreneurs engaged in the cultivation of vegetables, fruits and flowers upon the recommendation of FAREI
·         Import Substitution Scheme which comprises a specific assistance plan to be introduced in collaboration with FAREI to revitalise the agricultural sector and encourage farmers to take over abandoned farmland
All beneficiaries falling under above schemes should be registered with the SME Mauritius and Small Planters Welfare Fund where applicable.
 
Government Information Service, Prime Minister’s Office, Level 6, New Government Centre, Port Louis, Mauritius. Email: gis@govmu.org  Website: http://gis.govmu.org
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