On Thursday, July 16, the Development Finance Corporation opened its doors countrywide to once again provide financing for projects that would lead to the development of Belize and Belizeans.

The buzz started just over a week ago when the DFC issued a press release announcing that its doors will be opened for business once again. After consultations with the various stakeholders and based on recommendations from a consultancy funded by the Caribbean Development Bank (CDB), the

However, things will not be the way they used to be. Renan Gongora, Manager of Loans Collection at the DFC, says “The new DFC will do its best to expand and strengthen the economy of Belize, but it will do so on a financially viable and environmentally acceptable basis.” He said financially viable because it will not be like the old DFC where illogical decisions were made. He spoke about the past government’s idea to build houses for individuals who they knew would have never been able to afford it. Those practices left the Corporation in a horrible status and an institution that was once marveled by similar institutions in the region was sent to the brink of collapse.

However, Prime Minister Barrow’s administration has brought new hope to the people of this nation and it was evident in the faces of students as they steadily made their way to the offices of the DFC. In Belize City, the Corporation hosted its first clients in the parking lot. It was a festive occasion as music was pumping and refreshments were being served to those waiting to speak with a DFC agent.

The Corporation is targeting those persons who would “otherwise be unable to fund their requirements from other sources on reasonable terms and conditions”. The first loans will be issued to students. There is $5 million set aside for student loans and the Minister of Education, Hon. Patrick Faber, explains that this was no coincidence. He said, “The Ministry had asked the Cabinet that some of the funds from the Caribbean Development Bank be air marked to Education and the Cabinet endorsed it because they know the value of getting more of our people the financial assistance that they need in order to pursue educational opportunities.”

One of the students at the DFC office in Belize City was Shaun Gonzalez. She said, “I think it is a huge event for Belize because a lot of people will be able to benefit. Belizeans have been looking forward to the reopening of the DFC and I myself am trying to pursue further education at the moment so this is a huge break for me and my family.”

The interest rate on student loans is 11%. In mid August the DFC will start its Mortgage program and by October, commercial lending will commence. The Board of Directors has been placed in the hands of the private sector to promote transparency. There are nine board members. Five are from the private sector which includes one member each from ATLIB, Chamber of Commerce, Belize Credit Union Limited, Institute of Chartered Accountants and the Belize Bar Association. Three are Government representatives; including, the Financial Secretary, CEO in the Ministry of Economic Development and the CEO in the Ministry of Agriculture.