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$20 Million for DFC to Lend Print E-mail
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Written by Administrator   
Thursday, 19 June 2014 00:00

The substantive issues dealt with at the House of Representatives on Friday, June 13, were completely ignored by the local press. Because of that, Belizean business owners may not be aware that the Development Finance Corporation is entering into a loan agreement with the Social Security Board for $20 million.

Prime Minister Dean Barrow introduced the Development Finance Corporation Credit Motion, 2014 on Friday to request permission from the National Assembly to enter into the $20 million agreement. The credit will be used by the DFC to lend to various sectors of the economy; specifically, productive, micro, small and medium enterprises. The loan will be repaid in 14 years (including a two year grace period on the principal). Principal and interest will be paid quarterly at a rate of five and a half percent interest on the outstanding principal loan balance.

The DFC was left for dead by the Said Musa PUP Government but on Thursday, July 16, 2009 the restructured corporation opened its doors once again for students, small and medium size enterprises and aspiring homeowners. The restructure DFC is centered on promoting transparency by limiting political influence. 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 and two Government CEOs.