NDFD launches green loan – Dominica News Online
Dominica’s National Development Foundation (NDFD) has introduced a client-specific loan product called Green Loans, designed to help lower their energy bills while helping to save the planet.
George Challenger, who is one of the longest-serving business development officers at NDFD, said loan amounts ranged from $ 1,000 to around $ 15,000 at an interest rate of 6.5% and over- above $ 15,000 to a maximum of $ 150,000, the interest rate is approximately 8% on a reducing balance.
He said business owners, farmers, shop and bar owners specifically looking to purchase power equipment, and fishermen are eligible for the loan.
“The Green Loan is specifically designed to help consumers lower their energy bills, which will help them save money at the end of the month and at the same time save the planet,” he said. “Why green? Green talks about reducing the contribution of the carbon footprint, due to climate change, due to Tropical Storm Erika and Hurricane Maria.
According to Challenger, the basic conditions for obtaining this loan are two pieces of government identification – a social security card, a valid driver’s license or passport – as well as a letter of employment for employees and financial statements. for businessmen.
“Bills should be specifically for energy efficient devices, eg solar panels, four-stroke outboard motors,” he said.
Challenger said that if one is in business, his company must be registered.
“In terms of a fisherman, he should bring his fisherman’s identity card,” he said. “They should get a letter of recommendation from the Fisheries Division.”
He said credit reports and other requirements will be available at the NDFD office and on his Facebook page.
Challenger clarified that the total cost of the project must be 50% green energy.