SANTO DOMINGO.- Multiple banks are joining the efforts for financial inclusion, within the framework of the national strategy led by the Central Bank, by concentrating 91.4% of the amount of financing granted to micro, small and medium-sized enterprises nationwide, as of July 2023, reported the Association of Multiple Banks of the Dominican Republic (ABA).
The ABA specified that, as of the aforementioned date, commercial banks continued to lead in lending to micro, small, and medium-sized enterprises (MSMEs) with approximately RD$390.421 billion, equivalent to 91.4% of the total loan portfolio granted to the sector by the financial system, according to data from the Superintendency of Banks. It noted that this amount represents an increase of approximately 5.4% over the past seven months.
Regarding the interest rates granted to SMEs, the banking association specified that the weighted average registered by multiple banks in July of this year was 12.06%, the lowest in the market to date.
In a press release, the ABA highlighted the importance of micro, small and medium-sized enterprises, especially those led by women, for their impact on inclusion and the social and economic development of the communities that host them, which is why the banking sector is committed to achieving better credit conditions for this sector.
In that order, she detailed that, as of December 2022, RD$66,215 million in loans were granted throughout the financial system to MSMEs led by women, equivalent to an increase of 31% compared to the levels recorded in 2019, the pre-pandemic year.
"The Dominican Republic's banking sector will continue its efforts to further promote the country's development by financing productive sectors and fostering the establishment of a guarantee ecosystem that facilitates access to credit under better conditions for SMEs," the ABA assured.
The banking sector stated that these initiatives in favor of SMEs will be exponentially expanded after the Global Summit for the Financial Alliance, which will take place in the country on November 8 and 9 of this year.
