The Dominica Association of Industry and Commerce (DAIC) signed a Memorandum of Understanding with the German Sparkassenstiftung for International Cooperation (DSIK) at a virtual signing ceremony to enhance access to finance opportunities for Micro, Small, and Medium Enterprises in Dominica. The National Bank of Dominica also signed an MOU with DSIK committing to enhance its supply of access to finance opportunities. 

The Chamber is delighted to partner with the DSIK for a project phase of 36 months to strengthen the Chamber’s capacity to offer demand-oriented products and to improve the MSME service culture of the Chamber. The DAIC continues to seek opportunities to facilitate the growth and development of its members in representing their core interest. DAIC will also ensure that adequate support is provided to  counterparts in the success of the project.

As such, through this partnership, the financial and entrepreneurial skills of MSMEs in Dominica will be improved to professionalize their businesses and access to finance. Additionally, DAIC together with the network of relevant stakeholders across the sub-region will be strengthened to increase cooperation, exchange experiences, and transfer knowledge within the MSME sector.

DAIC acknowledges that this intervention is timely and the Chamber is fully committed to this initiative. Through the project thus far, trainers have been trained in Design Thinking and the first workshop on this topic was executed in August. This workshop targeted MSMEs including DAIC Members and Clients of the Ministry of Trade, Commerce, Entrepreneurship, Innovation, Business and Export Development who desired to improve their products and/or services through innovative solutions. The entrepreneurs who attended   confirmed that this workshop supported them in enhancing their product and service offering to increase their ability to attract increased financing.

DAIC affirms its gratitude to the DSIK for its partnership and looks forward to engaging in initiatives that will equip MSMEs in Dominica to increase their ability to access and absorb available finance. The MOU Signing Ceremony is available at: https://bit.ly/3IJSYKh