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Haiti - Economy : Bill Clinton announces $20 million for businesses
According to Bill Clinton, one of the biggest barriers to the growth of the Haitian economy is the lack of facilities to provide loans on favorable terms to the small businesses. He said he was "troubled" by the loan terms offered to Haitian businesses, even if they have a perfect credit record...
Mr. Clinton announced that the first loan, of this new program will be given to Caribbean Crafts [located near the International Airport], which produces handicrafts for export and whose the shop was destroyed in the earthquake of 2010.
Caribbean Crafts, will receive a loan of an amount of USD$415.000 and the interest will be returned into the fund of program of loans to other companies, Mr. Clinton said, noting that this loan will enable the company to hire 200 additional employees.
"The space that we have is so small, we can't welcome enough people to continue orders," declared Magalie Dresse, the owner of Caribbean Craft, adding that "on the Haitian market, the lowest we'd be getting was between 12 and 15 percent. Plus we had to add to it the fees that come with it...", this loan at 6.5% will "allow us to respond to the demand that we're getting now."
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