Camilo Lluberes and Pedro Jimenez, president and executive director of the Asociación para el Desarrollo de Microempresas (ADEMI), have told the news media that the European Investment Bank has lent US$13.6 million to their organization to encourage small business development. They stressed the important contribution made by ADEMI to the Dominican economy, especially in the area of generating new jobs.
Since its inception, ADEMI has proven an effective vehicle to channel sorely-needed funds to medium and small businesses, whose access to private lending institutions is virtually nil. The non-profit making organization started with 7 employees and investment monies totaling US$40,000. ADEMI now has 23 offices spread throughout the country, 1993 employees, and assets worth US$32 million. From 1983-1996, it had extended loans to small businesses totaling US$137 million. Businesses have used the loans to finance technological improvements, expand their operations, and the purchase of new equipment.