The Deputy Minister for Industry & Commerce in charge of promoting micro, small and medium-sized enterprises (MSMEs), Ignacio Mendez says that the Medina government has provided RD$7 billion in credit for small and medium-sized enterprises in its first year and a half in office. He also announced that the Inter-American Development Bank (IDB) has approved a credit guarantee fund for MSMEs development for the Dominican Republic. He said that the objective of the fund is to have a fallback for the banks in case of difficulties with small business meeting their financial commitments. This will open up doors for small business to borrow from local banks. Mendez said that the governmental BanReservas has provided RD$2 billion in loans for the companies and the Fundacion Reservas de tu Pais another RD$400 million for NGOs and cooperatives for lending to their members.