D.F.C. promotes services
Since its establishment in the early sixties, the Development Finance Corporation has grown to become an important part of the Belizean landscape. Its presence has been felt in virtually every aspect of the country’s economic development including agriculture and housing. Today the corporation had its services on display and News Five’s Arreini Palacio was among the visitors.
Since 1961 many students, home and small business owners have passed through the doors of the Development Finance Corporation and as a part of it’s anniversary celebration, D.F.C. has decided to show it’s appreciation in it’s annual open day. According to the manager of the Belize City branch Carolyn Mahung, D.F.C. has gone a long way to provide loans to several Belizeans.
Carolyn Mahung, Manager, Belize City Branch, D.F.C.
“D.F.C., I think has contributed significantly to Belize’s development through our loans program. We have provided a substantial number of housing loans in Belize District. A number of commercial projects have been funded. I am talking small projects: bakeries, tortilla factories, tourism loans for hotels and restaurants. We have provided student loans for thousands of people already. I think at any one point in time D.F.C. has probably more than four thousand loans going.”
With thousands of loans going at one time, one would question the financial stability of D.F.C.
Carolyn Mahung
“We are certainly doing well. Almost ten years ago D.F.C. had a restructuring. It has turned around; it’s a corporation and we operate at a profit. I think what we do is recycle the funds back into the D.F.C. so we can provide more loans to Belizeans.”
And according to Mahung more people are still being encouraged to go to the loan agency.
Carolyn Mahung
“We don’t have any new areas to open up, but we encourage people to take advantage of our commercial loans a bit more than they have in the past.
All we need is a good project. One that is financially viable, where the planning is sound, the management is sound and we will provide commercial loans for a ten year period. Our interest rates are really low: thirteen percent. Under housing it is thirteen except under special mortgage where it is only eight and a half and we give that for 25 years. Our student loan program, we give grace for payment on principal while the person is studying and I think that is significant, as well as the low interest rate in that category which is ten percent.”
Belizeans interested in the loans at D.F.C. can make inquiries at the various branch offices. Arreini Palacio for News Five.
According to a spokesperson, D.F.C. averages twelve million dollars in loans each year. The corporation’s loan portfolio in December of 1997 was sixty million dollars with housing taking up thirty nine percent of the distribution.
