Beauty salon opening hours are not a usual topic of conversation with bankers. But in the Dominican Republic, as in other parts of the Caribbean, the growing activity of these businesses is something lenders are paying attention to.
“Beauty salons are open 24 hours a day; on Saturdays, they are packed,” says Simon Lizardo Mezquita, CEO of Banreservas and former finance minister of the Dominican Republic. “They usually employ five or six people and serve both men and women.” He adds that his bank lends and provides financial education to these entrepreneurs, and that small and medium-sized enterprises (SMEs) will be its biggest growth area.