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AmericasNovember 1 2017

How SMEs are powering the Dominican Republic banking sector

The Dominican Republic banking sector is solid, profitable and growing, thanks to the industry of the small local businesses that are driving the loans market. Meanwhile, banks have worked to diversify following the 2003 crisis, leading to greater stability, as Silvia Pavoni reports.
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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.

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Silvia Pavoni is editor in chief of The Banker. Silvia also serves as an advisory board member for the Women of the Future Programme and for the European Risk Management Council, and is part of the London council of non-profit WILL, Women in Leadership in Latin America. In 2019, she was awarded an honorary fellowship by City University of London.
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