“30 years of Dedication to the Micro Business Sector”                                                    1
“30 years of Dedication to the Micro Business Sector”2
“30 years of Dedication to the Micro Business Sector”                 What’s Inside?                 Table of Contents    ...
“30 years of Dedication to the Micro Business Sector”                                                          Chairman’s ...
“30 years of Dedication to the Micro Business Sector”        MESSAGE FROM         MINISTER OF         AGRICULTURE         ...
“30 years of Dedication to the Micro Business Sector”                                                              NDFD’S ...
“30 years of Dedication to the Micro Business Sector”While The National Development Foundation of Dominica has seen growth...
“30 years of Dedication to the Micro Business Sector”8
“30 years of Dedication to the Micro Business Sector”Our Past Chairmen                                                    ...
“30 years of Dedication to the Micro Business Sector”10
“30 years of Dedication to the Micro Business Sector”                                Business Resources    Before starting...
“30 years of Dedication to the Micro Business Sector”          Profile on the National Foundation                  of Domi...
“30 years of Dedication to the Micro Business Sector”                          Business Centre ServicesThe National Develo...
“30 years of Dedication to the Micro Business Sector”14
“30 years of Dedication to the Micro Business Sector”                                                    15
“30 years of Dedication to the Micro Business Sector”                                      Clients Corner                 ...
“30 years of Dedication to the Micro Business Sector”Marcus CuffyMr Marcus Cuffy is an aspiring entrepreneur from the comm...
“30 years of Dedication to the Micro Business Sector”                Recipe for Appetizing Meals            Breadfruit Che...
“30 years of Dedication to the Micro Business Sector”             Grilled Fish Steaks            Ingredients:            1...
“30 years of Dedication to the Micro Business Sector”20
“30 years of Dedication to the Micro Business Sector”               Requirements for Processing                       Your...
“30 years of Dedication to the Micro Business Sector”Home Improvement           1.     Estimates for the refurbishing of w...
“30 years of Dedication to the Micro Business Sector”                                                    23
“30 years of Dedication to the Micro Business Sector”24
“30 years of Dedication to the Micro Business Sector”                    10 Top Business MistakesPeople fail in business b...
“30 years of Dedication to the Micro Business Sector”                                                                     ...
“30 years of Dedication to the Micro Business Sector”                                                    27
“30 years of Dedication to the Micro Business Sector”                                                                     ...
“30 years of Dedication to the Micro Business Sector”7.    Take the extra step.      Whatever the extra step may be, take ...
“30 years of Dedication to the Micro Business Sector”                              WHAT IS THE NDFD?The National Developme...
“30 years of Dedication to the Micro Business Sector”How is The NDFD AdministeredThe NDFD is administered by a voluntary B...
“30 years of Dedication to the Micro Business Sector”32
“30 years of Dedication to the Micro Business Sector”        NDFD’s 30th Anniversary HighlightsThe National Development Fo...
“30 years of Dedication to the Micro Business Sector”34
“30 years of Dedication to the Micro Business Sector”                       Staff                      Profile            ...
“30 years of Dedication to the Micro Business Sector”36
“30 years of Dedication to the Micro Business Sector”   NDFD’S LONGEST SERVING EMPLOYEEMr George ChallengerIn April 2001 M...
“30 years of Dedication to the Micro Business Sector”38
“30 years of Dedication to the Micro Business Sector”  Essential Facts For Small Business               OwnersSmall Busine...
“30 years of Dedication to the Micro Business Sector”      A    D       V   I   C   E    O      L      S      O       T   ...
“30 years of Dedication to the Micro Business Sector”                                                    41
“30 years of Dedication to the Micro Business Sector”42
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Ndfd magazine complete 4

  1. 1. “30 years of Dedication to the Micro Business Sector” 1
  2. 2. “30 years of Dedication to the Micro Business Sector”2
  3. 3. “30 years of Dedication to the Micro Business Sector” What’s Inside? Table of Contents Page # Page #Message from Chairman 4 Message from Minister of Agriculture 5NDFD’s Way forward for the DevelopmentOf Micro Finance Sector 6 Our Past Chairmen 8NDFD’s Profile 12 Business Centre Services 13NDFD’s Clients’ Corner 16 Recipes 18List of Requirements for processing yourLoan 21 What is the NDFD 30How is NDFD administered 31 NDFD Anniversary Highlights 33Staff Profile 35 NDFD‘s Longest Employee 37Fun Page 40 Special Business Tips Business Resources 10 10 Top Business Mistakes 24 Business plan Writing 25 Customer Service Tips 27 Essential Facts for Small Business Owners 38 3
  4. 4. “30 years of Dedication to the Micro Business Sector” Chairman’s Message The National Development Foundation of Dominica (NDFD) a private, non-profit institution established in 1981 is celebrating 30 yrs of exist- ence this year. This seed planted, nurtured and carefully fertilized over these years has blossomed into a well manicured fruit-bearing tree serving as a source of socio-economic fulfilment for generation of Dominicans. Distribution of beneficiaries across gender lines – male and female; age range- young and aged; rural and urban areas is an indication of the impact of NDFD.The theme 30 years of dedication to the new Business Sector encapsulates the essence of commitment to the clients.Review of the mission “To contribute to Poverty Reduction and Human Resource Development at the National level bymobilizing funds for provision of Credit, Business Advisory Services and Training primarily to the Micro and Small Businesssectors,” indicate an adherence to the initial principles and ideology stipulated since the inception.In spite of the many and varied challenges encountered, the foundation skilfully and tactically navigated the uncharted watersto ensure sustainability.With the ever-declining prospects of grant funding, the strategy devised was to obtain funds for on-lending at concessionaryrates from specific targeted Local, Regional and International Institutions.This ongoing tactical approach coupled with sustained collaboration with Government and other stakeholders, a determinedeffort to reduce delinquency, focused staff training, marketing outreach programme, refining of existing products andintroduction of new ones kept the Foundation of its path to self sustainability.Volunteerism: a fundamental aspect of Board of Director’s modus operandi highlights the absolute dedication and commitmentof the various chairmen and Board members from inception to present.Principles of good governance and transparency also govern the operations of the Board of Directors.NDFD is a well established BRAND, a household name synonymous to Micro, Small and Medium Enterprises (MSME)development and nurturing over the years.Special thanks to the Pioneers, past Executive Directors, Staff, Chairmen and Board of Directors for their role in the Branding ofNDFD.Special mention must be made of the present Executive Director, Staff and B.O.D members who have the tasks as part of the relayteam to keep NDFD on its present course.The role of the clients who make use of NDFD is also acknowledged.“Happy 30th Anniversary NDFD, your role is even more crucial in this crucial turbulent world in these economic times.” 4
  5. 5. “30 years of Dedication to the Micro Business Sector” MESSAGE FROM MINISTER OF AGRICULTURE “AGRICULTURE IS OURS” Historically our agricultural based economy has always relied on a single export crop from the days of vanilla, limes and most recently bananas. These crops served as a vital source of employment, income and foreign exchange for individual farmers, farm families and rural communities and the country on a whole. For more than fifty (50) years Dominican bananas were exported to the European market mainlyto the UK market under preferential access. Our bananas were protected through a special regime of preference. From the 1990’swhen that regime was challenged and had to be dismantled there has been a steady decline in banana cultivation and export.From the 1980’s however many initiatives were undertaken to diversify the agricultural sector to reduce the dependence on thebanana industry. Because of the security of income which was provided by the banana industry many of those programmes werenot fully embraced by farmers. In addition those programmes lacked the institutional, transportation and market regime that thebanana industry had built over those many years. Many farmers showed little interest in diversifying their farms. In fact farmerscleared many cocoa, coffee and citrus farms and replaced them with bananas. With the dismantling of preferential access forbananas farmers were forced into alternative crops for survival.Today the agricultural sector is fully diversified supplying large quantities of yams, dasheen, plantains, herbs and spices, fruits andvegetables to the local, regional and international markets. The intention is to use the lessons learnt from the banana industryand build a sector that delivers on a consistent basis an improved quality of life for our people.The agricultural sector is still very important to Dominica providing jobs, income and general livelihood especially to the ruralmilieu and useful foreign exchange to the country. Agriculture contributes approximately 20% of GDP and employs 25% of thelabour force. It provides 60% of the domestic demand for food represented by a very wide variety of good nutritional contentSo a new agricultural sector is finally emerging guided by market demands and a number of policy interventions by theGovernment. Over the years there has been significant growth in demand for domestic root crops especially dasheen, Tanniasand Yams. Through the support to Horticulture programme the Ministry of Agriculture and Forestry is working with a largenumber of farmers to expand production, improve post harvest management and to better cater for the peculiarities of themarket. The Ministry of Agriculture has also commenced the rehabilitation of Citrus, Cocoa, and Coffee cultivations to meetgrowing demands for those commodities. In green house technology the Ministry has provided technical and financial supportto farmers to improve yields and where necessary increase the number of green houses. The ministry is also providing support tofarmers to expand ginger production.On the marketing side Government has invested in three (3) Inland Reception and Distribution Centres (IRDC’s), two (2)packing houses and a National Centre for Testing Excellence (NCTE). These facilities collectively will work to improve the qualityand competitiveness of our exports. The Ministry of Agriculture is in constant contact with some of our major exporters on aregular basis to provide support for the export of agricultural goods.The vision is to achieve a fully diversified agricultural sector that is demand driven, climate resilient, informed by Science andTechnology. The knowledge gained from the banana experience suggests that agri-businesses operated within the right policyframework and properly managed can generate valuable benefits for agri-entrepreneur. We are committed to the advancementand ultimate transformation of the agricultural sector in Dominica.HAPPY 30TH ANNIVERSARY TO THE NATIONAL DEVELOPMENT FOUNDATION OF DOMINICA 5
  6. 6. “30 years of Dedication to the Micro Business Sector” NDFD’S WAY FORWARD FOR THE DEVELOPMENT OF THE MICRO FINANCE SECTORMicrofinance is defined as the provision of financial services to small, medium, and micro entrepreneurs. It can be describedhowever as the provision of financial services to those excluded from private sector financial systems not only due to their lackof wealth, but also due to their social, cultural, and gender backgrounds. Owing to the fact that is able to overcome a variety ofbarriers to provide financial services to the poor, microfinance has come to play an important role in economic development andpoverty reduction particularly in small economies.Historical background of MicrofinanceMicrofinance gained prominence in 1980s worldwide and Dominica as well. In Dominica it came as a response to the devastationof Hurricane David on the agricultural sector. In the 1970s government agencies were the principal institutions providing creditto the individuals with no access to financial services. Governments believed that the poor needed cheap credit in order topromote agricultural production and various other businesses. However, in 1980s, subsidised loans received a lot of criticismsince programs accumulated large loan losses and required frequent recapitalization to continue operating. Market-basedsolution was sought after and this led to the establishment of microfinance as an important part of the financial system.Emphasis shifted from rapid distribution of subsidised loans towards building of local and sustainable institutions serving thepoor.Microfinance Industry TodayThere are an estimated 7,000 to 10,000 microfinance institutions worldwide. However, only 200 to 500 are consideredcommercially sustainable. About US $7 billion in outstanding loans has been provided to more than 13 million individuals andgroups. There is an annual growth of 30 percent and repayment rates are around 97 percent. Around 30 million individuals haveaccess to microfinance, but 90 to 98 percent of self-employed poor still lack access to any type of financial service. It is estimatedthat around US $ 21.6 billion is needed to provide microfinance to 100 million of the world’s poorest families.The growth of the microfinance sector can be attributed to several reasons:1) The promise to reach the poor;2) The promise of financial sustainability;3) The potential to build on traditional systems (microfinance activities mimic traditional systems such as rotating savings andcredit associations but with greater flexibility and more affordable price);4) The contributions of microfinance to strengthening and expanding existing formal financial systems ;5) The growing number of success stories 6
  7. 7. “30 years of Dedication to the Micro Business Sector”While The National Development Foundation of Dominica has seen growth it is not without challenges. Increased demand forloans has seen a strain on cash and we have seen a major decrease in Donor funds. This has caused the Foundation to seekcommercial loans at less than favourable interest rates. The country is at a very critical time and micro-finance and smallbusinesses are going to be crucial to the continued development of the people and the country. The Economy will be dependenton the success of these businesses.In its 30th year of existence the Foundation has seen success and failure it has reached a level of maturity that will allow it to shareits many experiences and assist in the success of business in Dominica.The challenges faced by microfinance institutions when looking to grow are plenty and in some cases various issues are priorityover others and the management of the growth is a major task.Firstly Laws and Government Policies, which do not provide or foster the environment for growth of microfinance institutions, area major roadblock to be dealt with. Many institutions operate in legal environments that prevent them from offering a variety offinancial services. These laws sometimes insist you change your status and become a commercial bank or go through a lot of “redtape” in order to offer the services. Also where regulation and supervision is none existent to most micro finance institutions it isimperative in formal sectors where legislature may force microfinance institutions to operate.Secondly an increased cost of funds will assist in defeating the purpose of microfinance institutions. The target market of suchinstitutions is the poor who cannot afford the interest rates offered by commercial banks. There will be an increase in the cost ofdoing business to the micro finance institutions and as such will be forced to pass these costs along to customers or risk goingout of business. The source of capitalization has changed from donor agencies to commercial enterprises lending at commercialrates and requiring greater monitoring and reporting to an extent not accustomed to by microfinance institutions. These all makedoing business unattractive to the target market.The third issue to be dealt with when a micro finance institution will be staffing and technical changes. It is obvious when anycompany is growing there must be an increase in staffing and changes in computer hardware and software. In addition,operational and system changes will also force costs to go up and cause management sleepless nights.While I believe many microfinance institutions in their current form are outdated and have outlived there useful life growth mustbe carefully planned and monitored.Microfinance institutions should contemplate growth by providing additional financial services such as savings and chequingaccounts, money transfer services, various capacity building activities and increased outreach programs.For the NDFD the brand has successfully survived the test of time and the road ahead should be paved with the intention ofexpanding its services to offer a few of the mentioned services.Savings and chequing accounts will assist in better monitoring of clients. In addition, these services will help solve liquidity issuesand sourcing expensive funds.Money transfer services will see the benefit of allowing clients to work with overseas clients and not limit them to Dominica.These services will all be for the benefit of the client and turning the Foundation into a true one stop shop for Entrepreneurs andsmall business owners. 7
  8. 8. “30 years of Dedication to the Micro Business Sector”8
  9. 9. “30 years of Dedication to the Micro Business Sector”Our Past Chairmen 9
  10. 10. “30 years of Dedication to the Micro Business Sector”10
  11. 11. “30 years of Dedication to the Micro Business Sector” Business Resources Before starting a Business, there are some important overall considerations you need to think about. TOP TEN DO’S WHEN STARTING A BUSINESS TOP TEN DON’T’S WHEN STARTING A BUSINESS(1) Live frugally and begin saving up money for (1) Think about leaving your job before you have the starting your business. completed start-up plans.(2) Learn your intended business by working for (2) Consider starting a business in a field you do not someone else in the same business first. enjoy.(3) Consider the benefits of starting a moonlight (3) Risk all the family assets. Limit you liabilities to a business. predetermined amount.(4) Consider the advantages of operating a family (4) Compete with your employer in a moonlight business. business.(5) Objectively measure your skills and training (5) Hurry to select a business. There is no penalty for against potential competition. missed opportunities.(6) Consider subcontracting to low cost suppliers if (6) Select a business that is too high a risk or hurdle. Go you’re manufacturing a product. for the two-foot hurdle.(7) Test market your product or service before (7) Select a business in which you must have the lowest starting or expanding. price to succeed.(8) Make “for” and “against” list describing the (8) Ignore the negative aspects of an intended business. specific business you are considering. (9) Permit self-confidence to outweigh careful diligence.(9) Talk to lots of people in your intended business (10) Allow the promise of a conceptual high reward for advice. deter reality testing first.(10) Make a comparative analysis of all opportunities you are considering. 11
  12. 12. “30 years of Dedication to the Micro Business Sector” Profile on the National Foundation of Dominica LimitedBackgroundThe NDFD founded in 1981, is a non-profit institution, which helps small business persons start up or improve their businesses therebycreating jobs, sustaining incomes and improving the standard of living of many persons who would otherwise be unemployed.NDFD has been the lead organization providing Small Business Loans, Technical Assistance and Training Development Assistance toMicro and Small Businesses in Dominica. The Institution is governed by a voluntary Board of Directors made up of professionals invarious fields. These individuals meet on a regular basis to review the performance of the institution, and to provide policy direction tothe institution.During its formative years, financial support was provided by National, Regional and International donor agencies such as United StatesAgency for International Development, European Union (EU). Among the national contributors are the firms of Dominica CoconutProducts, LIME, J Astaphans & Co (1970) Ltd, Belfast Estates, Auto Trade Ltd, Dominica Social Security, AID BANK, Archipelago, D SupplyType of Projects to be funded:NDFD is a credit institution that depends on generating revenue from its loan portfolio to meet operating and capital expenditure. Assuch, it must manage its portfolio to maximize recovery and minimize loan losses. However, projects should only be considered forfunding if they meet the following criteria:• must be financially viable based on the generation of positive cash flows and the achievement of profitability within reasonable time frames.• their capacity to service the NDFD debt must be unquestionable.• must have identified market(s) and feasible distribution channels.• the business risk associated with the project must be low or the promoter must provide reasonable collateral.Type of Clients to be funded:The nature of the client is as critical as the feasibility of the proposed enterprise. Clients make or break businesses. Funding should onlybe considered for clients that meet the following criteria:• must have a positive outlook for themselves and for the business.• must display some minimal level of entrepreneurial flair.• must be responsive to technical advice, training and counseling.• must display willingness to commit some personal possession to collateralize the loan.• must have a good reputation within their community.• groups must have been in existence for at least six months prior to application for the loan.• partners must be willing to attend a Counseling session and to enter into a legally binding partnership agreement.• cooperatives’ loan applications must be sanctioned by the Cooperative Division and they must be able to demonstrate at least six months of successful operation prior to the application. 12
  13. 13. “30 years of Dedication to the Micro Business Sector” Business Centre ServicesThe National Development Foundation of Dominica Limited is continuing to offer a number of training programs and other businessservices to the business sector, in an effort to develop the skills of persons.Over the past 10 years, many programs have been conducted and a number of persons have been trained.The NDFD staff will assist you in developing your business venture by offering other developmental services which includes – adviceand Counseling, ongoing support, photocopying services, Preparation of Marketing and Business Plans, Financial Statementpreparation, Record & Book Keeping. 13
  14. 14. “30 years of Dedication to the Micro Business Sector”14
  15. 15. “30 years of Dedication to the Micro Business Sector” 15
  16. 16. “30 years of Dedication to the Micro Business Sector” Clients Corner Markclaren Blanc Mr. Blanc, a retired Agro-meteorologist from the Central Agricultural region is in all due respect a hard working and devoted farmer. Mr. Blanc became a client of the National Development Foundation of Dominica Ltd. in October of 2007 when he requested assistance to construct a pig farm. To date, Mr Blanc has 50 pigs and has employed one full-time employee on the farm. Mr. Blanc sells not only fresh meat but smoked meat to customers in the Belles, Jimmit and Roseau area as well as to local supermarkets. Client intends to export his product to St. Kitts.Mr. Blanc is grateful to the NDFD stating that the Foundation has been a very vibrant institution in terms of assistingfarmers to achieve their goals and objectives and boosts the productivity of the Country. He added, “Without the NDFD, anumber of farmers would have already left the Country – this Institution keeps the farmers going.”Witnell LouisMr Witnell Louis is a bonafide, prominent and full-time farmer who has been farming for the past forty (40) years. Mr Louisbecame a client of the NDFD in on May 19, 2009 when he requested assistance for the rehabilitation and expansion of hisfarm.Mr Louis cultivates a wide variety of crops such as citrus, pineapples, dasheen, yams, oranges and Tannias which he sellsto the general public and various Caribbean Islands.To date, Mr Louis has expanded his farm and continues to be a client of the Foundation. He is indeed grateful to the Foun-dation and encourages the Foundation to keep on achieving its long term goals and continue to provide for growth ofsmall businesses. Ashley Stewart Mr. Ashley Stewart has been in the barbering business for the last 10 years. His hair cutting abilities started off in one of the large barber shops in St. Martin, from there he then return to Dominica He saw the opportunity of be an entrepreneur thus opening his own barber shop. The client approached the NDFD for financing for the development of his business. Presently, Mr. Stewart serves the community of Portsmouth with professional hair cuts. As the business develops, Mr. Stewart recognizes the need for an improved record system with the assistance from the Foundation. Mr. Stewart has maintained a successful business and relation- ship with the Foundation. 16
  17. 17. “30 years of Dedication to the Micro Business Sector”Marcus CuffyMr Marcus Cuffy is an aspiring entrepreneur from the community of Grand fond. He sells paintings to artgalleries, local buyers and various business houses and Government Institution.Mr Cuffy first visited the Foundation and was assisted in purchasing supplies for his art/painting business aftersuccessfully completing the Entrepreneurship Development Program of the Dominica Youth Business Trust.Mr Cuffy’s business name is Zion Art Gallery (ZAG) and his aim is to provide superior quality products ataffordable, competitive prices satisfying customers’ expectation now and always while utilizing the skills of localindividuals and alleviating economic strains.He thanks the Foundation for being his life saver and helping accomplish his dream. Painting 1 Painting 2 17
  18. 18. “30 years of Dedication to the Micro Business Sector” Recipe for Appetizing Meals Breadfruit Cheese Pie Ingredients: 1 teaspoon of salt -1/2 pound of cheese -1/2 ounce of margarine 2 tablespoons of flour 2 tablespoons of mustard 1 tablespoon of bread crumbs -1/2 breadfruit (medium sized) 1-3/4 cups of water or milk 1 egg -(optional)Directions:Wash the breadfruit and cut into pieces lengthwise. Peel then remove core. Boil in salted water. Grate cheese; mix with milk, andflour along with the margarine to make a sauce. When the breadfruit is cooked and cooled, cut into small pieces. Grease a piedish. Pour sauce over the bread fruit pieces. Carefully stir breadfruit pieces without breaking. In the pie dish pour the mixturethe pie dish. Mix in the remainder of cheese with bread crumbs. Sprinkle on top of the pie. Place in a moderate hot oven for 15min. brown. Crab Quiche Ingredients: 6 servings, 3 points per serving 8 ounces Crab meat 3/4 cup Light Shredded Mexican Cheese 1/2 (8 ounce) package fat free cream cheese, cut into 1/4-inch cubes 1/4 cup sliced green onions 1/2 teaspoon salt 1/2 teaspoon basil 1/2 cup Reduced Fat Bisquick 1 cup skim milk 1/2 cup Egg BeatersDirections:Mix Crab meat, shredded cheese, cream cheese, onions, salt and basil in a medium bowl. Spread mixture into the bottom of a9-inch pie plate sprayed with non-stick cooking spray. Beat remaining ingredients with an electric mixer for 1 minute. Pour overcrab mixture. Bake at 375 degrees F for about 40-45 minutes. 18
  19. 19. “30 years of Dedication to the Micro Business Sector” Grilled Fish Steaks Ingredients: 1 clove garlic, minced 6 tablespoons olive oil 1 teaspoon dried basil 1 teaspoon salt 1 teaspoon ground black pepper 1 tablespoon fresh lemon juice 1 tablespoon chopped fresh parsley 2 (6 ounce) fillets halibutDirections:1. In a stainless steel or glass bowl, combine garlic, olive oil, basil, salt, pepper, lemon juice, and parsley.2. Place the halibut filets in a shallow glass dish or a resalable plastic bag, and pour the marinade over the fish. Cover or seal and place in the refrigerator for 1 hour, turning occasionally.3. Preheat an outdoor grill for high heat and lightly oil grate. Set grate 4 inches from the heat.4. Remove halibut filets from marinade and drain off the excess. Grill filets 5 minutes per side or until fish is done when easily flaked with a fork. Chicken Enchiladas Ingredients: 4 skinless, boneless chicken breast halves 1 onion, chopped 1/2 pint sour cream 1 cup shredded Cheddar cheese 1 tablespoon dried parsley 1/2 teaspoon dried oregano 1/2 teaspoon ground black pepper 1/2 teaspoon salt (optional) 1 (15 ounce) can tomato sauce 1/2 cup water 1 tablespoon chilli powder 1/3 cup chopped green bell pepper 1 clove garlic, minced 8 (10 inch) flour tortillas 1 (12 ounce) jar taco sauce 3/4 cup shredded Cheddar cheese Directions: 1. Preheat oven to 350 degrees F (175 degrees C). 2. In a medium, non-stick skillet over medium heat, cook chicken until no longer pink and juices run clear. Drain excess fat. Cube the chicken and return it to the skillet. Add the onion, sour cream, Cheddar cheese, parsley, oregano and ground black pepper. Heat until cheese melts. Stir in salt, tomato sauce, water, chilli powder, green pepper and garlic. 3. Roll even amounts of the mixture in the tortillas. Arrange in a 9x13 inch baking dish. Cover with taco sauce and 3/4 cup Cheddar cheese. Bake uncovered in the preheated oven 20 minutes. Cool 10 minutes before serving. 19
  20. 20. “30 years of Dedication to the Micro Business Sector”20
  21. 21. “30 years of Dedication to the Micro Business Sector” Requirements for Processing Your LoanThe following are the general requirements for a loan from the NDFD 1. The most recent Salary Slip from your place of employment. 2. Credit Reports from Financial Institutions and various business institutions. 3. Appraisal fees to be paid upon approval of loan. 4. Stamp fees.The following are the requirements and are based on the size of the loan: 1. Guarantor 2. Cash deposit or Letter of lien on fixed cash deposits at other Financial Institutions. 3. Certificate of Title - Letter of undertaking from solicitor when Certificate of Title (COT) will be used as security and COT is being processed. A Property valuation is also required for use as security. 4. Assignment of Life/Vehicle insurance to the National Development Foundation of Dominica (NDFD) Limited. 5. Bill of Sale on equipment/vehicle.The following are the requirements and are based on the type of loan: Government Construction Contracts 1. Construction contracts 2. Estimates of building works. 3. All contract proceeds to be assigned to the NDFD Agriculture 1. Report from Extension officer at the Ministry of Agriculture 2. Estimates for job to be undertaken. 3. If a sales contract has been secured, authorization on sales of proceeds will be required. 4. Invoices on materials/inputs. 5. If loan is required for the construction of housing for livestock, approval from Physical Planning Division and estimates for the construction of the animal house isDistributive Trade required 1. Proforma invoice 2. Lease agreement for owners who require to rent for business operations.Education 1. Letter of acceptance from Education Institution 2. Invoice of fees to be paid from the Education Institution 3. Salary deduction 21
  22. 22. “30 years of Dedication to the Micro Business Sector”Home Improvement 1. Estimates for the refurbishing of work. 2. Salary deduction.Fishing 1. Recommendation letter from the Fisheries Division.Manufacturing/Industry 1. Business owners must work closely with the Bureau of Standards prior to seeking financing from the NDFD. 2. Lease agreement for owners who require to rent for business operations.Services 1. A vehicular survey report is required. 2. For the purchase of new vehicle – 15% cash deposit, Bill of sale on vehicle, full comprehensive Insurance. Other forms of security can be provided. 3. For the purchase of used vehicle – 20% cash deposit, Bill of sale on vehicle, other forms of security can be provided. Also Vehicle Insurance assigned to the Foundation. 4. Proforma Invoices for the purchase of goods and services. 5. Lease agreement for owners who require to rent for business operations.Miscellaneous 1. Proforma invoices must be provided. 2. Loan must be paid via salary deduction.Expansion of business loans 1. Financial statements of your business for the past year. 2. Lease agreement for owners who require to rent out businesses.Purchase of assets – vehicles, land etc. 1. Letter of intent to sell for the purchase of assets already owned. 2. A Property valuation is required for the purchase of property or the use of same as security.Hire Purchase Loans 1. Hire purchase agreement for Hire Purchase loans.22
  23. 23. “30 years of Dedication to the Micro Business Sector” 23
  24. 24. “30 years of Dedication to the Micro Business Sector”24
  25. 25. “30 years of Dedication to the Micro Business Sector” 10 Top Business MistakesPeople fail in business because they make avoidable mistakes. Start up Entrepreneurs is possessed with enthusiasm andconfidence but too often are unaware of potentially fatal business potholes that lies before them.All it takes is a single mistake, one false step, and a business can be history. Here are the top most commonly made mistakes:1. Not picking the right business to begin with.2. Inadequate prior experience in the business.3. Quitting job security too soon, before adequate plans are laid.4. Not having a progressively updated written business plan.5. Inadequate Cash Flow management (running out of money).6. Opening a business in the wrong location.7. Inadequate protection in business documents including lease.8. Failed partnerships.9. Lack of selling and marketing ideas.10. Expanding too rapidly before adequate testing. 25
  26. 26. “30 years of Dedication to the Micro Business Sector” INFORMATION REQUIRED IN ORDER TO PREPARE A BUSINESS PLAN * Business Name * Business Address * Business Telephone numbers, Fax number, Email Address * Principals – the owners of the Business- What is the business’ vision and mission?- History of the business (How did you get such idea). If the business is already in existence, how long has it been?- Description of business (if the business has any form of insurance, please indicate)- Description of Products and Services (including pricing, position in the marketplace)- Marketing (who are your target markets: age, status, spending habits etc, and also what methods do you use to get your customers)- Who are your competitors – how do you differ from them?- Who manages the business – what qualifications and experience do you have in doing so?- How many employees do you have and what skills/experience/qualifications do they have?- Capital requirements – how much money do you need and what do you need it for?- Financials – All your expenses and income (revenues)- List all your assets (What you own) and liabilities (who you owe)- Location of business. 26
  27. 27. “30 years of Dedication to the Micro Business Sector” 27
  28. 28. “30 years of Dedication to the Micro Business Sector” Customer Service Good customer service is the lifeblood of any business. You can offer promotions and slash prices to bring in as many customers as you want, but unless you can get some of those customers to come back, your business won’t be profitable for long. Good customer service is all about bringing customers back, and sending them away happy – happy enough to pass positive feedback about your business along to others, who may then try the product or service you offer for themselves and in their turn become repeat customers.If you’re a good salesperson, you can sell anything to anyone once, but it will be your approach to customer service thatdetermines whether or not you’ll ever be able to sell that person anything else. The essence of good customer service is forminga relationship with customers – a relationship that the individual customer feels that he would like to pursue.Q: How do you go about forming a relationship with customers?A: You go about forming a relationship with customers by remembering the one true secret of customer service and acting accordingly; “you will be judged by what you do, not what you say.”This verge on the kind of statement that’s often seen on a sampler, but providing good customer service is a simple thing. If youtruly want to have a good customer service, all you have to do is ensure that your business consistently does these things:1. Answer your phone. Get call forwarding, or an answering service, hire staff if you need to. Someone should be there to pick up the phone when someone calls your business.2. Don’t make promises unless you can keep them. Not plan to keep them but will keep them. Reliability is one of the keys to any good relationship, and good customer service is no exception.3. Listen to your customers. Is there anything more exasperating than telling someone what you want or what your problem is and then discovering that the person hasn’t been paying attention and need to have it explained again? Let your customer talk and show him/her that you are listening by making the appropriate responses.4. Deal with complaints. No one likes hearing complaints. Give the person your attention, you may be able to please this one person this one time and position your business to reap the benefits of good customer service.5. Be helpful – even if there is no immediate profit in it. Being helpful will keep the customer coming back.6. Train your staff to be helpful, courteous and knowledgeable. Every member of your staff should have enough information and power to make customer pleasing. 28
  29. 29. “30 years of Dedication to the Micro Business Sector”7. Take the extra step. Whatever the extra step may be, take it if you want to provide good customer service. They may not say nothing to you but people notice when people make an extra effort to help and will tell other people.8. Appearance. Make sure your image and appearance reinforce customer confidence in your services. Remember If you make customers unhappy in the physical world, they might each tell 6 friends. If you make customers unhappy on the Internet, they can each tell 6,000 friends. Customer Service with a Smile CUSTOMER SATISFACTION!!!! 29
  30. 30. “30 years of Dedication to the Micro Business Sector” WHAT IS THE NDFD?The National Development Foundation of Dominica (NDFD) Limited is a private, non-profit, non-government organizationestablished in 1981. 1. To contribute to poverty reduction and human resource development at the national level by mobilizing funds for the provision of credit, business advisory services, and training primarily to the micro and small business sectors.THE FOUNDATION WILL ASSIST PERSONS: 1. Getting a new venture off the ground, or 2. Developing and/or expanding an existing small business.A “small business” is defined for the purpose of an NDFD loan as one which has investments of up to E.C$100,000 (in equipment,materials, cash, etc.).The small business to be assisted must be economically viable and must meet one or more of the following requirements: 1. Create employment 2. Utilize local raw materials 3. Manufacture products 4. Be of productive value to the community 5. Help stimulate exports or reduce imports 6. Be environmentally friendly.The NDFD gives priority to assisting enterprises relating to agro-processing, selective agriculture, as well as other productivemanufacturing and industrial enterprises. Small tradesmen and craftsmen, as well as persons in the service area.The Foundation will not normally provide loans for the retailing and wholesaling of imported goods.To qualify for a loan, the entrepreneur must: 1. Satisfy the Foundation that the business is viable and management is capable; 2. Be prepared and able, if required to accept technical assistance from the Foundation staff ; 3. Satisfy the Foundation that proper accounts and records will be maintained; 4. Disclose all information on existing loans and obligations, which may affect the decision to grant the loan. 30
  31. 31. “30 years of Dedication to the Micro Business Sector”How is The NDFD AdministeredThe NDFD is administered by a voluntary Board of Directors of at least 9 members with Knowledge and experience in disciplinessuch as Finance, Agriculture, Banking and Credit, Gender Affairs, Business and Law, just to name a few. The members of the Boardform a resource base for providing guidance and direction to the Foundation.The day-to-day management of Foundation is the responsibility of the Executive Director assisted by a small number of staffmembers, all of whom are qualified in their respective areas of responsibilityThe Field Staff keeps in regular contact with clients both before and after credit is granted and are expected toreport on the progress of the businesses funded. SOME OF OUR GUIDING PRINCIPLES 1. We have a responsibility to use our financial resources for profitable and viable small businesses so as to obtain the highest returns to Dominica. 2. We are bound, in our credit activities, to exercise good judgment in the choice of business we finance and in the training, business advisory and counseling services we provide while maintaining the strictest level of confidentiality in dealing with our clients’ affairs. 3. We are bound and committed to support, encourage and develop entrepreneurs whose talents, hard work and management skills will effectively utilize available resources for the benefit of all Dominicans. 4. We are committed to fostering the use of talents of our management and staff; help them gain satisfaction and fulfillment from their work; to reward them as best as we can; to hold them accountable for achieving well articulated objectives, and recognize their contribution to the achievement of our objectives 5. We expect from our staff, an attitude of responsibility, commitment and integrity 6. We have a moral duty to conduct our affairs with integrity, fairness and benevolence to all persons, and in the work place, all employees have the duty to create a harmonious and mutually rewarding environment. 7. We have a duty to our Benefactors to be trustworthy, accountable, transparent and effective. In addition, loans may be considered for non-business needs as the Foundation may determine. NDFD – HELPING SMALL BUSINESS 31
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  33. 33. “30 years of Dedication to the Micro Business Sector” NDFD’s 30th Anniversary HighlightsThe National Development Foundation of Dominica (NDFD) Limited is celebrating its 30th Anniversary of operations with thetheme “30 years of dedication to the Micro Business Sector”. The Foundation has had a number of activities to mark ourAnniversary.Some of the activities include:1. Contribution to the Operation Youth Quake2. Sponsorship to the Stardom and Mas Camp Calypso tents3. Adoption of Bioche Weather Shelter4. Health Walk5. Football Match6. Provided sessions to Secondary School students in the topic “Entrepreneurship”7. Family Fun Day8. Business Plan Writing competition9. Exhibition10. Customer Appreciation Day11. Launching of Magazine12. Talks on radio and television stations13. Awards for clients14. Staff Appreciation Awards, Dinner & Dance 33
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  35. 35. “30 years of Dedication to the Micro Business Sector” Staff Profile 35
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  37. 37. “30 years of Dedication to the Micro Business Sector” NDFD’S LONGEST SERVING EMPLOYEEMr George ChallengerIn April 2001 Mr. George Challenger was employed with the Foundation as Office Attendant.He then moved on to act as Cashier after one year. He attended training that was made available to improvehis knowledge and skills.A position was then created for Mr. Challenger as Jnr. Loans officer, which only allowed him to prepare smallloan applications for approval. His interest to the development of the small and micro business sector leadhim to awards such as: “Outstanding Performance for the year 2003” and “Recognition of Commitment anddedication to the NDFD”.Mr. Challenger has worked in almost every department. He currently holds the position of Business Devel-opment officer and is very committed to the Development of the Foundation. Mr George Challenger 37
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  39. 39. “30 years of Dedication to the Micro Business Sector” Essential Facts For Small Business OwnersSmall Business Facts and QuestionsQuestions to ask yourself before going into Business1. Do you have the skills to function in a business environment?2. Am I willing to learn about those things I don’t know?3. Have I done a thorough market research to determine customer’s needs?4. Is my product or service different from others already in my market area?5. Do I really understand the customers I intend to serve?6. Can I prepare a credible, detailed business plan?7. Do I have or can raise adequate money resources?8. Am I willing to stick with it even in rough times?9. Am I willing to put in the long hours that might be necessary?10. Do I have the support of my family?11. Is my health up to the tasks ahead?Questions to ask yourself if you are already in Business1. Do I really know what is happening in my business?2. Am I making money in my business?3. What is the attitude of my customers about my business?4. Am I happy?5. Is my business increasing or declining?6. Do I plan for the future or just let it happen?7. Will I have enough money to operate business or to expand?8. What will advances in technology do for the business?9. Is my financial condition in balance?10. Do I know what is happening in my industry?11. Do I keep financial records to determine business stage (profit or loss)? 39
  40. 40. “30 years of Dedication to the Micro Business Sector” A D V I C E O L S O T M C A E C D O X P E A P F F O F V E S L C P A D P O I U V E N T U R E N X O I S N E L E F N S R I D R I H S N O V S X P E N S T N I E T P I S S E N I S U B N L U M I C R O L N U N U G I R E N T A L A G R I I S N E N P X M E G N N T L N G S T R A I N I N G Y D U M Y S M A L L I O F F E R S Advice Development Venture Opportunity NDFD has been in operation for the past thirty Training (30) years. Which figures add up to thirty (30) in Loan this grid. Circle the answer. Counseling 6 8 4 7 5 Micro 1 4 1 6 5 Business 4 9 3 4 1 Offers 6 4 2 8 2 Rental 5 3 1 5 8 Small Fishing Food Runs Build40
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