What are the opening hours of the bank?
We are open from 8am to 2pm (Mon-Thurs) and 8am to 4pm (Fri).
How can we contact the bank?
Does the AID Bank offer chequing and savings accounts?
No, these services are commercial in nature and as a development Bank, our mandate is to promote and influence economic development and to provide funds for such development.
What type of loans do you offer?
Specifically, the core business of the AID Bank is providing an amalgam of loans for the following sectors: (i) Agriculture & Fishing; (ii) Industry (inclusive of Manufacturing, Services and Transportation); (iii) Tourism; (iv) Education; (v) Real Estate & Construction); (vi) Climate Adaptation; (vii) Infrastructure; and (viii) Commerce & Distribution.
Is there a cost to certain documentation that a customer may request?
Yes. We do provide loan statements, letters for income tax purposes, loan status letters, copies of certificates of title, among others. The costs of these documents range from $5.00 for copies of the certificates of title to $25.00 for status letters.
Can persons living out of state apply for loans?
Certainly, Dominican nationals, residing overseas, can apply for loans. However, the relevant collateral must be in Dominica.
What are your fixed deposit rates?
The Bank no longer offers fixed deposit services to the public.
If the ATM machine on the Bank’s premises is not working, can you help?
The ATM machine located on the bank’s premises is that of the National Bank of Dominica (NBD). Any faults or enquiries should be forwarded to them as we are not liable for its operation. However, when notified of a fault with the ATM, we do apprise the relevant NBD personnel.
Do you facilitate foreign exchange?
We do not provide foreign exchange services; however, we do accept loan payments in foreign currency.
What is the age requirement for loans?
Loans are given to persons 18 years and above, at the discretion of the Bank.
Do you accept debit or credit card payments?
Yes, we do, however, we do not process payments on our website. Payments can be made in person at the Bank. We also could e-mail the relevant information / documentation to you for one-time or recurring payments to your loan(s).
Is the bank closed during the lunch hour?
No, the bank stays open to facilitate our customers during lunch.
How is the interest on loans calculated?
Interest is calculated on the reducing balance and accumulates daily.
If I close my loan early are there any penalties?
Usually no penalty exists. However, 3 to 6 months interest is charged for early closure, depending on the type of loan.
Is there rebate once a loan has been paid-off in advance of its lifetime?
If a loan is paid-off in advance, the benefit to the customers is that he /she would have paid less interest than if the loan had been paid until the end of its term.
What happens if a client is unable to service his/her loan?
Clients are encouraged to communicate with the Bank as soon as they encounter challenges with their debts. We are prepared to find workable solutions acceptable to both parties.
Does the AID Bank have shares available for purchase?
No, the Bank is owned by the Government of Dominica (89.6%) and the Dominica Social Security (10.4%).
Will the limit on education loans be augmented to reflect the increase of tuition fees abroad?
The maximum education loan sizes have been increased to $201,615.00 for Medicine, Law and Architecture, and a maximum of $147,850.00 for other programmes of study and we believe that this should be a great help.
Some time ago, there was a special student loan facility? Does this still exist?
This was the first line, which was completely utilized, but the Bank has received a second loan facility to ensure that underprivileged or disadvantaged students have an equal opportunity to pursue their educational goals.
Do clients or their guarantors have the option to pay their monthly loan instalment and forego the moratorium or grace period for their student loan?
Yes, this is certainly an option for student and other loans as well, once this is an affordable option for the client and/or their guarantors.
Does the AID Bank finance personal loans?
The AID Bank no longer funds personal loans.
How long does it take to process a loan?
This depends on having all the information required by the Bank, as requested by the relevant Credit Officer in a timely manner. Other determining factors are the size and purpose of the loan; given that the criteria loan products vary.
How does the AID Bank acquire funds for lending?
The Bank borrows funds from Local, Regional and International funding agencies to onlend to its customers.
Who is the General Manager of the bank?
The current General Manager is Ms. Marie-Therese Johnson.
How is the AID Bank governed?
The AID Bank is governed by a Board of Directors.
Where is the AID Bank located?
The AID Bank is located in a blue 3-storey, building at the corner of Charles Avenue & Rawles Lane in Goodwill, but we do have an Office at Canefield, which manages the Industrial Estates at Canefield, Geneva and Picard.
What are the Industrial Estates?
The Industrial Estates are a fundamental aspect of the Bank’s operations. The Industrial Estate Unit (IEU) is responsible for providing and managing suitable factory space for local and foreign investors with the necessary amenities for their businesses, which avoids them incurring heavy start-up costs.
