Rafael Paz calls for improved credit access for entrepreneurs

Rafael Paz, president of the Fuerza del Pueblo in the Distrito Nacional, has highlighted the limited access to financing as a major obstacle to opportunity in the Dominican Republic. Speaking at a political forum organized by the Club de Ideas Políticas at the Pontificia Universidad Católica Madre y Maestra (PUCMM), Paz argued that innovative ideas should not fail due to a lack of credit.

Paz noted that while formalizing a business is a necessary step, it does not guarantee financial support. He criticized a system where credit often depends on personal relationships or existing assets, which excludes many young people and small business owners. To address this, he advocated for strengthening guarantee funds, expanding financing options, and creating mechanisms such as seed capital programs to support innovation and job creation.

Additionally, Paz emphasized the need for inclusive economic policies to overcome high interest rates and complex banking requirements. He suggested that modernizing regulatory frameworks and fostering cooperation between the public sector and private banks would help democratize credit and boost the competitiveness of micro, small, and medium-sized enterprises (MSMEs).