BusinessLocalNews

DAIC & CREAD Support Entrepreneurs Improve Financial Management Literacy To Boost Access To Finance

by: - May 21, 2020
48 Views   no discussions

The first level of the MSME Virtual Financial Management Training hosted by the Dominica Association of Industry and Commerce (DAIC) and the Climate Resilience Execution Agency of Dominica (CREAD) took place via Zoom on Thursday, May 7th, 2020 from 10:00 AM to 12:00 Noon and was facilitated by Mr. Elijah Leblanc, the MSME Business Advisor from CREAD.

This Level-1 training focused on the important elements of starting a business, various types of businesses, statutory and legal obligations, and the basics of financial management. Upon successful completion of this training and the post-training assessment, successful participants will receive a certificate of completion which makes them eligible to participate in the next level.

The session was attended by over 30 participants during the LIVE session and several more at a later date online. Thus far, most businesses from the training have completed the Level-1 assessment successfully and are eligible to participate in Level-2 training on Record Keeping. This will be followed by Level-3 on Accounting. This training is geared at supporting businesses in improving their financial management and strategic planning for growth as well as enhancing the businesses’ access to finance and ultimately long-term resilience. These trainings are also positioned as a prerequisite for other financial related interventions led by the partners.

The participants noted that their key takeaways were: The importance of recordkeeping, statutory rules, understanding the business plan template, financing methods, the importance of financial management, among others. One attendee expressed, “Firstly the presentation has taught me that a business could be started based on ideas, needs, experience, ambition and a willingness to put forth success. Secondly, the presentation has taught me how to keep up with and overcome the challenges of bringing forth a business and effectively keep its stance in the competitive business world. Lastly, I also grasped some key concepts which would help with a business continuous success.”

The participants’ overall feedback was that the training was very relevant, timely, simple to understand. The content was thought to be at the right level, surpassing the expectations of some. In the post-training survey, one of the participants indicated, “It was well detailed with relevant information which can assist current and future business leaders to engage in relevant practices.  The delivery of the training was well organized and the presenter was knowledgeable and clear with his content.”

DAIC and CREAD are satisfied with the training thus far and with the engagement by the business community. The partners continue to encourage all businesses to complete the training by viewing the LIVE or recorded trainings and completing the evaluations in order to improve their financial literacy. Furthermore, the partners invite all businesses to take part in the Level-2 training on recordkeeping which will take place on June 4th, 2020 from 2:00 PM to 4:00 PM.

For additional information on this and subsequent trainings, please contact DAIC today at chamber.daic@gmail.com.