THE URBAN DEVELOPMENT COMMISSION (UDC) is struggling to recover an estimated $20 million owed by small and micro businesses.
UDC director Derek Alleyne has said the government-run organisation was unlikely to get the outstanding amount for reasons related to the handling of the programme under which the money was disbursed.
During an interview with the MIDWEEK NATION, Alleyne said the UDC lent an initial sum of $5 million in loans to both small business and homeowners, but due to the delinquency of borrowers the programme was ended in 2008.
When calculated with the interest owed, however, he noted the outstanding figure was actually closer to $20 million; money which was most likely to be written off due to problems with the programme’s administration.
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