SANTO DOMINGO. – Some 17 microenterprises have benefited from loans and training from the Development and Export Bank (BANDEX), through the Dominican Development Foundation (FDD), an entity that promotes financial inclusion and training for micro-entrepreneurs and entrepreneurs.
The information was offered by Mariano Frontera Martínez, executive director of the FDD, who assured that he has also managed coaching and mentoring sessions for more than three thousand businessmen and entrepreneurs for the development of microbusinesses with financing from BANDEX.
Upon learning from the European Investment Bank (EIB) about the BANDEX facilities, Frontera Martínez said that “we approached and had a satisfactory experience, attention with a lot of professionalism and great receptivity, and we met the requirements for loans.”
"Currently, our foundation has 207 collaborators and we operate with 15 offices, located in nine provinces of the country, whose objective is to achieve financial inclusion of the productive base of Dominican society, regardless of whether they have had no credit history," Frontera highlighted. Martinez.
He indicated that with the funds received, the FDD's credit portfolio grew, which allowed it to expand its microcredit program, with loans on average of RD$31,000.00 pesos “for productive purposes.”
These loans - Frontera Martínez assured - have allowed microenterprises to start their credit history and then develop with higher amounts, "as they grow with our credit and training program."
“An important aspect is that 60% of our portfolio has been disbursed to microenterprises led by women and 50% to clients in rural areas, which promotes gender diversity and rural financial inclusion,” Martínez highlighted.
Frontera Martínez reported that Dominican microenterprises employ close to 90% of the private workforce, so “the more availability of credit they have, the greater their development and impact on employment and new ventures.”
The director of the Dominican Development Foundation highlighted that after being favored with the financing, “new “green” credit facilities are being developed to finance the more efficient use of energy and resource consumption by microenterprises.”
He explained, “that in some of the provinces in which they operate there are no credit facilities with the green approach for microbusinesses, mainly in the sustainable tourism sector, and we hope to continue advancing with this program.”
About the Dominican Development Foundation INC
The Dominican Development Foundation was created in 1966, by a group of 23 businessmen, headed by José Armenteros Seisdedos and Rafael Esteva, who joined their efforts to be the technical engine that would eliminate the economic inequality of the time.
The FDD has influenced the economic success of more than one million people from the most needy class of the population, firmly believing in the benefit of economic self-determination of Dominicans, through the creation of new companies.
The entity has carried out, through alliances with different institutions, projects aimed at training people from different parts of the country and with diverse needs in entrepreneurship. The training includes coaching sessions and inclusive microcredit facilities.
For information: Alerdys Díaz
Senior Public Relations Analyst
809-805-3830
