Grameen Foundation : Resource Center : Print Newsletter : Spring 2005 : Dominican Republic Partner's Success
In Dominican Republic, Esperanza MFI Is a Fast-Track Success
Since launch last spring, new lender opens four offices and begins making loans.
GFUSA’s newest microfinance lending partner, Esperanza, in the Dominican Republic, has hit the ground running.
In 2003, the Bank of Reserves of the Dominican Republic committed to a plan to provide microcredit services and selected GFUSA to coordinate the planning. Esperanza — which means “hope” — became the engine to deliver microfinance services to rural Dominicans in this country where more than 60 percent of its nine million people live below the poverty line with 40 percent unable to cover their basic needs. Esperanza was founded by former Seattle Mariners baseball player Dave Valle and his wife Vicki, who came to know the people and their struggle with poverty when Dave was playing spring baseball in the Dominican Republic.
With start-up funding from the BRDR Foundation, which was formed to facilitate this initiative, Esperanza was able to set up and staff four offices in rural communities, and start making loans — all in just eight months. Some 1,400 households began their journey from poverty with tiny loans averaging $110. Esperanza plans to reach nearly 9,000 active clients this year, and expand the number to a total of 21,500 by 2008 — doubling the number of poor rural families receiving microcredit services. The organization’s fast-track development will impact more than 110,000 people. The impact on poor households in the DR will be direct and immediate. GFUSA country representative Andrea Findley calls the program “potentially one of the most dynamic GFUSA initiatives in Latin America.”
The next step will be to leverage the experience to generate new, long-term funding. “It’s really a donor’s dream,” said GFUSA Board member Steve Rockefeller Jr., after a visit to the program. “Much of the initial investment in operations and assets has already been made.
Steve Rockefeller, like other members of GFUSA’s board, supports our work in many vital ways. His passion for GFUSA’s ongoing work in the Dominican Republic is an important boost for that program and the people it serves.
For more information, contact Andrea Findley, GFUSA Country Representative in the Dominican Republic at 809.567.8668 or andrea_findley@yahoo.com.
Grameen Foundation : Resource Center : Print Newsletter : Spring 2005 : Dominican Republic Partner's Success
Grameen Foundation uses microfinance and innovative technology to fight global poverty and bring opportunities to the world's poorest people. With tiny loans and financial services, we help the poor, mostly women, start businesses and escape poverty. Our global network of 55 microfinance institution (MFI) partners including our Growth Guarantee partners has touched more than 34 million people in 24 countries. In addition, we introduced and now sustain technology initiatives (Mifos and Village Phone) in Cameroon, Kenya, Rwanda, and Uganda, bringing our total country outreach to 28.
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