District Microcredit Project

July 11 Program: Microcredit Project in the Dominican

District 6040 has undertaken to establish a $125,000 microcredit bank in cooperation with Rotarians in the Dominican Republic, and Plaza Rotarian Randy Steinman has been leading the effort to create and fund that project.

The objective for the project is to break the poverty cycle for low-income households by providing small business start-up loans in the Santo Domingo neighborhoods of Herrera and Alcorrizos. District 6040 has committed $50,000 in District Designated Funds (received from The Rotary Foundation) and District Rotary clubs are being asked to contribute $17,000 to finance the project; the balance of the funding would be derived from a Global Grant from The Rotary Foundation. The Rotary Club of Santo Domingo-Herrera will oversee the project and provide mentoring and education to loan recipients.  Randy will tell us more about the project in this program at our club meeting July 11.