Microloan program launches
Microloan project launches in Dominican Republic
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Kansas City Plaza Rotary is proud to sponsor a new program designed to provide small business start-up loans in Santo Domingo, in the Dominican Republic.
The program, led by Plaza Rotarian Randy Steinman, was developed by our Rotary district to help break the cycle of poverty in the Herrera and Alcorrizos neighborhoods. It’s a joint effort between our district and the Santo Domingo-Herrera Rotary Club and the Instituto Dominicano Desarrollo Integral.
Money for the program was raised by Plaza Rotary and other clubs in the district and supported by a Global Grant from The Rotary Foundation. The Rotary Club of Santo Domingo-Herrera oversees the project and provides mentoring and education to loan recipients. The Instituto Dominicano Desarrollo Integral manages and administers the loans.
All Rotary funds go directly to loans for small businesses; operating costs are paid from interest on the loans. Once loans are repaid, the proceeds go to new start-up loans, continuing to circulate benefits in the community.
The average loan is between $500 and $750, with an 18-24 month repayment schedule. The five-year program is funded for $125,000, with $25,000 available for loans annually in that time.
In the photo: members of the Rotary Club of Santo Domingo-Herrera during training to serve as financial instructors to our loan recipients.
Microloan project launches in Dominican Republic
Kansas City Plaza Rotary is proud to sponsor a new program designed to provide small business start-up loans in Santo Domingo, in the Dominican Republic.
The program, led by Plaza Rotarian Randy Steinman, was developed by our Rotary district to help break the cycle of poverty in the Herrera and Alcorrizos neighborhoods. It’s a joint effort between our district and the Santo Domingo-Herrera Rotary Club and the Instituto Dominicano Desarrollo Integral.
Money for the program was raised by Plaza Rotary and other clubs in the district and supported by a Global Grant from The Rotary Foundation. The Rotary Club of Santo Domingo-Herrera oversees the project and provides mentoring and education to loan recipients. The Instituto Dominicano Desarrollo Integral manages and administers the loans.
All Rotary funds go directly to loans for small businesses; operating costs are paid from interest on the loans. Once loans are repaid, the proceeds go to new start-up loans, continuing to circulate benefits in the community.
The average loan is between $500 and $750, with an 18-24 month repayment schedule. The five-year program is funded for $125,000, with $25,000 available for loans annually in that time.
In the photo: members of the Rotary Club of Santo Domingo-Herrera during training to serve as financial instructors to our loan recipients.