Dominican Republic
Project Description
The Dominican Republic is a country of nearly nine million people in the Caribbean. In recent years its economy has developed, with the service sector overtaking agriculture as the largest employer and average incomes rising to $9,200 in 2007. But, though it is classed by the World Bank as a lower-middle-income country, 42% of the population are currently living below the poverty line.
Esperanza International
In October 2007 Five Talents started working with a local microfinance group, Esperanza International, in the Dominican Republic. A programme has been developed with the Episcopal Diocese and The Chalmers Centre for Economic Development to work in La Barquita, one of the poorest slums of the capital city Santo Domingo. The area was badly affected by the hurricanes of Autumn 2007. By January 2009 the project had 120 loan clients - supporting small businesses, giving loans and training that aims to encourage enterprise development and increased earnings. After three years the programme aims to be self-sustainable, serving 510 small businesses, at which point the interest will cover all administrative costs.
Five Talents are very excited about our partnership with Esperanza. They have a strong, experienced management and have a proven track record in terms of socially important work, having been involved in many education and health schemes, and trained by the Grameen Foundation.
Invitation
By end 2010 we are aiming to bring this programme to a position of financial self-sustainability and to do this money is needed to increase the size of their loan pool. During 2010 Five Talents has a target to raise £12,000 for this programme. We ask that you consider making a donation that will help continue this important work that is benefiting the lives of many Dominicans.
More Information
Click here to read the latest programme summary from the Dominican Republic.