Dominican Republic’s main banks pledge $250 million to support women-led SMEs

NY.- Banco Popular Dominicano (Banco Popular) has partnered with the United States International Development Finance Corporation (DFC) and Banco Santander in a major financial collaboration to support the growth of small and medium-sized businesses (SMEs) in the Dominican Republic. They have signed an agreement for a financing fund of US$250 million, specifically aiming to support businesses led by women or focused on sustainability initiatives.

The financing, to be disbursed through Banco Popular, will offer preferential rates to Dominican SMEs with a payback period of up to 7 years. Banco Santander, through its Export & Agency Finance team in New York, played a key role in structuring and coordinating this operation.

The financial structure includes US$200 million from DFC, with the remaining funds contributed by Banco Popular and Banco Santander.

The eligibility criteria is specific, targeting SMEs committed to sustainability and meeting the criteria of the “2X Women” initiative. This includes companies with at least 51% female ownership, those founded or actively managed by women, SMEs with significant female representation in senior management positions or boards of directors, and companies whose workforce is predominantly female and actively addresses gender issues.

The agreement was formalized at Torre Popular, where Christopher Paniagua of Banco Popular, Scott Nathan of DFC, and Jean-Baptiste Piette of Banco Santander, New York, led the ceremony. Paniagua highlighted Banco Popular’s commitment to gender equality and creating opportunities for women.

To facilitate the use of these funds, Banco Popular has created “Impulsa Popular” for the growth of SMEs and “Emprende Mujer”, a platform to support female entrepreneurship, offering financial products, training, and psychological support services.

DFC continues its mission to finance solutions in various sectors such as energy, health, and small businesses, while Santander Corporate & Investment Banking supports clients with services and products that contribute to the progress of society and defend the principles of responsible banking.

Leave a Comment

Punta Cana Today, Real Estate Market News