VisionFund Republica Dominicana began it's microfinance work as FIME, and has just recently changed it's name. For over a decade we have been helping the poor, who are highly capable of starting a business. Our financial services complement and further World Vision's aims to reach out to those living in poverty. These combined interventions help to improve their lives; their children’s future; and the communities where they live.
The Dominican Republic has seen a large shift from being a predominantly agricultural exporter, to a service sector provider in areas such as tourism. More than 63% of workers now work in service industries and only 14% in agricultural occupations. However, the country’s unemployment rate is currently at 13%.
The GDP is at more than $94 billion, but the richest 10% of the population receives 40% of this wealth. This leaves nearly 35% of the population under the poverty line.
There are more than 617,000 micro businesses in the Dominican Republic, but microfinance services are only reaching 17% of those in need. This creates huge opportunities for our microfinance institution to provide services to a growing need, especially in the agricultural field.
The opportunity to start and own your own business is the alternative to the lack of jobs currently in the Dominican Republic. These jobs generate the revenue needed to sustain families and households across the country.
We are a four-diamond microfinance provider by MIX Market.
We are also actively involved with the funder CITI Foundation and giving out CITI Awards to business owners throughout their network. These individuals are recognised for their innovative and productive initiatives that positively impact their communities.