VisionFund Dominican Republic is a microfinance institution established as a VisionFund International subsidary, which is a global microfinance organisation operating in Africa, Asia, Latin America and Eastern Europe. VisionFund International is part of World Vision International, a Christian organisation focused on development, rights advocacy and humanitarian work. By working together, we provide the basis for local organisations to thrive in healthy and safe communities.
Children, family and community well-being in Dominican Republic is our main goal. We serve the most vulnerable people in our country, helping them to start or grow their own businesses. These businesses then generate enough income to sustain households and families and provide them with opportunities for a better future.
VisionFund Dominican Republic started in 1994 under the name FIME, changing to VisionFund in 2014. Since the very beginning we have been supporting vulnerable communities that have people willing to start new businesses. Our financial services complement and promote the goals of World Vision to reach the most vulnerable and those living in poverty. These combined interventions help improve their lives, the future of their children, and the communities where they live.
Working in Dominican Republic
Dominican Republic has seen a great change 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 12%.
The GDP (PPP) is over $205 billion, but the richest 10% of the population receives 40% of this wealth, leaving 35% of the population below the poverty line.
The opportunity to start and own your own business is the alternative to the lack of jobs and opportunities, since they depend on the context where people live and the economic class to which they belong.
The Dominican Republic is a country of micro and small enterprises (MSMEs) there are 1.4 million MSMEs that represent 98% of the total number of companies. More than 83.3% of them are concentrated in the urban area and only 16.7% is located in the rural area.
This creates enormous opportunities for our microfinance institution to serve a growing need.