SANTO DOMINGO, Dominican Republic — The Dominican Republic's agency for micro, small, and medium-sized enterprises, Promipyme, announced Thursday it has disbursed RD 125 million (approximately $2.1 million USD) in new credit to 525 entrepreneurs in the National District.
Fabricio Gómez Mazara, Promipyme's director general, led the credit delivery event, emphasizing the institution's mission to advance financial inclusion and foster the development of the nation's small businesses, in line with Law 488-08.
Gómez Mazara stated that Promipyme, operating as a key ally to the Ministry of Industry, Commerce, and MSMEs (MICM), aligns with President Luis Abinader's vision of extending financing directly "where people live." He underscored the critical role of MSMEs in job creation and national economic expansion.
The official explained that since November 2023, the agency has conducted in-depth economic and market intelligence studies. These efforts have helped identify significant obstacles micro-entrepreneurs and startups encounter when trying to access formal credit, including geographical location, lack of collateral, limited financial education, and absence of a credit history.
Gómez Mazara noted that Promipyme maintains a fixed interest rate "nearly ten times lower" than those typically found in the informal market. He specifically highlighted the positive economic impact of women's participation, linking it to higher growth rates and reduced inequality.
Consequently, Promipyme has strategically directed its loan portfolio toward women entrepreneurs, who demonstrate better repayment rates despite often requesting smaller amounts. As part of this strategy, Gómez Mazara introduced the "Tu Firma es Tu Garantía" (Your Signature is Your Guarantee) program, which provides financing specifically for women without requiring co-signers or guarantors.
During the event, the Promipyme head also shared that over his two-year tenure, he has conducted more than 45 territorial visits to oversee credit disbursements and personally track beneficiaries' progress. "We hear how their businesses grow and how they create jobs. That is the true impact," he affirmed.
Of the 525 borrowers receiving funds in this latest round, 69% are women. Gómez Mazara characterized this figure as "a clear demonstration of female leadership as an engine of development."
Since Gómez Mazara assumed leadership of Promipyme, the institution has disbursed a total of RD 14.48 billion (approximately $245 million USD), with 52% of these funds directed to women-led businesses. He reaffirmed Promipyme's dedication to sustainable economic growth and improving the quality of life for entrepreneurial families across the nation.