Banca Solidaria stirs local economies all over the country
It has 40 branch offices and plans to open another 15 this year
SD. The director of the Banca Solidaria (Solidarity Bank), Maira Jimenez, said that this institution has contributed a lot to the stimulation of local economies nearly all over the country, since where they do not have branch offices they use the office of the Banco de Reservas.
She said that in San Cristobal they have 3 branch offices.
Jimenez stressed that Pedernales and Jimani do not justify the presence of the Banca Solidaria because there is little growth of the micro-businesses.
An office of the Banca Solidaria requires, according to the director, eight loan officers "that comb the area."
Jimenez spoke as she was interviewed during Dialogo Libre by Adriano Miguel Tejada, the director of Diario Libre, the deputy director Ines Aizpun, the editor-in-chief Nelson Rodriguez and other members of the staff of reporters of the newspaper.
More support for women
Although the official recognized that in the program of the Banca Solidaria women are benefited the most because 70% of the loans are offered to them, she also stressed that the initiative of the administration of Danilo Medina also benefits men with 30% of the loans.
She justified that the women are the greatest beneficiaries because there are programs focused on favoring this population segment.
One of these programs is the one that promotes entrepreneurialism with which they have managed to open new businesses.
She reported that 10% of the loans that they grant go to new businesses.
Moreover, single mothers also have support from the Banca Solidaria, because there is a guarantee fund of RD$150 million that was created exclusively for this purpose.
"They are single mothers who have difficulties to form solidarity groups and in order for them to have access to financing without difficulty and not have problems with the guarantee, this fund was created," she said.
The impact
Jimenez detailed the fact that in the areas where there is not a strong micro-business population, their loan officers work in the offices of the Banco de Reservas. Among the programs where the Banca Solidaria is working "full bore" are those in the province of Santo Domingo where they have eight branch offices "stuck in the middle of low income communities and barrios."
Among these places she cited Los Mameyes, Los Frailes, the Ensanche Luperon, Herrera and Villa Mella.
In Santiago the Banca Solidaria has four branches that are located in Peking, Camboya, Cienfuegos and Navarrete.
Excepting San Pedro de Macoris, where an office will be opened at the end of this month, this bank has a presence in all of the other provinces in the East, she said.
In the meantime, along the Northwest Line, they are planning to install three new branches although their offices are working in the area.
She said that they only do not have branches in Montecristi because the micro-business population is very low although their loan officers operate in the Banco de Reservas.
Other branches are situated in Boca Chica, San Juan de la Maguana, Azua, San Francisco de Macoris and Nagua.
She noted that the project focused on sex workers has been successful.
The director of the Banca Solidaria assured the interviewers that the program that the institution is developing to contribute to the sex workers leaving this life has been very successful, and that, up until now, they have supported some 200 women with loans so that they can start a business. She said that they are providing a lot of follow-up for this program.
"We have been working with success, because the work in the street with the women was something I did not know would be so difficult. The people have no idea how hard it is because the majority of these women lead a double life," she argued.
She noted that many of these women have managed to leave the life that is known as "the good life" but it is will a lot of suffering.
One reason by which some of these women allege that they cannot leave is because their businesses are not sufficiently profitable to live just from it. She said that many sex workers tell them that the lead a double live because their families do not know they do this work and they do it in secret. "They do it also to pay the universities of their children. So, one helping hand to get out of this life is difficult. Some have left already. Because there is a group that says that they cannot leave it (the sex activity) because what the company beings in is not sufficient for them to live on," she says.
She explained that among this group of women there are some that before the bank began to support them had begun their small businesses, and they had even stopped working in the streets. "But there are others that have not, that maintain their way of life but they have the push, yes, to get out of it," she assured the reporters.
"We are working. I believe that if we are going to be able to provide a significant contribution so that we can rescue these women from this sad life."
Simplification of steps to legalize businesses
Although she recalled that it is not the responsibility of the Banca Solidaria to legalize the companies, Jimenez said that she felt that they needed to find a way that simplifies the requirements for the micro-businesses to be legalized.
After reading a long list of the requirements demanded by the state in order to legalize a business, she said that "with all of this bureaucracy" they will not achieve their objectives.
"I think it is very hard for the people to be motivated. We have to work a lot on this issue. We have advanced a little because is that they should prepare specialized packages, Simple because there is so much bureaucracy," she thought.
The success of Solidary Savings
The director of Promipyme said that due to the fact that it was important to promote savings and financial education in order for the micro-businesses to comply with on-time payments of their quotas, they created the program of the Solidaria Savings, which she says has been very successful.
She noted that the impact of this program has been so relevant that many small businessmen form lines with their piggy banks in order to deposit their savings and other to learn how to save without have a piggy bank.
She said that in San Cristobal they have 3 branch offices.
Jimenez stressed that Pedernales and Jimani do not justify the presence of the Banca Solidaria because there is little growth of the micro-businesses.
An office of the Banca Solidaria requires, according to the director, eight loan officers "that comb the area."
Jimenez spoke as she was interviewed during Dialogo Libre by Adriano Miguel Tejada, the director of Diario Libre, the deputy director Ines Aizpun, the editor-in-chief Nelson Rodriguez and other members of the staff of reporters of the newspaper.
More support for women
Although the official recognized that in the program of the Banca Solidaria women are benefited the most because 70% of the loans are offered to them, she also stressed that the initiative of the administration of Danilo Medina also benefits men with 30% of the loans.
She justified that the women are the greatest beneficiaries because there are programs focused on favoring this population segment.
One of these programs is the one that promotes entrepreneurialism with which they have managed to open new businesses.
She reported that 10% of the loans that they grant go to new businesses.
Moreover, single mothers also have support from the Banca Solidaria, because there is a guarantee fund of RD$150 million that was created exclusively for this purpose.
"They are single mothers who have difficulties to form solidarity groups and in order for them to have access to financing without difficulty and not have problems with the guarantee, this fund was created," she said.
The impact
Jimenez detailed the fact that in the areas where there is not a strong micro-business population, their loan officers work in the offices of the Banco de Reservas. Among the programs where the Banca Solidaria is working "full bore" are those in the province of Santo Domingo where they have eight branch offices "stuck in the middle of low income communities and barrios."
Among these places she cited Los Mameyes, Los Frailes, the Ensanche Luperon, Herrera and Villa Mella.
In Santiago the Banca Solidaria has four branches that are located in Peking, Camboya, Cienfuegos and Navarrete.
Excepting San Pedro de Macoris, where an office will be opened at the end of this month, this bank has a presence in all of the other provinces in the East, she said.
In the meantime, along the Northwest Line, they are planning to install three new branches although their offices are working in the area.
She said that they only do not have branches in Montecristi because the micro-business population is very low although their loan officers operate in the Banco de Reservas.
Other branches are situated in Boca Chica, San Juan de la Maguana, Azua, San Francisco de Macoris and Nagua.
She noted that the project focused on sex workers has been successful.
The director of the Banca Solidaria assured the interviewers that the program that the institution is developing to contribute to the sex workers leaving this life has been very successful, and that, up until now, they have supported some 200 women with loans so that they can start a business. She said that they are providing a lot of follow-up for this program.
"We have been working with success, because the work in the street with the women was something I did not know would be so difficult. The people have no idea how hard it is because the majority of these women lead a double life," she argued.
She noted that many of these women have managed to leave the life that is known as "the good life" but it is will a lot of suffering.
One reason by which some of these women allege that they cannot leave is because their businesses are not sufficiently profitable to live just from it. She said that many sex workers tell them that the lead a double live because their families do not know they do this work and they do it in secret. "They do it also to pay the universities of their children. So, one helping hand to get out of this life is difficult. Some have left already. Because there is a group that says that they cannot leave it (the sex activity) because what the company beings in is not sufficient for them to live on," she says.
She explained that among this group of women there are some that before the bank began to support them had begun their small businesses, and they had even stopped working in the streets. "But there are others that have not, that maintain their way of life but they have the push, yes, to get out of it," she assured the reporters.
"We are working. I believe that if we are going to be able to provide a significant contribution so that we can rescue these women from this sad life."
Simplification of steps to legalize businesses
Although she recalled that it is not the responsibility of the Banca Solidaria to legalize the companies, Jimenez said that she felt that they needed to find a way that simplifies the requirements for the micro-businesses to be legalized.
After reading a long list of the requirements demanded by the state in order to legalize a business, she said that "with all of this bureaucracy" they will not achieve their objectives.
"I think it is very hard for the people to be motivated. We have to work a lot on this issue. We have advanced a little because is that they should prepare specialized packages, Simple because there is so much bureaucracy," she thought.
The success of Solidary Savings
The director of Promipyme said that due to the fact that it was important to promote savings and financial education in order for the micro-businesses to comply with on-time payments of their quotas, they created the program of the Solidaria Savings, which she says has been very successful.
She noted that the impact of this program has been so relevant that many small businessmen form lines with their piggy banks in order to deposit their savings and other to learn how to save without have a piggy bank.