Banco Popular Dominicano Secures $200 Million USD Loan to Support Women Entrepreneurs and Small Business

Banco Popular Dominicano Secures $200 Million USD Loan to Support Women Entrepreneurs and Small Business

Dominican bank Banco Popular Dominicano is receiving a direct loan of $200 million USD from the US International Development Finance Corporation (DFC), the organization announced late last year.

The loan, which was the DCF’s largest in the Caribbean in 2023, will be used support the institution’s lending to small businesses and women entrepreneurs, including a goal of using at least 50% of the funds to promote “women’s economic empowerment through lending.”

The loan was announced during a trip by Scott Nathan, chief executive officer of (DFC), to Santo Domingo, where he met with Dominican Republic President Luis Abinader and USAID Deputy Administrator Isobel Coleman.

Nathan also announced that DFC is working to open a regional office at the US Embassy in Santo Domingo to “support private sector development in the Dominican Republic and across the Caribbean.”

During the trip, Nathan also stopped in Jamaica to explore more opportunities in the country.

“This is an exciting time for DFC in the Caribbean,” said Nathan. “This trip highlighted our strong belief at DFC that our work with governments, businesses, and investors in this region has tremendous potential. We are committed to building on this foundation. The bottom line is this: We are here, we want to be here, and we want to do more.”

In a statement, the organization elaborated further on the loan and these wider plans in the region.

“The announcements demonstrate DFC’s view of the broad potential for new business in the Dominican Republic and other Caribbean partner countries as well as DFC’s intent to strengthen existing partnerships and foster new ones in the service of spurring economic growth,” said the DFC.

“DFC sees strong market opportunities in the Dominican Republic across several critical sectors, including financing large infrastructure and renewable energy projects, and supporting small business through on-lending,” continued the organization. “DFC’s commitment to advancing investments in the Dominican Republic is in line with U.S. Government initiatives such as the US/Caribbean Partnership to Address the Climate Crisis 2030 [and] CEO Nathan’s visit also builds on the Americas Partnership for Economic Prosperity Leaders’ Summit on November 3, where President Biden and President Abinader committed to deepening regional economic cooperation.”

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