Abinader suggests entrepreneurs avoid the “fiao”

“Fiao” is Dominican slang for credit based on the existing trust between the one who gives and the one who receives the credit

Santo Domingo, DR

The government launched the Super Entrepreneurs Project to deliver soft loans to 300 women participating in the Supérate program.

The project includes 1,131 small businesswomen who will receive a total of 48.4 million pesos in loans, with a monthly rate of one percent.

President Luis Abinader, who led the ceremony at the National Palace, warned the entrepreneurs not to use the “fiao” trust credit arrangement so that they can achieve the objectives of seeing their businesses grow.

The beneficiaries are owners of beauty salons, coffee shops, grocery stores, bale sales, rentals, make-up, canteens, craftswomen, upholsterers, confectioners, and others.

“This program is designed in a comprehensive but also specialized way. Because we know that there are segments of the population that require different planning and actions,” said Abinader. He indicated that it is an initiative that aims to generate actions to benefit the women participants of Supérate who have or aspire to start a micro-enterprise through accompaniment and socio-educational training.

Objectives

“The initiative aims to reduce the feminization of poverty, promote education and financial inclusion of the participants and boost the business initiatives of the participants,” said the President.

FIGURES

1,131 women.

The President indicated that the project would begin this Christmas with loans at interest rates of 1 % per month, and 1,131 women have been selected throughout the country. Of these loans, 68 % are directed to the commerce sector, 23 % to the service sector, and 11 % to the industrial sector.