The BBVA Microfinance Foundation presents its annual social performance report before the major development and financial inclusion organizations in the Dominican Republic

Bienvenida Benítez, Diana Céspedes and Porfirio Cedano have shared their experience as entrepreneurs today, during the presentation of the BBVA Microfinance Foundation’s (BBVAMF) 2016 Social Performance Report. Their businesses progress thanks to the support of Banco Adopem in fighting the lack of opportunities in their country and giving back to the community.

Bienvenida has been committed to children’s education for 30 years, especially with the younger age group. That is why she turned to Banco Adopem when she decided to open her own school. Today, this school has 400 students and a long waiting list for admission. “This establishment is now a reality thanks to the unconditional help that was given to me by Banco Adopem”, she proudly shared in the panel entitled “Productive Finance in the Dominican Republic”.

We seek sustainable improvements in our clients’ living conditions and we use all our analytical tools to identify the suitable credit volume for each borrower”, noted Claudio González-Vega, chairman of the Board of Trustees of the BBVAMF during the presentation, attended by representatives of international organizations like the World Bank, the Inter-American Development Bank and the Aecid among others.

The Foundation’s entity in the Dominican Republic attends to almost 400,000 dominicans to help them push their life projects forward. “Before Adopem, we lived in extreme poverty”, recounts Diana, producer of organic guineo, fisherwoman and mother of 3. Two of them are now college students. Like her, a lot of people abandon poverty thanks to enterprising. “After three years with the entity, more than half of the poor clients cease to be so”, asserted Stephanie G. Van Gool, Impact Assessment director of the Foundation.

“After three years with the entity, more than half of the poor clients cease to be so”

Furthermore, she also indicated that in 2016, 90% of the new clients are classified under the vulnerable group, 44% are less than 30 years of age and 43% live in rural areas.

Stephanie G. Van Gool, director of the Foundation’s Impact Assessment

“Banco Adopem has given me the economic freedom to improve my family’s life and to help other people by offering them a job in my microbusiness”, added Porfirio during the event. 8% of the entrepreneurs served by the BBVAMF in the Dominican Republic generates at least one employment after two years of working with the entity.

 “Our success depends on theirs”

“We are serving almost two million people in Latin America. When these people access credits, they prosper, and show that they are capable of improving their enterprises”, declared Javier M. Flores, managing director of the BBVAMF before the major communication and media outlets of the Dominican Republic.

The 2016 BBVAMF Social Performance Report reflects the socioeconomic development of the entrepreneurs it serves. “The report statistically documents how our success depends on our clients’ progress”, affirmed Mercedes Canalda, executive president of Banco Adopem. She specifically referred to the success factors of the Foundation’s entity in the Dominican Republic. According to her, there are fundamentally three elements: “first, a thorough client selection based on their commitment, professional background and productive potential; second, client support during the crucial moments of their projects, such as the initial stage; and third, mentoring them during their growth process, through counselling and skills training”.

In 10 years, the BBVA Microfinance Foundation has been able to strengthen and consolidate six leading microfinance entities in Latin America. Since its creation in 2007, it has been promoting the inclusive and sustainable economic and social development of vulnerable people, an effort aligned with the 2030 Agenda of the United Nations who conceded a consultative status to the Foundation.