Doral Bank closes first ‘Fondo Doral’ loan

Written by  //  September 12, 2012  //  In-Brief  //  No comments

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Doral is putting money into the hands of women entrepreneurs looking to expand their small businesses. (Credit: © Mauricio Pascual)

Viaja Puerto Rico, an online magazine that promotes internal tourism, received a $3,500 micro-loan through Doral Bank’s “Fondo Doral” program that grants financing to nonprofits serving low-income women.

With the funding — the first approved through the “Fondo Doral” initiative — Viaja Puerto Rico will cover expenses related to translating the website into English, said Orquídea M. Castillo-Marcano, who runs the website.

Through “Fondo Doral,” the bank works in alliance with the Puerto Rico Community Foundation to support the development of micro-loan programs. Doral put up $100,000 in initial seed funding to support the program.

“At Doral, we firmly believe that supporting women entrepreneurs is key to the Puerto Rico’s economic development. We celebrate Orquídea’s work in ‘Viaja Puerto Rico’ and we hope the loan helps her fulfill her goals,” said Lucienne Gigante, senior vice president of public relations, marketing and community at Doral.

Women who receive “Fondo Doral” microloans will also benefit from courses offered through the Sacred Heart University’s Entrepreneurship Institute.

“We thank Doral Bank for helping women grow. These initiatives make a real difference in the Puerto Rican economy,” said Castillo-Marcano, who was chosen to benefit from the loan program by the Trujillo Alto Economic Development Corporation.

“Fondo Doral” is part of the “Mujeres d Éxito,” program unveiled launched a year ago that will pump $1 million into supporting female entrepreneurs and professionals through different initiatives.

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