Two months after launching the “Mujeres d Éxito” corporate social responsibility program, Doral Bank is introducing the third aspect of the initiative, called “Despegue Empresarial.” The bank will assign $50,000 to five small businesses, all directed by women who demonstrate growth potential.
Half of the amount will be granted as a donation while the remaining $25,000 will be given as a loan with much more flexible terms than those prevailing in the market. Doral will revert the loan payments back into its Fondo Doral account to benefit more entrepreneurs in the future.
“‘Despegue Empresarial’ looks to improve the entrepreneurial development of women on the island with tangible tools. We want to help these businesses move forward because we believe that if women leaders have better growth opportunities, Puerto Rico’s economy will also strengthen,” said Lucienne Gigante, senior vice president of marketing, public relations and community at Doral Bank.
Program applications are available at http://www.doralbank.com/mujeresdexito. A committee comprising professional women, leaders in their respective industries, will study each case according to the established credit parameters and the needs each business presents. Ten finalists will be selected to present their business and project before the evaluating committee, which will select the five recipients of the $50,000.
“Despegue Empresarial” is the third and last element of “Mujeres d Éxito,” which launched in September with an internship program dubbed “Internado Doral” for college students in alliance with the University of Puerto Rico at Bayamón and Universidad del Turabo. Through “Fondo Doral,” the second prong of the initiative, the bank has set up an initial fund of $100,000 in alliance with the Puerto Rico Community Foundation to support the development of microloan programs in nonprofit organizations specialized in helping low-income women.