Doral Bank revealed Thursday the results of its “Mujeres d Éxito” institutional campaign, through which it has financed a number of initiatives to drive female economic development Puerto Rico, via the “Internado Doral,” “Despegue Empresarial” and “Fondo Doral” programs.
Since launching in September 2011, the program has distributed more than $500,000 to support women entrepreneurs, including splitting $50,000 between five local women looking to develop their businesses. Four nonprofit organizations received $20,000 each to expand their micro-loan capital program.
“Today, we’re making a difference in the lives of many women. By working on these three initiatives together — including a proactive preparation of the new generation of young entrepreneurs — Doral has opened the doors to supporting women solidify their business or see it grow,” said Lucienne Gigante, senior vice president of marketing, public relations and community at Doral.
During a news conference at the bank’s Roosevelt Avenue headquarters, Gigante broke down the results of each program.
This year, students from the Turabo University, the University of Puerto Rico’s Bayamón campus and the Polytechnic University benefitted of an internship at Doral, made possible through the “Internado Doral” program, which exposed them to experiences in different departments — administration, sales and marketing, finance and accounting, human resources and auditing.
A new cycle of internships starts in August, but interested students have until May 15 to apply at their respective schools. At least five female students will be selected from the colleges mentioned, plus the UPR-Río Piedras and Sacred Heart University, which recently joined the program, she said.
Meanwhile, through “Fondo Doral,” the bank extended a hand to the Puerto Rico Community Foundation, to support the island’s small entrepreneur network and the nonprofit’s growing microloan program. During the first round of funding, four organizations were selected to receive a combined $20,000 to finance their different microloan programs for women ranging from $500 to $3,500.
The Ceiba Economic Development Corporation, the Trujillo Alto Economic Development Corporation, the Incubadora Microempresa Bieke, Inc. in Vieques, and the Arecibo Human Resources and Promotions Office also received $2,500 stipend for administrative costs each.
Through the third prong of the program, “Despegue Empresarial,” Doral granted $50,000 to five small businesses headed by women: Nathalia López Atelier in Aguada, run by Nathalia López; Shoe Square Inc. in San Juan, run by Sandrysabel Ortíz; Hidrocultivos Carolinenses in Carolina, operated by María De Jesús Rodríguez; Los Reyes Banana in Orocovis, run by Yesenia López; and Grafed Solutions Corp. in Villalba, run by Marisol Santiago.
Of the total amount, $25,000 will be granted outright, and the remaining $25,000 will be given in the form of a loan, with flexible terms. The loan repayments will revert back to the Fondo Doral, which in turn will help generate future financing opportunities. The selected winners will also benefit from mentorship through workshops developed in collaboration with the committee and Grupo Guayacán Inc.
The second phase of the “Mujeres d Éxito” program will begin during the latter half of this year, Gigante said.