Doral Bank, through its Fondo Doral initiative, announced Monday a $20,000 donation to Foundation for Puerto Rico to contribute to the development of the Kiva Zip Puerto Rico microloan platform. The funding is earmarked for women entrepreneurs in need of capital to create their microbusinesses.
“In Doral we believe in the ability of women and support the growth of new entrepreneurs with successful business ideas. We want to be the facilitator to help create new businesses that contribute to the economy of Puerto Rico,” said José A. Rivera Urrutia, community reinvestment officer at Doral Bank.
Doral Bank is the first private organization to support Kiva through its Fondo Doral initiative, which has created more than 90 direct and indirect jobs in 42 community businesses since its launch in 2012. Some of the industries that have been benefited include agriculture, tourism, arts, education and gastronomy, among others.
“This recognized micro-financing platform is accessed by entrepreneurs in 85 countries worldwide. Our entrepreneurs now have the same financing advantages, which open opportunities for innovation and growth,” said Jon Borschow, chairman of the Foundation for Puerto Rico board.
“It is the Puerto Rico Foundation’s role to act as a catalyst for initiatives that provide a high impact on Puerto Rico’s economic and social transformation. We believe in Kiva and we are confident that it will have a great reception from the community in favor of our entrepreneurs, who are the hope of the Puerto Rican economy,” he said.
Kiva Zip provides loans at 0 percent interest to entrepreneurs who lack access to capital, while facilitating connections between borrowers and lenders. The virtual microloans person-to-person, or “crowdlending,” platform allows entrepreneurs access to capital provided by thousands of individuals willing to lend money to support entrepreneurship and Puerto Rico’s economic development.