FDD honours entrepreneurs and strengthens its social commitment at its 57th Annual Meeting

• The Fundación Dominicana de Desarrollo (FDD) recognised outstanding micro-entrepreneurs and elected its board for 2024-2025 at its 57th Annual Meeting.

Santo Domingo, D.N The Fundación Dominicana de Desarrollo (FDD) successfully held its 57th Ordinary Annual Members’ Meeting, which featured awards for outstanding micro-entrepreneurs. The ceremony, led by María Virginia Elmúdesi, Chair of the FDD Board, also elected the new members of the Board for 2024-2025.

In her opening speech, María Virginia Elmúdesi reiterated the FDD’s firm commitment to the country’s progress, thanks to the selfless support of socially minded professionals and business people. These benefactors donate their time and financial resources to provide development opportunities to more than a million low-income Dominicans excluded from the formal financial system.

The new members approved at the meeting to serve on the FDD Board for 2024-2025 are: President, María Virginia Elmúdesi; Jean Paul Quiroz, Vice President; María del Carmen Ramos, Secretary; María del Pilar Cañas, Treasurer; Eduard Gottschalk, Deputy Secretary; Carlos Julio Camilo, Deputy Treasurer; and Susana Reid, Lil Esteva, Tomás Martínez Peguero, Pedro Pablo Díaz Cabral and Alberto Álvarez W., members.

Recognising Excellence and Resilience

During the ceremony, awards were presented to five of the institution’s clients, whose track record with microcredit and life stories reflect continuous growth in their economic activities, improving the quality of life of their families, their communities and the country. The award winners were:

• Rosanny Castillo and Faustina Paredes as Outstanding Entrepreneurs of 2023.
• Ana Yris de la Rosa as Resilient Businesswoman.
• Native Paredes as Outstanding Businessman of the Year.
• Margarita Araujo as Outstanding Businesswoman of the Year.

These awards highlight the positive impact of microcredit on entrepreneurs’ lives, allowing them not only to grow economically but also to contribute to the wellbeing of their communities.

Thanks to Distinguished Members and Strategic Partners

The FDD also took the opportunity to honour outstanding members of the foundation who completed their terms of service after invaluable contributions. Robinson Bou and Ramón Franco Thomen were recognised for 6 and 12 years respectively of dedication and tireless effort in initiatives for the common good. The collaboration of JCDecaux Dominicana, one of the world’s largest outdoor advertising companies, was also highlighted for its continued support of the FDD’s mission.

The event underlines the Fundación Dominicana de Desarrollo’s unwavering commitment to promoting financial inclusion and the economic empowerment of the most vulnerable communities, consolidating its role as a catalyst for social and economic change in the Dominican Republic.

In her speech, President María Virginia Elmúdesi said: “The FDD’s work is not only about opening up the financial market to excluded sectors; that responsibility always goes hand in hand with business and financial training.  In 2023 we trained 4,653 business owners and entrepreneurs.  Of these, we highlight 30 graduates of our business mentoring programme.”

Elmúdesi also presented a summary of microcredit activity in 2023, showing very positive and satisfactory results: “Over the twelve months of 2023, the FDD’s portfolio growth trend continued the upward path it resumed in 2021, with a +11.47% change in its gross loan portfolio.  With this increase, our institution exceeded RD$500 million in portfolio for the first time, closing at a record RD$527.7 million.”

Microcredit achievements in 2023

The number of clients in the loan portfolio closed 31 December 2023 with an increase of 3.13%. The period ended with 16,641 loan beneficiaries in the portfolio. 

Sound loan portfolio management was once again a hallmark of the FDD, upholding the principles of social responsibility in granting and recovering loans.  Our portfolio at risk over 30 days fell slightly from 4.07% in 2022 to 4.00% in 2023, a record low for this indicator. Stressed arrears, measured according to the standards of the regulated banking system in the Dominican Republic, stood at just 5.44%.

At the end of 2023, 61.2% of our active clients were women, demonstrating our gender impact.  Rural areas accounted for 46.88% of our loan clients as of 31 December, indicators that show the FDD’s geographical diversity as it continues to seek out entrepreneurs operating in regions usually overlooked by traditional lending.