MLB-DDA

The Banks of Hope project began implementation in August of 2009, working to expand Esperanza International’s proven micro-credit program in two Santo Domingo suburbs, Villa Mella and Los Guaricanos.  Through the expansion, 242 new families will receive access to loans.  As of the first quarter of FY2010, Esperanza has recruited 217 new families into the program and provided small loans to 217 women within the households.  To carry out the program’s daily operations, Esperanza International has opened a regional office and hired staff to provide regular services in the communities it serves.

Since the project launching Esperanza International has developed strategic alliances with community leaders and local businesses, which help enable the project's success in new neighborhoods.  The project has completed introductory neighborhood information sessions to inform communities about the micro-credit program and has held several pre-credit sessions in which Esperanza International surveyed possible loan candidates and selected groups to establish a Bank of Hope.  

Thirty-five (35) Banks of Hope have been established in the Villa Mella and Guaricanos area with 217 loan recipients directly funded by the Players Trust/MLB-DDA project.  Each bank is made up of 3 to 30 small solidarity groups, each with five participants.  These groups meet biweekly to discuss financial planning, businesses operations, and challenges or successes the founders may be facing.  The meetings also help to establish strong bonds between the participants and their businesses, and serve as a platform for education workshops on topics such as general health, business development and planning, and social themes like interfamily violence.

Each participant in the Banks of Hope program is required to save 2% of their income, however, the program has achieved an average savings rate of 20% per bank.  This savings success is contributed to the program and field agents encouraging the importance of saving.  Eighty percent of the Bank of Esperanza participants pay off their loans on time and attend every biweekly meeting enabling them to receive a second loan and proving the program’s success.

The Banks of Hope project also includes business and home visits to loan recipients.  Through the business visits, field representatives offer business consulting.

To enhance the services provided by the microcredit program, Esperanza International uses its network of international contacts to attract additional support for the provision of supplementary services including medical visits, dentist visits, and referrals to OBGYN specialists.  Esperanza International also distributes food to families that are in need and have begun housing improvement projects.  These additional services provided through the Banks of Hope are additional benefits to the micro-credit and shape an integral development project. 

To learn more about the Banks of Hope program, please visit Esperanza International's website.