The Rotary Foundation notified the district’s Microcredit Chair, Randy Steinman (Kansas City Plaza Club), on October 24th the next $25,000 installment for the microcredit grant has been wired to the district. These funds are part of a $125,000, five year Global Grant project to provide business startup loans to women living in poverty in Santo Domingo, Dominican Republic.
To date this project has helped approximately 80 women start businesses with small loans of $250-750 US. The profits from these businesses help repay the loans and create an income stream to help these women lift themselves and their families out of poverty. Of these women 32 have already repaid their loans in full. 
All loan recipients are required to attend and graduate from financial education classes conducted by our district’s Rotary partner, the Rotary Club of Santo Domingo Herrera. The loans are administered by a highly reputable Dominican NGO, Instituto Dominicano De Desarrollo Integral (IDDI). A portion of the interest rates charged on the loans cover IDDI’s administrative cost. Once repaid, the loan principal and a portion of the interest rate is returned to the fund for new loans thus creating a sustained funding source for the community for many years to come.
Special thanks to the 12 District 6040 clubs that contributed financially to this project; Blue Springs, East Independence, Independence Noon, Parkville, Higginsville, Lees Summit Sunrise, Liberty, Raytown, Richmond, Kirksville Thousand Hills, KCI, Kansas City South and the Kansas City Plaza clubs plus a substantial DDF contribution from D6040 made this effort possible.
Randy Steinman will return to Santo Domingo November 14th to witness another series of financial education classes and to conduct exit interviews with loan recipients who have repaid their loans.
The signing of the Microcredit Memorandum of Understanding in Santo Domingo.  (pictured left Randy Steinman D6040 Microcredit Chair.  Right District Governor Manuel Gomez Achacar, DG 4060 201-2020
Rotaract members training potential loan recipients in one of the mandatory financial education classes.