We’re thrilled to announce our new partnership with FUNDAPEC in the Dominican Republic!

We love investing in education. In fact, we believe that by making education available around the world through microfinance, we will be able to break the cycle of poverty in the long run. No wonder we partnered with FUNDAPEC! This incredible organization is committed to broadening access to education for all Dominicans. 

Students funded by FUNDAPEC go on to a variety of careers.

Currently, there are 13 microfinance institutions operating in the Dominican Republic. They offer a broad range of services, including health loans, business loans, education loans, consumption loans and more. Education loans are often offered under the consumption loan umbrella, and therefore, most institutions rarely consider decreasing interest rates or offering grace periods for students.

The country suffers from severe income inequality. The poorest half of the population receives less than one-fifth of GDP. More than 40% of Dominican families live under the poverty line. As the cost of technical and higher education is relatively high in the country, these families cannot afford to pay for tuition without some kind of financing.

When FUNDAPEC started its operations, it focused on providing loans solely for technical careers. Now, the organization has expanded its scope to fund degrees in a wide variety of fields. As a result, over 100,000 students have been given loans to pursue higher education.

FUNDAPEC offers eight different education loans. These loans are for high school studies, degrees in technical fields, masters programs, continuing education and more. Moreover, the organization covers the expenses that students encounter throughout their academic experience, like laptop purchases, transportation costs, books and more.

What makes FUNDAPEC unique?

Because FUNDAPEC has a long history in the country and has garnered such a positive reputation, it does not sign formal contracts with any partner universities. Today, this strong organization works with almost all universities in the Dominican Republic to provide a variety of education loans for students every year.

Additionally, FUNDAPEC disburses loan amounts directly to universities each semester, aggregating tuition costs for all of the students enrolled for the term.

If you believe that education contributes to poverty alleviation, and you want to support young students to pursue their ambitions, then this partner is the right choice for you!

LEND TO FUNDAPEC BORROWER TODAY! Many lenders are interested in these loans, so we’re sorry if we’re out for now. More are on the way!

Have questions about FUNDAPEC? Send them our way at blog@kiva.org.

Images courtesy of FUNDAPEC.

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