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The Institutional Mission of the Fund for the Financing of the Microempresa, Inc. (FondoMicro) it is to "Be the institution leader in the country in the investigation and the knowledge of the characteristics of the micro and small companies of the Dominican Republic and, based in that knowledge, to be the most important organization without ends of lucre dedicated to promote or to provide services and financial products and non financiers directed to the micro and small companies."
Organizational
FondoMicro structures it is directed by a Directive, chosen Meeting every two years for an Annual Ordinary General Assembly of Partners. The membership is constituted by Members Founders, Active, Affiliated and Honorarium.
In their operative structure it exists an Executive Address and three departments: administrative, investigations and new products. To July of the 2001, the team of work of FondoMicro is conformed by 14 people.
PatrimonyThe operations of the institution began with an initial contribution of their partners founders. Then, in July of 1990, a Cooperative Agreement was signed with the Agency for the International Development (USAID), by means of which was carried out a donation to FondoMicro from the equivalent one to US$7.25 millions desembolsable in the 7 year-old course to strengthen its patrimony and to equip it for a sustained expansion.
As complement of that agreement, FondoMicro received funds of the Technical Secretariat of the Presidency (STP) for US$2 millions in loan quality. The resources obtained through these two sources, besides the money contributed by the partners founders, constituted the main source of resources of the institution for the realization of their operations.
In accordance with the terms of the Agreement annual reports were emitted on the use of the funds and they were carried out internal and external audits to validate the good financial handling of each one of the paid departures.
The Project Plan of the Agreement with AID was guided in three big items: technical attendance, credit and operative expenses. In that sense, a credit program was developed to the institutions with microfinances programs and initially the technical attendance was provided by GEMINI in the first two years and then an internal department that accompanied to the institutions that had support programs to the microempresa for its institutional invigoration settled down.
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