MiBanco La Union

Recently, we started our 6th bank in an community called Hatillo. It got off to a rough start. Instead of starting with a community interest meeting like we normally would, we skipped that step because we already had a leader with 8 associates ready to go. We started our pre-loan meetings as we always do, but then several people started to drop off. It turns out there was a woman in the community spreading lies about us. She told everyone that we were thieves and that we were going to steal all their savings.

After a particularly rousing meeting where we clarified any confusion, we decided to move forward with the bank even though there were only 6 people. We lent out the first loans, and normally at this point the group is set and I don't let anyone else join.

However, a curious thing happened. All the people that left the group eventually came back, and they brought all their friends. The group is now our largest by far with over 20 people, though many of them are saving only.

Another cool thing about this group, is that it's the first one to go through our Personal Finance Curriculum, and I'm happy to report that it's been a huge hit. In fact, the associates have said that it's one of the reasons that so many people have joined.

A third unique thing about MiBanco La Union is that there are 4 male associates. One of them joined the group a couple weeks late as a saver, and then later asked me if his 19 year old son could join and start saving and learning too. Music to my ears.

Here are a couple of the associates from the new bank:



Rosairis is the Coordinator. She's a member of a church SI helped start in Los Higos.


Carmelo is the first man in our program to receive a loan. He's a "traveling salesman", which in the DR means you drive around in your truck and sell anything from eggs to used appliances.


Carmen Ortiz used her loan to restock a convenience store she has in front of her house.


This is James. He's not an associate but he is sporting a fohawk.