As chairman of the board of a bank in Puerto Rico, Venezuelan-born financial executive Julio M. Herrera Velutini directs operations with an international focus. Over the past decade, Julio M. Herrera Velutini’s bank has partnered with a major global charitable foundation to sponsor microlending programs in Costa Rica. Microlending has proven to be an effective and popular way for a number of financial institutions to assist communities in Central America. Experts have pointed out that microlending can play a significant role in improving life for some of the more than 800 million people living in extreme poverty worldwide. A study examining 106 developing countries where microlending is available has shown that if the practice is expanded by just 10 percent per recipient, more than 10 million people could be lifted out of poverty. Costa Ricans who have benefited from the growing array of microlending programs include farmers, who use the funds to increase and improve their crops, and women entrepreneurs, who are often among those least likely to obtain traditional loans.
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AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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