Microcredit financial institution created for new Cuban economic actors

The institution may grant credits in MLC. Photo: Lissett Izquierdo Ferrer / Cubadebate

The Cuban banking system created a new financial institution to grant microcredits to newly launched MSMEs, as well as self-employed workers and cooperatives.

Financiera de Microcréditos SA, legally recognized, arises in response to the need for these actors to be inserted into the country’s economic scene, Ayamis Losada García, director of the new company, highlighted in a press conference.

The institution, which will begin to operate as of December 15, may grant credits in Cuban pesos (CUP) and in MLC, “in the form of microcredits”, that is, small amounts of capital that make it possible to boost the production of goods and services.

Losada García said that, in this first moment, the financing will go to own-account workers, cooperatives and MSMEs that have demonstrated the ability to export.

“We need the money to return in the same amount and currency in which it was delivered,” he said.

According to Losada García, the microcredits will not have a maximum amount, and the minimum could be 11,000 CUP or 500 USD.

For the delivery of the money, there is no distinction, whether it is for working capital or for investment, but the characteristics of the project will be evaluated, the directive specified and clarified that the money must return as soon as possible: for MLC the maximum term, Initially, it will be 120 days, and in the case of the CUP it will be “negotiated”.

(News under construction)

See also:

MSMEs I: The hand of the State

Leave a Reply