Cuba: new financial institution created to grant loans to new economic players

The Cuban banking system has just created a new financial institution to provide microloans to MSMEs, self-employed workers and cooperatives.

Financiera de Microcréditos SA arises by responding to the need of these economic actors to fit into the Cuban scene, said its director, Ayamis Losada García, at a press conference. The new institution was born from the transformation of the license of FIMELSA, a non-banking entity dedicated to financial intermediation in Cuba.

The institution will begin to operate from December 15 with a national scope. It can grant loans in Cuban pesos (CUP) and in freely convertible currency in the form of microloans. In other words, these are small amounts of capital that somehow boost the production of goods and services.

Losada García said that self-employed workers, cooperatives and MSMEs that have demonstrated their export capacity will receive funding at the start, and only for making wholesale purchases in the country and for payments to entities authorized to sell on the national territory in these currencies.

Lidera La Habana en materia de micro, pequeñas y medianas empresas

For freely convertible currency, she said, for productions and services that have export contracts, for sales to freely convertible currency chain stores and to the Mariel Special Development Zone.

“We need the money to come back in the same amount and in the same currency in which it was given,” she said. The funding granted will be located in full on the account of the service or product provider.

According to Losada García, microloans will not have a maximum amount. The minimum could be 100,000 CUP or 500 USD.

There is no distinction in the granting of money, whether for working capital or for investment. The characteristics of the project will be evaluated, specified the person in charge, specifying that the loan must be repaid as soon as possible: for the freely convertible currency, the maximum duration will be 120 days, and in the case of the CUP, it will be negotiated. “

Banco Popular de Ahorro vice-president Bárbara Mirabal said the amount of loans and the terms of their repayment depend on the level of funding obtained in foreign currency.

The objective, she said, is to support economic actors who meet the established conditions so that they become more dynamic, that the money grows and that other entrepreneurs who need to enter the market. market can join.

The maximum time that must elapse between the request and the granting of funding is 10 working days, counted after verification of the accuracy of all information.

OnCuba Staff

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