Ecuador will increase access to credit for micro, small and medium-sized companies with financing of $300 million approved by the Inter-American Development Bank (IDB).
This was announced this Thursday, December 1, by the National Financial Corporation (CFN), an institution that obtained the loan from the multilateral organization in order to support the economic recovery of this segment of companies, which represent 98% of the country’s business fabric. and that were hard hit by the pandemic.
$100 million delivered by CFN will be given in credit to MSMEs through Produbanco and Banco Pichincha
According to the public bank, with the funds they will promote the Crecer – Credit for Business Growth and Recovery of MSMEs program, which will promote and develop MSMEs through the National Guarantee Fund (FNG), with its credit access tool through the contribution of a partial guarantee, and second-tier banks with their loans to MSMEs through private financial institutions.
Jorge Andrade, president of the CFN board of directors, affirmed that, with the support of the IDB, the Crecer program will benefit more than 33,000 MSMEs from all sectors of the economy and territories of the country, through the contribution of guarantees and loans specially oriented to projects led by women and those that are environmentally sustainable.
“This goes hand in hand and strengthens the National Development Plan established by the national government,” he added.
Likewise, the Crecer program will contribute to the support of more than $1,500 million in loans for MSMEs with its partial guarantee scheme, with which the total contribution to access to credit will be around $1,700 million for the next five years of execution.
Source: Eluniverso
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