A total of $6.782 million was delivered in microcredits in Ecuador during 2022, according to Asobanica. This figure is the result of adding the amounts approved by private banks ($2.479 million) and cooperatives ($4.303 million).
The first 10 cantons that received the most microcredits from cooperatives are led by Quito with an amount of 1.079 million dollars. It is closely followed by Ambato with 242 million dollars. Third place is taken by Riobamba with 184 million dollars.
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Then there is Cuenca ($173 million), Guayaquil ($136 million), Latacunga ($133 million), Cayambe ($89 million), Ibarra ($85 million), Mejía ($76 million), and Pastaza closes the list with 60 million dollars. Meanwhile, the cantons that received the most amounts of microcredit from banks are Quito ($834 million), Guayaquil ($252 million) and Portoviejo ($99 million).
Then there’s Santo Domingo ($85 million), Loja ($56 million), Ambato ($51 million), Ibarra ($50 million), Latacunga ($50 million), Riobamba ($46 million) and Cuenca ($43 million dollars).
The activities of administrative and auxiliary services, wholesale and retail trade, and repair of motor vehicles and motorcycles are the segments that have been granted the largest amounts of bank microloans.
Instead, the cooperatives used their funds for wholesale and retail trade, repair of motor vehicles and motorcycles, and for agriculture, animal husbandry, forestry and fishing. Despite the high commercial activity in Guayaquil, the amounts obtained for microcredits are low compared to Quito. Especially when you consider that this figure is the one that has to rise in order to crack down on the fraudster who gives way and extorts.
The delinquency of consumer, educational and microcredit loans increased the most in January 2023 compared to the same month in 2022, now it is reported in a shorter period.
Although the annual reference interest for microloans is the highest on the financial market (from 19.54% to 20.54%), it is far lower than those charged in the informal sector (chulco), which reach up to 1%. Daily. Lack of information on how to get a microcredit and requirements that do not adapt to the profiles of applicants are some of the obstacles that prevent the growth of this figure in the country, according to economic analyst Pedro Cruz.
Alianza del Valle and Cooprogreso entities that approved the most microcredits last year. In the case of banks, it was Pichincha and Solidario that topped this list.
At the provincial level, Pichincha (with $900 million), Guayas (with $377 million) and Manabí (with $228 million) were the ones that received the most microcredit funds from banks. Meanwhile, cooperatives provided more funding to Pichincha ($167 million), Azuay ($99 million) and Tungurahua ($60 million). The amounts supplied by the banks for this segment exceeded the amounts approved in the pre-pandemic period. In 2019, these institutions provided $1,940 million in microloans. In 2020, that figure dropped to $1,797 million, but from 2021 there was a strong recovery, reaching $2,294 million.
A similar panorama is presented by the cooperative sector. In 2019, it delivered 2.4 billion dollars. Then in the middle of the pandemic year, 2020, the amount was reduced to $2,058 million. In 2021, it recovered significantly and reached 3.419 million dollars.
Source: Eluniverso
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