For a period of five years, capital of 20 million dollars will be paid out this month, which Banco Solidario will use for lending to micro-entrepreneurs.

This bank currently has more than 109,000 microcredit clients, 57 percent of whom are women. The balance of foreign investments so far amounts to 227 million dollars.

The official reception of the investment was held in the presence of the French ambassador Frédéric Desagneaux. The money comes from Proparco, a branch of the Agence Française de Développement (French Development Agency, in French).

“The concretization of this agreement in the midst of a busy national scenario and complex conditions of the international financial market is a sign of Solidario’s credibility abroad, based on its solvency and past results in serving large segments of the population excluded from the financial system. formally,” the financial entity states in a statement.

Djalal Khimdjee, executive director of Proparco, emphasized the alignment between the goals of both institutions. “Solidarity’s capacity for social impact coupled with excellent financial results suggests a long and fruitful relationship for the benefit of the less privileged segment of the population.”

Proparco has been promoting sustainable economic, social and environmental development for over 45 years, working with financial institutions that promote job creation and the provision of essential goods and services in Africa, Asia, Latin America and the Middle East.

The annual reference active interest rates of microloans in Ecuador are 20.42% (low), 20.44% (simple accumulation) and 19.85% (extended accumulation).

The maximum rates are 28.23% for retail microloans, 24.89% for microloans with simple accumulation and 22.05% for microloans with extended accumulation.

The Banco Solidario website reports an immediate delivery of microloans with personalized attention, amounts ranging from $1,000 to $20,000, payable within 6 to 48 months.

The requirements for applicants are that they are between 21 and 70 years old, that they have Ecuadorian or foreign citizenship with legal residence in the country, that they have a minimum business history of one year, that they have an identity card and a basic official form from one of the last two months.

The money is delivered after 24 hours after submitting the necessary documentation to process the operation.

And whether a guarantor will be needed or not will depend on the conditions under which the microcredit is approved. “If a guarantor is required, it can be a family member as long as he has another economic activity and is not related to yours,” reports the entity’s website.

And you don’t need RUC or RISE to access a microcredit in Solidari.