[Economics] Banco Solidario offers more loans to microentrepreneurs after an investment of 20 million dollars

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The reference active interest rate for retail microcredit is 20.42% in Ecuador.

With a term of five years, a capital of 20 million dollars will be disbursed this month that Banco Solidario will allocate to grant credit to micro-entrepreneurs.

This bank currently has more than 109,000 microcredit clients, of which 57% are women. Its balance of foreign investment to date is 227 million dollars.

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

“Concreting this agreement in the midst of the hectic national scenario and the complex conditions of the international financial market is a sign of Solidario's credibility abroad, based on its solvency and track record in serving large segments of the po[CENSORED]tion excluded from the financial system. formal”, indicates the financial entity in a statement.

Djalal Khimdjee, CEO of Proparco, highlighted the alignment between the objectives of both institutions. "Solidarity's capacity for social impact together with its excellent financial performance suggest a long and fruitful relationship for the benefit of the less favored segment of the po[CENSORED]tion."

Proparco has been promoting sustainable economic, social and environmental development for more than 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 referential active interest rates of microcredits in Ecuador are 20.42% (retail), 20.44% (simple accumulation) and 19.85% (extended accumulation).

The maximums are 28.23% for retail microcredit, 24.89% for simple accumulation microcredit and 22.05% for extended accumulation microcredit.

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

The requirements of the applicant are that they are between 21 and 70 years of age, are of Ecuadorian or foreign nationality with legal residence in the country, a minimum business history of one year, identity card and a basic service form from one of the last two months.

The money is delivered after 24 hours after giving the necessary documentation for the processing of the operation.

And whether or not a guarantor is needed 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 they have a different economic activity and it is not related to yours," reports the entity's website.

And you do not need a RUC or RISE to access a microcredit in Solidario.

 

https://www.eluniverso.com/noticias/informes/creditos-economicos-ofrece-banco-solidario-en-el-segmento-microcreditos-nota/