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Colombian Government Launches ‘Creo’ Credit Line to Combat Inequality: Who Can Access It?

The Ministry of Finance launched a credit line called ‘Creo’ with which it seeks to combat drop by drop and promote access to formal financing for the popular economy.

In context: Government launches credit line to combat ‘drop by drop’: who can access it?

“It is consolidated as the most inclusive strategy ever executed in Colombia and aims to close historical inequalities and generate accessible and flexible financing, as a key lever to enhance the generation of capabilities, financial well-being and the transformation of living conditions,” reads a statement from the portfolio.

Can access:

  • Those who have commercial trades and occupations, that is, they are part of the production, distribution and marketing of goods and services.
  • Those engaged in domestic or community occupations
  • Those who have low-scale economic units, whether personal, family, microbusinesses or microenterprises

The requirements to apply for credit offered by the Government

  • Being a natural or legal person
  • Be of age
  • Meet the definition of small, low-income producer or belong to groups A and B of Sisbén IV
  • Need the money to finance productive projects, investment or replacement of liabilities
  • Not having received credits or having current loans in the last 4 previous years.
  • What is the maximum amount they lend with the Creo credit?

    The amount that Colombians can access depends on the time in which the refund is established. It is possible to request it for up to $2 million with terms of 12 months or $4 million with terms of 24 months. The latter only applies if the user has activities related to agriculture.

    The program offers a special rate of 31.89% Annual Cash. In these processes, the guarantor will be the National Government and the credit will operate in the following order:

  • Credit access opportunities for those who have traditionally been underserved
  • The promotion of group and associative financing methodologies
  • Management and support in the territory of the population
  • The generation of financial capacities of the PE.
  • You can read: How to manage a loan in Colombia with such high interest rates?

    2023-12-26 21:45:46
    #Government #launches #credit #line #requirements #access #money #lend

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