Bancamía launches a credit line to support microentrepreneurs affected by strike

‘AVANZAMOS’ (‘We move forward’) is the new credit line launched by BBVA Microfinance Foundation in Colombia, in partnership with Bancóldex (Colombian Bank of Foreign Trade), and created by the National Government, with 5 billion colombian pesos (COP) available for loans.

This initiative aims to support microentrepreneurs who were affected by the nationwide strike during the past few weeks, and which have caused a decrease in their sales, temporary shutdown of businesses and even casualty on their establishments.

Today, President Iván Duque has presented this program at ‘El Madrugón del Gran San’ (‘Dawn at Gran San’), a well-known comercial district in Bogotá. During his speech, he emphasized the efforts of Bancamía, as one of the first banks to support microentrepreneurs affected by the protests. “The private sector is present in this table, as well as the financial sector, supporting us in this endeavor… Here we see the strength of the enterprising people, micro, small and medium ones, who push this country, who create jobs”, stressed Duque.

Executive president for Bancamía, Miguel Ángel Chárria, with the three microentrepreneurs who have received loans

During the event, the MFI’s executive president, Miguel Ángel Charria, has handed the first loans to three retailers who had to close their businesses due to the protests, and because of which, have suffered losses during this year-end season. It’s the case of Dora Castellanos, who makes and sells shirts. According to her, after the rallies, she had to stop selling at Gran San and halt production for days.

To help people like her, Bancamía introduces this credit line featuring special terms for small borrowers. Additionally, micro businesses can access to loans ranging from 600.000 to 2.5 million COP. “These special terms are feasible thanks to the effort of Bancamía, and the support of Bancóldex, so that this season and the start of the coming year, which is always a time of heavy work for many microentrepreneurs, we may accompany those who have been affected by the protests. We want them to be 100% operational again and be able to end 2019 agreeably”, explained Charria, who also guaranteed that the MFI will visit other affected clients, to offer them advise and mentoring regarding the above-mentioned terms.

Por su parte, el presidente de Bancóldex, Javier Díaz, ha dicho que están “complacidos de trabajar en alianza con entidades sólidas como Bancamía, con el propósito de que los recursos lleguen con celeridad a los empresarios”.

Bancóldex president, Javier Díaz, said that they are “delighted to work in alliance with sound institutions like Bancamía, aiming for the resources to arrive promptly into the hands of the entrepreneurs.”