In microcredit there will be a new usury rate

From the first of April and for six months, initially, a new usury rate will be in force for the modality of microcredita plan that will help the placement program of one million credits for Colombians who do not have access to formal financing and that the Government released on March 28.

The Financial Superintendent, Jorge Castañosaid that since April The certification of the microcredit interest rate will change, since new categories are created for amounts and obligations are segmented based on whether they are disbursed in rural or urban areas.

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In amounts of creditwill be taken in the first category until 6 monthly minimum wagesin the second of 6 to 25 salariesand the third of more than 25 to 120 monthly minimum wages.

The official said that the Superfinanciera’s expectation is that the interest rate will have a significant reduction in all microcredit segments in 500 basis points (five percentage points).

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The rate will initially apply for six months, while the Superfinanciera collects information from many sources to certify a new interest rate.

He recalled that the entity certifies three rates: consumer and ordinary credit, which will not be touched and will continue to be monthly, low-amount credit and microcredit, the latter which will change.

He said that preliminary estimates are that the downward adjustment will be between 500 and 1,000 basis points (5 to 10 percentage points) downbased on the current usury rate, which is 58.8% AE

The credit inclusion program for the popular economy ‘I believe, a credit to know each other’, launched yesterday, seeks to increase access to financing for the popular economy during this Government.

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The Ministry of Finance and Public Credit; the Ministry of Agriculture and Rural Development; the Ministry of Commerce, Industry and Tourism; the Bicentennial Group; and Bank of Opportunitiesthey will promote the placement of one million credits for Colombians without access to formal financing and who today have financing from the so-called gota drop.

“I think, a credit to meet uss”, designed with the support of the Inter-American Development Bank, stands as “the most inclusive strategy ever executed in Colombia and that aims to close historical inequalities and generate accessible and flexible financing, as a key to boost the generation of capacities, financial well-being and the transformation of the living conditions of the popular economy“, He said Minister of Finance and Public Credit, José Antonio Ocampo.

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According to the survey of Microbusinesses of the Daneat the end of 2022, dand Of the 5.3 million microbusinesses in the country, 30% have formal financing and one in four microbusinesses that applied for a loan did so through drop-by-drop.

“Itinerant businesses, shopkeepers, recyclers and low-income agricultural producers need access to financing and develop financial capacities to grow their businesses or productive projects. Many of them are at the mercy of the drip. That is why we seek to offer alternatives that become the gateway to the financial system.“, he pointed Phello Arias, director of Banca de las Oportunidades.

In the strategy are the Grupo Bicentenario, Bancóldex, Finagro-FAG and FNG in an articulated manner, and Banco Agrario will lead the placement.

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