The Nicaraguan dictatorship announced the creation of a new “financing” program for production, entrepreneurship and small businesses. The project entitled “Adelante Program” will be directed by two delegates from the Ministry of Finance, one from the Ministry of Family Economy and another representative of Usura Cero.
Through its publication in the official newspaper La Gaceta, the regime agreed that the program “will provide fundamental financing to the agricultural, forestry and fishing, agribusiness, trade and services sectors, without substituting or competing with the Zero Usury Program,” the report reads. presidential agreement 14-2022.
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The regime designated that “the Adelante Program will be coordinated by a Board of Directors that will hereinafter be called “The Council”, which will guarantee the implementation and development of this program. The program ahead will be executed temporarily by the Ministry of Family, Community, Cooperative and Associative Economy (Mefcca). As of January 23, 2023, the Independent Executing Unit will be created, which will be in charge of implementing all government financing funds”, they assure that the program will start with available funds from the different accounts of the Entrepreneurship Microcredit Program in the Field of Mefcca.
According to the projection, within three years the program will have a portfolio of 80 million dollars equivalent to 2.725 million cordobas and will serve approximately 181,500 citizens. In addition, it will charge an interest rate of 10% per year on balance, plus 5% to “supplement operating expenses and insurance”, a higher yield than zero usury that currently maintains an interest rate of 5% per year on balance.
In addition, the amounts of the established credits will be between 10,000 thousand and 60,000 thousand córdobas and the credit terms will be between 6 and 24 months. All credits will be subject to the presentation and approval of a Business Plan or a Farm Plan.
Nicaragua’s deputy president, Rosario Murillo, had previously announced the creation of this program, expressing that “in support of these objectives of generating better results (in production), the Adelante Program will permanently accompany the Zero Usury that accompanies entrepreneurs and not only in the cities, in the towns, but also in some rural areas».
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“In this way, they contribute effectively to production, to the generation of work also in the field and with better results, better yields, small businesses, producers, entrepreneurs from urban and rural areas, the Adelante fair microcredit program, is a specific financing with interests just like the Usury Zero program to promote production,” said the deputy president on July 21.
The program, which will also be oxygenated with the General Budget of the Republic, will serve the agricultural sectors, cattle, pig and poultry producers, forestry, aquaculture and fishing, agribusiness, entrepreneurship programs in the countryside, creative economy entrepreneurship program , SMEs and other agricultural sectors.
