In recent years, Banco de Bogotá has strengthened its financial inclusion strategy for microentrepreneurs. To date, there are 328,579 operations for $1,572,822 million disbursed to microentrepreneurs in 750 municipalities in the country.
The average amount granted during the year 2022 is $9,240,000 with an average term of 25.93 months. And it is that this sector of the economy is vital for the generation of employment and for the income of families. According to ANIF, microenterprises represent 90% of all companies in the country and generate, together with SMEs, 79% of employment.
When reviewing the data of Banco de Bogotá’s microentrepreneur clients, the importance of financing for the growth of their businesses is reflected: 93% of them did not complete their studies, 28% have trade as their main economic activity, 23% are shopkeepers, 15% agricultural and 15% carry out other activities.
51.68% of Microfinance credit clients are women. The socioeconomic level of the clients is mainly 1 (39%), 2 (46%) and 3 (14%). Access to Banco de Bogotá’s Microfinance product can be done through mobile banking, virtual banking and any branch network that the bank has in the country.
“We are excited to contribute to the development of micro-businesses, many of these are new ventures that need an ally like Banco de Bogotá. We are with them, not only in access to fast and digital financing, but also in promoting savings through accounts designed for this segment “Crediahorro”, said Mauricio Fonseca, Vice President of Consumer Banking and SMEs at Banco de Bogotá.