The Ministry of Finance assured that it seeks to put an end to the famous “drop by drop”, now launching the “CREO” credit strategy, for formal loans.
Colombian News.
The so-called “drop by drop” are express credits and without paperwork, to which millions of Colombians go to cover debts and obligations, since they are not favored by a formal bank credit. However, they end up becoming a real nightmare.
With terms to pay them are very short and with very high interest.
Since the 80s in Colombia the famous informal credit has been spreading
A problem that increases when people do not pay or start to have inconveniences, intimidation, extortion and even injuries or homicides arrive.
«CREO credit strategy»
The credit inclusion strategy of the popular economy CREO’, is according to the Ministry of Finance “a credit to get to know each other”, it has the objective of offering a solution to the financing needs of micro-businesses, which use informal sources to request loans.
“It aims to meet the financing needs of small-scale productive units, traditionally neglected, throughout the country and in all sectors of the economy, and replace the informal sources that prevail,” said José Antonio Campo, Ministry of Finance.
The launch of the strategy #CreditInclusion of the National Government is the result of inter-institutional articulation and coordination between @MinHacienda, @MinAgriculture and @MincomercioCowith the support of @BOportunidadeshe #GroupBicentennial and @elBID. pic.twitter.com/sP0tgdf29V
– Min Hacienda (@MinHacienda) April 17, 2023
According to the latest DANE microbusiness survey, last year one in four microbusinesses in Colombia was financed through informal loans.
In other words, only 30% had access to formal financing.
To access these popular productive loans proposed by the government, it is not necessary to have a credit history and you can lend up to six minimum wages.
This is how, during the next 3 years, the Government expects to deliver one million credits BELIEVE.
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