The District Bank of Medellín is an initiative that offers financial services accessible to low-income populations in the city. At first it was recognized as the “Bank of the Poor”, and mmaintains its objective of facilitating access to credit and other financial services that can transform the lives of your clients.
The District Bank of Medellín is designed to serve people who traditionally do not have access to conventional banking. Likewise, it offers loans at preferential rates, allowing beneficiaries to finance personal projects or small businesses.
The initiative focuses on improving the quality of life of citizens through financial support and economic inclusion. From the page of the Mayor’s Office of Medellín they offer some answers to the most common questions of users who want to access this benefit.
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What differentiates Banco Distrital from other traditional banks?
District Bank of Medellín
Source: Mayor’s Office of Medellín – Official Page
It focuses on strata 1 to 4, with a monthly interest rate of 0.91%, one of the lowest in the market, and support for small entrepreneurs. Offers credit lines such as Bancuadra, Neighborhood Networks and Individual Credit Line and Mipymesaimed at groups with geographical or economic affinity.
Besides, “The only fundamental requirement is to be between 18 and 75 years old, belong to strata 1 to 4, and have a co-signer”indicate from the Mayor’s Office. This is because this guarantor must meet certain requirements, instead of requiring physical guarantees such as real estate.
This entity has the merit of offering accessible financing, reducing dependence on informal lenders in vulnerable sectors.
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Why was it previously known as the Poor Bank?
Because its main objective was to offer accessible financing to the most vulnerable sectors of the city, promoting financial inclusion in lower strata.
Their work is fundamental in the city because it contributes to local economic growth by providing financing to small businesses and entrepreneurs who do not have access to traditional banking.
It is important to highlight that District Banking services are focused exclusively on the inhabitants of the communes and townships of Medellín.
