Regulatory Alerts2020-04-29 | ASFI/CC-2842/2020Added · Updated
ASFI Circular Letter DNP CC-2842 2020 of April 29, 2020
SME Banks, Development Financial Institutions, Savings and Credit Cooperatives, and Housing Financial Entities must grant credits under the Special Support Program for Micro, Small, and Medium-Sized Enterprises exclusively to these entrepreneurs. Loans are capped at Bs115,000 for medium enterprises, Bs75,000 for small enterprises, and Bs35,000 for micro enterprises, with annual interest rates of 6%, 7%, and 11.5% respectively. Credits must have a term of up to five years with a grace period of six months to one year, and funds are sourced from lines subscribed by the Productive Development Bank. Financial intermediation entities must adapt credit analysis processes based on borrower information available as of February 29, 2020, and maintain standard monitoring and risk management during the program's validity.