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Thursday, 04 January 2024 15:34

Assembly approves microenterprise families to obtain loans from 1.5% to 4% interest rate

Written by Karla Gutiérrez
Assembly approves microenterprise families to obtain loans from 1.5% to 4% interest rate

This afternoon, the Legislative Assembly approved in plenary section number 138, reforms to the Law for the Creation of the Fondo Solidario para la Familia Microempresaria(FOSOFAMILIA).

Currently, this solidarity fund has 11 lines of credit with affordable interest rates, from 1.5% to 4% in credits from US$500.00 to US$13,400.00.

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One of the reforms is aimed at increasing the amount of minimum wages to be able to access a loan from 51 to 112 wages, due to the high demand. The current regulation contemplates the delivery of credits starting at 50 minimum wages.

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Likewise, the institution will also be able to acquire, remodel and expand lots for services or productive housing.

The amendments also contemplate that the institution will obtain funds to increase its equity, through subsidies granted by the State to increase its initial capital, budgetary allocations assigned in favor of FOSOFAMILIA to strengthen its equity and other assets acquired by any title from the State, official entities and individuals, for the fulfillment of its objectives.

Another of the modifications implies that a property may be seized for late payments only when FOSOFAMILIA has given the credit for the same.

 

Translated by: A.M

Published in Entrepreneurship
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