The president of Banco Hipotecario, Celina Padilla, together with the Minister of Economy María Luisa Hayem and the executive director of the Corporación de Exportadores de El Salvador (COEXPORT), Silvia Cuéllar, launched a new line of credit to finance the development of franchises.
This line of credit, promoted by Banco Hipotecario, will finance up to 80% of the total investment, both for the franchisor and the franchisee, with an annual interest rate starting at 7.00%.
"We want to accompany franchise development projects in the country, that is, to franchise salvadoran businesses. It is proven that franchises help to multiply prosperity, fight poverty and generate jobs", said Celina Padilla, president of Banco Hipotecario.
This business model is available for entrepreneurs who wish to invest in expansion and adjustments can apply in the areas of production, technology, image, design, marketing, personnel issues, training, business know-how, as well as for individuals or legal entities interested in becoming franchisors or franchisees.
In addition, those interested in becoming franchisors or franchisees must have an A1 or A2 risk rating in the financial system or in credit bureaus with which Banco Hipotecario has agreements, in the last six months prior to the application for such credit, said the president of Banco Hipotecario.
"We welcome Banco Hipotecario's initiative to launch a specific line of credit to support franchise business models, which benefit companies and the country's economic dynamics", said María Hayem, minister of Economy.
In addition, she shared that as a ministry they make available to entrepreneurs the technical team to provide advice and accompany salvadoran companies so that they can become franchisers and be beneficiaries of this new line of financing.
"This line of financing fits like a glove for companies wishing to develop their franchises. We are flattered that the bank has believed in this project", said Silvia Cuellar, director of COEXPORT.
With this new line of credit to finance the development of franchises in El Salvador, Banco Hipotecario will provide companies and entrepreneurs who wish to acquire a franchise, in order to grow their businesses.