Saturday, 09 October 2021 01:00

Apply for your multidestination loan through BANDESAL

Written by Evelyn Alas

If you are one of the people who need a multidestination credit line, you can opt for the funds that Banco de Desarrollo de El Salvador (BANDESAL) offers to its clients, with the objective of supporting the financial resources of entrepreneurs of micro, small and medium enterprises (MSMEs).

Salvadorans who are about to acquire real estate, build or remodel their business can apply for credit with a maximum payment term of 15 years, obtaining a maximum grace period of up to 2 years.

For entrepreneurs who need to change their machinery, buy equipment, make intermediation and installation expenses, they can apply for a loan with a maximum term of 8 years, with a maximum grace period of 1 year.

People who want a loan for the acquisition of new or used vehicles, new automobiles have a payment term of up to 7 years, used vehicles up to 5 years, and the maximum grace period does not apply to this loan.

If you are an entrepreneur who needs to obtain a loan for the acquisition of buses, public transport minibuses and tourism, you can obtain financing with a maximum payment term of 8 years, with a maximum grace period of 1 year.

For mixed investments, the maximum payment term is 15 years with a maximum grace period of 2 years.

Regarding the investment of environmentally friendly projects (renewable energy, ecotourism, etc.), the maximum payment term is 17 years and there is a maximum grace period of 3 years.

Individuals or legal entities of the private sector, national or foreign, may apply also state institutions and companies of an autonomous nature.

Additionally, the interest rate depends on the purpose, term and risk of the financing.

Guarantees may be: General, joint and several signature and other guarantees to the satisfaction of BANDESAL.