Cuban bank performs outstanding work in loans to agricultural producers

HAVANA, Cuba, May 18 (ACN) Cuban Credit and Commerce Bank (Bandec) has been providing outstanding services to the agricultural and livestock sector, and among the new flexibilizations made to the sector are the granting of loans to producers whose credit and production results are good, without guarantees.

According to Madelaine Martinez, assistant director of Agricultural Banking at Bandec's Central Office, producers who have been operating for two consecutive years with good results are not required to provide collateral.

Martinez explained that they are also working on banking through the network of branches throughout the country, to be implemented progressively, and as for the steps to be followed by a producer to apply for a bank loan, noted that the owner or usufructuary farmer can access the bank directly or through the productive form to which it is linked or associated.

Regarding the documents required for the application, the directive indicated that in the case of a production loan, they must submit to the bank the application, their insurance premium application and a cost or expense form.

And of course, and no less important, the contract for the commercialization of their production, which is the contract that establishes which company will stock their production, at what price it will be stocked, how much it will be stocked and then the bank knows that the production that we finance will have a safe destination which will allow it to refund the credit granted, the Bandec assistant manager concluded.