Pilot Credit-line Program for Private Businesses

Havana, Feb 20 (ACN) A group of 23 private businesses in eastern Bayamo province accessed a credit-line promoted as a pilot program to foster the development of micro, small and medium companies in Cuba.

The pilot program, which also aims at creating jobs, is the result of joint initiative by the Cuban Central and Popular de Ahorro banks the local Granma government and the United Nations Development Program (UNDP).

Twelve of the 23 private businesses were benefited with incentives to promote the hiring of women and youngsters, and also food production.

The financing initiative provides a small and short-term loan for businesses with less possibilities to access other bank credit modalities. Benefits include incentives on interest rates and guarantees for those companies who favor social inclusion, or which are linked to activities such as the care for vulnerable persons.

The micro-credit lines can be accessed by private businesses in any economic sector, in the province of Bayamo, with more than six months of operation.

The experience will be considered to its possible expansion to other Cuban provinces.