The National Bank of Panama (BNP) announced that the funds provided by the Inter-American Development Bank for the Global Credit Program for the Defense of the Productive Tissue and Employment are now available, with which financial support will be offered to micro, small and medium-sized companies (MSMEs).
On this front of action for the reactivation of the national economy, Banconal acts as a second-tier bank.
We are an organization 101% committed to economic reactivation, which is why we have redoubled our efforts to make this aid a reality to these sectors of the economy that have been highly affected by the pandemic. We seek to support short-term financial sustainability and promote the medium-term recovery of MSMEs in Panama, said Javier Carrizo Esquivel, General Manager of Banco Nacional de Panamá.
Carrizo Esquivel stated that they have made available to financial institutions that participate in this market, the resources so that they, in turn, can meet the credit needs of these companies, through a differentiated financing program.
The final beneficiaries will be the MSMEs that were solvent before COVID
-19 and that meet the requirements of the financial institutions participating in the program.
The entity indicates that micro-enterprises are those that have annual sales of up to $150,000 and may receive credits up to $25,000. Meanwhile, small companies are understood to be those with annual sales of up to $1 million and may receive credits up to $100,000. On the other hand, medium-sized companies are those with annual sales of up to $2.5 million and may receive credits of up to $250,000.
The types of financing are: advance lines for financing working capital to avoid bankruptcies of viable companies and Term loans for the recovery, improvement and maintenance of productive activity. At a maximum interest rate of 6%, with a term of up to 84 months.
The National Bank reveals the updated list of entities that have joined this important economic sustainability project, so far, it is:
Banks: Caja de Ahorros, Metrobank, SA, Banco Delta, Canal Bank SA, Unibank, SA, Towerbank International Inc., Capital Bank, SA, Banesco (Panamá), SA, BCT Bank, Banco Internacional De Costa Rica
SA, Banistmo SA , St. Georges Bank, Davivienda, Banco Lafise (Panamá), SA, Mercantil Banco, SA, Banco Aliado SA and MMG Bank Corp.
Financial Companies: Corporación de Finanzas del País SA, Mi Financiera SA, Hipotecaria Metrocredit, Soluciones de Microfinanzas SA, Financia Credit SA, Mi Éxito Soluciones Financieras
Suma Financiera SA, Financiera Familiar, Penta Capital Services, SA and Isthmus Capital.
Cooperatives: ECASESO, Gladys B. De Ducasa Integral Services Cooperative, José del Carmen Domínguez Cooperative and FEDPA.