Allows for varied collateral to be used to gain loans
San Francisco, CA -- (SBWIRE) -- 03/04/2013 -- The government of Cuba is trying to make lending to the island's “self-employed” more available and flexible with a new measure meant to include acceptance of personal goods/property as collateral for loans.
The applicants are now able to apply for loans from state banks, utilizing collateral that includes jewelry, vehicles, agricultural holdings, and second homes, according to the information published at Granma newspaper.
Loans that will be handed out to farmers and other “self-employed” workers ,which was authorized in 2011, have been conditioned on presenting monetary guarantees. Increasing the self-employed sector constitutes one of the reforms most actively published by the Castro government in recent years.
The new rule set aims to offer a wider variety of options to those who wish to access credit, by allowing banks to accept a non-traditional collateral option.
Property that ranges from jewelery and gemstones, patrimonial assets, and agriculture such as livestock and equipment, can now be utilized, reported Granma.
The regulations are part of overall market reform from Raul Castro, and he has promoted it since he took office seven years ago. Under his current government, Cuba has attempted to promote various measures that reduce the overall stranglehold of assets to the government.
In addition to the measure, Havana has made moves to engage with the self-employed individuals of the country, and has partially liberalized the buying and selling of property such as housing and cars.
Among these “decisions made to make the economy more dynamic,” the island’s official media also announced that “self-employed” Cubans will be allowed to receive payment in hard-currency convertible pesos (equivalent to the US dollar), owed them by companies and other “legal entities.” -
About Logbook Wonga
Logbook Wonga (http://www.logbookwonga.co.uk/) provides visitors with the ability to gain access to quality loans fast. Sign up for a free quote or call the company today, and find out how you can get the loan you need with the speed you deserve.
Copyright © 2005-2013 - SBWire, The Small Business Newswire - All Rights Reserved - Important Disclaimer
Contact Us: 888-4-SBWIRE (US) - 920-321-1250 (International)